<SEC-DOCUMENT>0001445546-20-001280.txt : 20200304
<SEC-HEADER>0001445546-20-001280.hdr.sgml : 20200304
<ACCEPTANCE-DATETIME>20200304144356
ACCESSION NUMBER:		0001445546-20-001280
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200304
DATE AS OF CHANGE:		20200304
EFFECTIVENESS DATE:		20200304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST TRUST ENHANCED EQUITY INCOME FUND
		CENTRAL INDEX KEY:			0001291334
		IRS NUMBER:				300261406

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21586
		FILM NUMBER:		20686771

	BUSINESS ADDRESS:	
		STREET 1:		C/O FIRST TRUST PORTFOLIOS L.P.
		STREET 2:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187
		BUSINESS PHONE:		630-765-8000

	MAIL ADDRESS:	
		STREET 1:		C/O FIRST TRUST PORTFOLIOS L.P.
		STREET 2:		120 EAST LIBERTY DRIVE, SUITE 400
		CITY:			WHEATON
		STATE:			IL
		ZIP:			60187

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Trust/Fiduciary Asset Management Covered Call Fund
		DATE OF NAME CHANGE:	20040526

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	First Trust/Fiduciary Asset Management Covered Call Income Fund
		DATE OF NAME CHANGE:	20040521
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ffa_ncsr.htm
<DESCRIPTION>ANNUAL REPORT
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>FORM N-CSR</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Investment Company Act file number<U>&#9;811-21586&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>&#9; First Trust Enhanced Equity Income
Fund&#9;</U><BR>
(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 East Liberty Drive, Suite 400<BR>
<U>&#9; Wheaton, IL 60187&#9;</U><BR>
(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">W. Scott Jardine, Esq.<BR>
First Trust Portfolios L.P.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 East Liberty Drive, Suite 400<BR>
<U>&#9; Wheaton, IL 60187&#9;</U><BR>
(Name and address of agent for service)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">registrant's telephone number, including
area code:<U>&#9;(630) 765-8000</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of fiscal year end: <U>December
31</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of reporting period: <U>December 31, 2019</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Form N-CSR is to be used by management
investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report
that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking
roles.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make
this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless
the Form displays a currently valid Office of Management and Budget (&quot;OMB&quot;) control number. Please direct comments concerning
the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities
and Exchange Commission, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">100 F Street, NE, Washington,
DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.</FONT></P>



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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Item 1. Reports to Stockholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-weight: normal">The Report to Shareholders
is attached herewith.</FONT></P>



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Income Fund (FFA)</DIV><DIV
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Year Ended</DIV><DIV
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31, 2019</DIV><DIV
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<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income
Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
<DIV
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<TABLE
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<TR
style="page-break-inside:avoid;"><TD
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SHLetter-TOCshareholderletter-4_1">Shareholder Letter</A></FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
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</TD><TD
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">2
</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#FPO-TOCFPO-4_1">At a Glance</A></FONT></DIV><HR
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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#PC-TOCcommentary-4_1">Portfolio Commentary</A></FONT></DIV><HR
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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SOI-SOIfooter-4_1">Portfolio of Investments</A></FONT></DIV><HR
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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SAL-SALfooter-4_1">Statement of Assets and Liabilities</A></FONT></DIV><HR
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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SOP-SOPfootnote-4_1">Statement of Operations</A></FONT></DIV><HR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#SOC-SOCfooter-4_1">Statements of Changes in Net Assets</A></FONT></DIV><HR
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</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#FiHi-FiHifooter-4_1">Financial Highlights</A></FONT></DIV><HR
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</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#NTF-TOCnotes-4_1">Notes to Financial Statements</A></FONT></DIV><HR
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</TD></TR>
<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#Audit-TOCauditletter-4_1">Report of Independent Registered Public Accounting Firm</A></FONT></DIV><HR
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">20
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#AI-TOCadditionalinfo-4_1">Additional Information</A></FONT></DIV><HR
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</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.30pt;padding-left:2pt;padding-right:6pt;padding-top:1.30pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#TO-TOCtrustees-4_1">Board of Trustees and Officers</A></FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">25
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<TR
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text-decoration:none;text-transform:none;vertical-align:bottom;width:96.30%;"><DIV
style="float:left;"><FONT
><A href="#PP-TOCprivacy-4_1">Privacy Policy</A></FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
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text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:4.07%;">27
</TD></TR></TABLE>
</DIV>
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</DIV>
<HR
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<A name="TOC_2">
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<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="background-color:#003E87;height:15pt;width:100%;z-index:-1;" type="Block">
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Caution Regarding
Forward-Looking Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">This report contains
certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations of First Trust Advisors L.P. (&#8220;First Trust&#8221; or the &#8220;Advisor&#8221;) and/or Chartwell Investment Partners, LLC (&#8220;Chartwell&#8221; or the
&#8220;Sub-Advisor&#8221;) and their respective representatives, taking into account the information currently available to them. Forward-looking statements include all statements that do not relate solely to current
or historical fact. For example, forward-looking statements include the use of words such as &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221;
&#8220;plan,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;would&#8221; or other words that convey uncertainty of future events or outcomes.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;) to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. When evaluating the information included in this report, you are cautioned not to place
undue reliance on these forward-looking statements, which reflect the judgment of the Advisor and/or Sub-Advisor and their respective representatives only as of the date hereof. We undertake no obligation to publicly
revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Managed Distribution
Policy</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Board of Trustees of
the Fund has approved a managed distribution policy for the Fund (the &#8220;Plan&#8221;) in reliance on exemptive relief received from the Securities and Exchange Commission which permits the Fund to make periodic
distributions of long-term capital gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions. Under the Plan, the Fund currently intends to pay a quarterly
distribution in the amount of $0.285 per share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year
end by distributing realized capital gains throughout the year. The annual distribution rate is independent of the Fund&#8217;s performance during any particular period but is expected to correlate with the
Fund&#8217;s performance over time. Accordingly, you should not draw any conclusions about the Fund&#8217;s investment performance from the amount of any distribution or from the terms of the Plan. The Board of
Trustees may amend or terminate the Plan at any time without prior notice to shareholders.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Performance and Risk
Disclosure</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">There is no assurance
that the Fund will achieve its investment objective. The Fund is subject to market risk, which is the possibility that the market values of securities owned by the Fund will decline and that the value of the Fund
shares may therefore be less than what you paid for them. Accordingly, you can lose money by investing in the Fund. See &#8220;Risk Considerations&#8221; in the Additional Information section of this report for a
discussion of certain other risks of investing in the Fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Performance data quoted
represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please visit <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com</FONT> or speak with your financial advisor. Investment returns, net asset value and common share price will fluctuate and Fund shares, when sold,
may be worth more or less than their original cost.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Advisor may also
periodically provide additional information on Fund performance on the Fund&#8217;s web page at <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com</FONT>.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">How to Read This
Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">This report contains
information that may help you evaluate your investment in the Fund. It includes details about the Fund and presents data and analysis that provide insight into the Fund&#8217;s performance and investment approach.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">By reading the portfolio
commentary by the portfolio management team of the Fund, you may obtain an understanding of how the market environment affected the Fund&#8217;s performance. The statistical information that follows may help you
understand the Fund&#8217;s performance compared to that of relevant market benchmarks.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">It is important to keep
in mind that the opinions expressed by personnel of First Trust and Chartwell are just that: informed opinions. They should not be considered to be promises or advice. The opinions, like the statistics, cover the
period through the date on the cover of this report. The material risks of investing in the Fund are spelled out in the prospectus, the statement of additional information, this report and other Fund regulatory
filings.</DIV>
</DIV>
<DIV
style="margin-top:99pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 1</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="SHLetter-TOCshareholderletter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="background-color:#003E87;height:15pt;width:100%;" type="OverlapColorBlock">
<DIV
style="padding-left:6pt;width:97.78%;" type="Block">
<DIV
style="color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Shareholder Letter</DIV>
</DIV>
</DIV>
<DIV
style="margin-top:16pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income
Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Letter from the Chairman and
CEO</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Dear Shareholders,</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">First Trust is pleased
to provide you with the annual report for the First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;), which contains detailed information about the Fund for the twelve months ended December 31, 2019,
including a market overview and a performance analysis.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">A significant event for
the markets in the past year was the decision by the Federal Reserve (the &#8220;Fed&#8221;) to reverse course with respect to monetary policy. For those who may not follow the Fed closely, after holding its federal
funds target rate (upper bound) at an artificially low 0.25% for seven years (December 2008-December 2015) to help stimulate U.S. economic activity, the Fed spent the better part of the next four years (December
2015-July 2019) increasing its benchmark lending rate in an effort to normalize it. Over that period, the Fed increased the rate from 0.25% to 2.50%. To lend some perspective, the average federal funds target rate
(upper bound) was 2.95% for the 30-year period ended December 31, 2019, so the Fed came close to achieving its goal of normalizing it, according to data from Bloomberg. From the end of July 2019 through the end of
December, however, the Fed initiated three rate cuts that dropped it from 2.50% to 1.75%.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">So why did the Fed
reverse course on monetary policy? We believe, as well as others in the financial media, that the Fed&#8217;s reversal on monetary policy has to do with the trade tariffs. The Trump Administration first began
implementing new trade tariffs on imported goods back in March 2018. While the original tariffs targeted just imported steel and aluminum, the use of tariffs quickly escalated to other goods and services. The
lion&#8217;s share of the tariff conflict today is between the U.S. and China, the two largest economies in the world. In our opinion, it is widely believed that President Donald J. Trump is utilizing tariffs as
leverage to try and negotiate more favorable trade agreements between the U.S. and its major trading partners. One of the by-products of the escalation in the use of tariffs by all parties involved has been a slowdown
in global economic growth, particularly in the U.S. The annualized U.S. real gross domestic product growth rate in the second quarter of 2018 (when new tariffs were introduced) was 3.5%. As of the second and third
quarters of 2019, that annualized growth rate was down to 2.0% and 2.1%, respectively, according to data from the Bureau of Economic Analysis. For many months, President Trump has publicly challenged the Fed to lower
rates aggressively to help offset the tempering of economic growth. Trump has noted that the Fed has room to lower rates due to the extremely low-to-negative rate levels found in many countries abroad as well as the
lack of any significant inflationary pressure in the current climate. While the Fed has delivered some rate cuts in recent months, we believe that President Trump will continue to bang the drum for even more rate
cuts.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Investors continue to
flock to income-oriented investment products, such as open-end bond mutual funds and exchange-traded bond funds (&#8220;ETFs&#8221;). Net inflows to taxable bond funds and ETFs totaled an estimated $413.9 billion for
the 12-month period ended December 31, 2019, according to Morningstar. The current climate featuring low interest rates, low bond yields and low inflation, if sustained, could make closed-end funds an attractive
alternative to other income-oriented products moving forward, in our opinion.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Thank you for giving
First Trust the opportunity to play a role in your financial future. We value our relationship with you and will report on the Fund again in six months.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Sincerely,</DIV>
<DIV
style="margin-top:2pt;text-align:Left;width:144pt;">
<IMG src="img7560be314.jpg">
</DIV>

<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">James A. Bowen</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Chairman of the Board of Trustees</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Chief Executive Officer of First Trust
Advisors L.P.</DIV>
</DIV>
<DIV
style="margin-top:108pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 2</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="FPO-TOCFPO-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">&#8220;AT A GLANCE&#8221;
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">As of December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:5pt;">
<DIV
style="float:left;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:97.67%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:4pt;padding-right:3pt;padding-top:4pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;" bgcolor="#003E87">Fund Statistics
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:12pt;padding-top:4pt;text-align:center;vertical-align:bottom;width:17.86%;" bgcolor="#003E87">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Symbol on New York Stock Exchange
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:33.21pt;padding-right:12pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">FFA
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Common Share Price
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$17.25
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Common Share Net Asset Value (&#8220;NAV&#8221;)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:25pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$16.92
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Premium (Discount) to NAV
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:33pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">1.95%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Net Assets Applicable to Common Shares
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:3pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$338,198,445
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Quarterly Distribution per Common Share<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:21pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$0.2850
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Annualized Distribution per Common Share
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:21pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">$1.1400
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Distribution Rate on Common Share Price<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:33pt;padding-right:12pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">6.61%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;
padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:80.95%;">Current Distribution Rate on NAV<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:33pt;padding-right:12pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.86%;">6.74%
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV
style="background-color:#003E87;border:2px Solid #003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:1.55%;text-align:left;
text-decoration:none;text-transform:none;">Common Share Price &amp; NAV (weekly closing price)</DIV>
<DIV
style="margin-left:3.88%;margin-top:9pt;text-align:Center;width:92.25%;">
<IMG src="imgb8bb0d955.jpg">
</DIV>

<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;<BR>
</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;">&nbsp;
<DIV
style="clear:both;padding-top:21pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-bottom: #000000 0.5pt solid; border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #FFFFFF; font: normal bold 10pt/13pt Times New Roman; padding: 6pt 6pt 2pt 4pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 48%; background-color: #003E87">Performance
</TD><TD STYLE="line-height: 10pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 13%; background-color: #003E87">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 13%; background-color: #003E87">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 13%; background-color: #003E87">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 4pt; padding-top: 6pt; text-align: center; vertical-align: bottom; width: 13%; background-color: #003E87">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 10pt; padding-bottom: 3pt; padding-right: 6pt; padding-top: 2pt; text-align: center; vertical-align: bottom">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 3pt 6pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom">&nbsp;</TD>
     <TD COLSPAN="3" STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 3pt 6pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom">Average Annual Total Returns</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 6pt; padding-top: 2.12pt; text-align: left; vertical-align: bottom">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 7pt 2pt 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">1 Year Ended<BR>
12/31/19
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 7pt 2pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">5 Years Ended<BR>
12/31/19
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 7pt 2pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">10 Years Ended<BR>
12/31/19
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 4pt 2pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom">Inception (8/26/04)<BR>
to 12/31/19
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2pt 6pt 2pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; background-color: #B2B2B2">Fund Performance<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 4pt; padding-top: 2pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 6pt 1.25pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; white-space: nowrap">NAV
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">30.78%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">8.76%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">10.94%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">7.62%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom">Market Value
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 1.25pt 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">43.34%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">11.53%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">11.73%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 4pt 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">7.43%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 6pt 2pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; background-color: #B2B2B2">Index Performance
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 7pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 2pt; padding-right: 4pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; background-color: #B2B2B2">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 6pt 1.25pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom">S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">31.49%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">11.70%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 7pt 1.25pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">13.56%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2pt 4pt 1.25pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">8.05%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 4pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom">CBOE S&amp;P 500 BuyWrite Monthly Index
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 4pt 6pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">15.68%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 4pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">7.00%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 7pt 4pt 12pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">7.05%
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 4pt 4pt 7pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap">5.70%
</TD></TR></TABLE>
</DIV>
<DIV
style="clear:both;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
</DIV>
</DIV>
<DIV
style="float:left;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:4pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;" bgcolor="#003E87">Top Ten Holdings
</TD><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:6pt;padding-right:4pt;padding-top:6pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;" bgcolor="#003E87">% of Total<BR>
Investments
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Microsoft Corp.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;">6.6%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Apple, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">4.5
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">JPMorgan Chase &amp; Co.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">3.9
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">SPDR<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> ETF Trust
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.9
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Merck &amp; Co., Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.8
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Thermo Fisher Scientific, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.6
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">UnitedHealth Group, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.5
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">AT&amp;T, Inc.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.5
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Intel Corp.
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.3
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:6pt;
padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Zoetis, Inc.
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10pt;padding-right:4pt;
padding-top:1.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">1.9
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:16pt;padding-right:6pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Total
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;
padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">32.5%
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:4pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;" bgcolor="#003E87">Sector Allocation
</TD><TD
style="color:#FFFFFF;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:6pt;padding-right:4pt;padding-top:6pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;" bgcolor="#003E87">% of Total<BR>
Investments
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Information Technology
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:24.36%;">25.4%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Health Care
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">13.2
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Financials
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">12.7
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Communication Services
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">10.7
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Consumer Discretionary
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:10pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">10.1
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Industrials
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">7.9
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Energy
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">5.1
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Consumer Staples
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">4.6
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:74.87%;">Real Estate
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">3.6
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Utilities
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.8
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:4pt;padding-right:6pt;padding-top:1.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Materials
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.12pt;padding-left:14pt;padding-right:4pt;padding-top:1.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">1.0
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:6pt;
padding-top:1.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Other
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14pt;padding-right:4pt;
padding-top:1.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">2.9
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:16pt;padding-right:6pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:74.87%;">Total
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:4pt;
padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:24.36%;">100.0%
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="clear:both;">
<DIV
style="clear:both;width:100%;" type="Block">
</DIV>
</DIV>
<DIV
style="padding-top:108.5pt;width:94%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:5pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">Most recent distribution paid or declared through 12/31/2019. Subject to change in the future.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 0pt; padding-right: 2pt; text-align: left; text-transform: none; vertical-align: top; width: 4.44%"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD STYLE="color: #000000; font: normal 8pt/11pt Times New Roman; text-decoration: none; padding-left: 2pt; text-align: left; text-transform: none; vertical-align: top; width: 95.56%">Distribution rates are calculated by annualizing the most recent distribution paid or declared through the report date and then dividing by Common Share Price or NAV, as applicable, as of 12/31/2019.
Subject to change in the future.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 0pt; padding-right: 2pt; text-align: left; text-transform: none; vertical-align: top; width: 4.44%"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD><TD STYLE="color: #000000; font: normal 8pt/11pt Times New Roman; text-decoration: none; padding-left: 2pt; text-align: left; text-transform: none; vertical-align: top; width: 95.56%">Total return is based on the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per
share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of
future results.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:normal;line-height:12pt;margin-top:10pt;text-align:right;text-decoration:none;text-transform:none;">Page 3</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="PC-TOCcommentary-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Portfolio Commentary<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:11pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Advisor</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Advisors L.P.
(&#8220;First Trust&#8221; or the &#8220;Advisor&#8221;) is the investment advisor to the First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;). First Trust is responsible for the ongoing monitoring of the
Fund&#8217;s investment portfolio, managing the Fund&#8217;s business affairs and providing certain administrative services necessary for the management of the Fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Sub-Advisor</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Chartwell Investment
Partners, LLC (&#8220;Chartwell&#8221;), a wholly-owned subsidiary of TriState Capital Holdings, Inc., is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process.
Chartwell is the portfolio manager of the Fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Portfolio Management
Team</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Douglas W. Kugler, CFA</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Principal, Senior Portfolio
Manager</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Peter M. Schofield, CFA</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Principal, Senior Portfolio
Manager</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Commentary</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity
Income Fund</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s
investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues its investment objective by investing in a diversified portfolio of equity
securities. Under normal market conditions, the Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified portfolio of common stocks of U.S.
corporations and U.S. dollar-denominated equity securities of non-U.S. issuers in each case that are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells)
covered call options on a portion of the Fund&#8217;s Managed Assets. &#8220;Managed Assets&#8221; means the total value of the Fund minus the sum of the Fund&#8217;s liabilities, including the value of call options
written (sold). There can be no assurance that the Fund&#8217;s investment objective will be achieved. The Fund may not be appropriate for all investors.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Market Recap</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index (&#8220;Index&#8221;) followed up its strong first half of 2019 with another solid increase in the second half of
the year bringing the full-year increase to 31.49% (inclusive of dividends). This year&#8217;s increase was the second largest in the decade and followed last year&#8217;s negative total return year which was the
first and only negative return year in the decade. As we entered 2019, the market was bouncing off a low in late December 2018 that in our opinion was brought about mostly by increasing fears of recession caused by
the trade war and the Federal Reserve (the &#8220;Fed&#8221;) having raised short-term rates three times in the back half of 2018. We believe the bounce began when Fed officials made it clear that the tightening cycle
was over and that they would start a round of easing if necessary &#8211; and they did, cutting the Federal Funds rate three times in the second half of this year. This more accommodative stance by the Fed greatly
reduced the recession fears which had weakened the markets. In our opinion, continued solid but unexciting economic data, along with better than expected corporate earnings, some added clarification to the
&#8216;Brexit&#8217; issue, and the eventual &#8216;cease-fire&#8217; in the trade war with China all helped the Index reach 35 (by our count) all-time highs during the year with the last attained on December 27,
2019. One negative which existed during the year, and arguably became worse as the year progressed, was the domestic political environment which turned even more partisan as impeachment proceedings against President
Donald J. Trump were started in the House of Representatives. We believe the aforementioned more accommodative approach by the Fed and continued worries around the impacts on the economy of the trade war with China
caused the 10-Year U.S. Treasury yield to move lower throughout the first eight months of 2019 as it dropped from 2.68% where it began the year to a low of 1.46% in early September. From there it rose in fits and
starts to 1.91% at mid-November as the markets sensed that the Fed&#8217;s cutting of short-term rates would end soon and that the likelihood of a &#8220;Phase 1&#8221; trade deal with China was increasing. The yield
moved very little after that and closed the year at 1.92%. Meanwhile, the price of a barrel of West Texas Intermediate (WTI), the domestic benchmark price for oil, which started the year at $45.41 per barrel, saw
significant volatility as one would expect given the following: significant swings in sentiment around whether or not we were headed for a recession, an attack on a major oil-producing field in Saudi Arabia and
another round of OPEC-led production cuts. At its peak this year, WTI reached $66.30 per barrel and fell as low as $52.28 per barrel before closing at $61.06 per barrel on December 31, 2019.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:18pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 4</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="PC-TOCcommentary-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Portfolio Commentary (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">Annual Report</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1.5pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:11pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Performance Summary</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">For the 12-month period
ended December 31, 2019 the Fund&#8217;s net asset value (&#8220;NAV&#8221;) and market value total returns<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">1</SUP> were 30.78% and 43.34%, respectively, on a total return basis. The Index returned 31.49% on a total return basis over the
same period. The covered call options program had a slight negative influence on the Fund&#8217;s return during the period which we consider to be a good result given the strength in the market. We were less
aggressive with the options program in 2019 which allowed the Fund to capture a larger percentage of the portfolio&#8217;s upside. As discussed in the past, the Fund&#8217;s portfolio tends to favor higher-yielding
and value-oriented stocks given our emphasis on providing high current income and our predilection to invest in stocks which we believe to be undervalued when compared to their fundamentals. These leanings caused the
Fund to face several broad-based headwinds which influenced the portfolio&#8217;s relative performance. For example, the Russell 1000<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Growth Index returned 36.40% while the Russell 1000<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Value Index returned 26.52% for the period (both inclusive of dividends). Meanwhile, Bank of America Securities did a
review of the Index where it split the Index into quintiles by yield. The lowest yielding 40% of the Index beat the Index by an average of 3.25% while the highest yielding 40% underperformed the Index by 4.05%.
Despite these headwinds, the portfolio managed to outperform the Index on a market value basis with stock selection being the major positive factor. The impact of sector allocation was rather small in the aggregate
with a few offsetting influences. The largest detrimental allocation item was that the portfolio held more cash (1.7% on average) during the period than we preferred as we found it more challenging to reinvest cash
with valuations being relatively high. But that was offset by the portfolio being overweight in the Information Technology sector which was the best performing sector in the Index with a 50.2% return. While stock
selection in total was strong, there were areas of weakness such as selection within the Consumer Services group (Six Flags Entertainment Corp., -13.5%; Carnival Corp., 7.4%) and the Media and Entertainment group
(Lions Gate Entertainment Corp., -33.3%; Cinemark Holdings, Inc., -1.9%). However, strong stock selection in the Software and Services (Microsoft Corp., 57.6%), Pharmaceutical, Biotechnology and Life Sciences (Zoetis,
Inc., 55.7%), Energy (Hess Corp., 67.7%) and Retailing (Alibaba Group Holding Ltd., 54.7%) groups more than made up for the underperforming areas.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Market Outlook</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">In the 2018 Annual Report
to Shareholders, we pointed out that 2018 was the first decline in calendar year total return for the Index in ten years and asked if the Index could recover its &#8220;winning&#8221; ways in 2019. The answer was a
resounding &#8220;Yes&#8221;. As mentioned earlier, the 31.49% total return for the Index for the 12-month period ended December 31, 2019 was the second largest in the last decade and its thirteenth best year since
1936. Despite a few &#8216;slower&#8217; years in terms of returns (2018, 2015, 2011) it has been quite a rally since the depths of early 2009 and the most pressing question for 2020 is &#8220;Can the rally in the
Index continue?&#8221;. In our opinion, the most likely &#8216;rally killer&#8217; would be a recession and while recession fears have dissipated, the longevity of this economic expansion combined with sluggish and
maybe slowing growth internationally (China, Europe) do give us some concern that something could tip the U.S. economy into recession. However, at this point, the indicators we watch are not giving us any reason to be
concerned in the near-term. At this point, the largest risk we see to the economic expansion is if the current trade detente between the United States and China reverses and returns to &#8216;tit for tat&#8217; tariff
escalation. Among other risks we will be watching are the rise in geo-political tensions in the Middle East and to some extent, the November 2020 Presidential election here in the U.S. Corporate earnings were
relatively flat in 2019 so a strong increase in the market&#8217;s valuation multiple was the driver of the strong returns this year. Most data shows that market multiples, while not near all-time highs, are certainly
above longer-term averages. Therefore, most analysts have stated that earnings growth will play a larger role in determining total return in 2020. Presently, the general range of growth in index earnings is between 5%
to 8%, which, if attained, and assuming no multiple expansion, would indicate total return would be 7%-10% (including a 2% dividend yield).</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Our belief is that
without any significant global trade reducing actions being taken by the United States (or any of its larger trading partners), or a policy mistake by the Fed, the economy should continue to grow at a reasonable, but
not overly strong rate, and corporate profits should resume growing. We believe this could provide a solid backdrop for the market going forward despite the uncertainties surrounding geo-politics, global economic
growth, and the November 2020 U.S. Presidential election. And, in our opinion, should the specter of the uncertainties we have enumerated decline, market valuations could increase somewhat providing for an even better
backdrop for the market. No matter the outcome of these issues, we will manage the Fund with the objective of providing a high level of current income and gains and, to a lesser extent, capital appreciation over the
market cycle.</DIV>
</DIV>
<DIV
style="margin-top:55pt;width:93.96%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:2.78%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">1</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.22%;">Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan and changes in NAV per
share for NAV returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one year. Past performance is not indicative of
future results.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9pt;text-align:right;text-decoration:none;text-transform:none;">Page 5</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOI-SOIfooter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.78%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;&#8211; 90.3%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Aerospace &amp; Defense&#8201;&#8211; 2.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">15,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Boeing (The) Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">4,886,400</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">11,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Lockheed Martin Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,283,180
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">9,169,580
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Automobiles&#8201;&#8211; 1.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">110,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">General Motors Co. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,026,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Banks&#8201;&#8211; 6.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">94,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">JPMorgan Chase &amp; Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">13,103,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">200,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">KeyCorp (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,048,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">100,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Truist Financial Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,632,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">22,783,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Beverages&#8201;&#8211; 2.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">107,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Coca-Cola (The) Co. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,922,450
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">21,200
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Constellation Brands, Inc., Class A (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,022,700
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">9,945,150
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Capital Markets&#8201;&#8211; 0.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Morgan Stanley (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,300,400
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Chemicals&#8201;&#8211; 0.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">15,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Linde PLC (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,193,500
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Communications Equipment&#8201;&#8211; 1.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">117,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Cisco Systems, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,635,300
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Diversified Telecommunication Services&#8201;&#8211; 2.5%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">215,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">AT&amp;T, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">8,402,200
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Electric Utilities&#8201;&#8211; 2.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">100,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Exelon Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,559,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">135,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">PPL Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,843,800
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">9,402,800
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Electronic Equipment, Instruments &amp; Components&#8201;&#8211; 1.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">32,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Keysight Technologies, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,284,160
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Energy Equipment &amp; Services&#8201;&#8211; 0.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">137,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">TechnipFMC PLC (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,948,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Entertainment&#8201;&#8211; 5.1%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">59,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Activision Blizzard, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,505,780
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">90,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Cinemark Holdings, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,046,500
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">43,700
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Electronic Arts, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,698,187
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">157,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Lions Gate Entertainment Corp., Class B (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">1,563,975
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">30,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Walt Disney (The) Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,338,900
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">17,153,342
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Food &amp; Staples Retailing&#8201;&#8211; 1.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">19,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Costco Wholesale Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,584,480
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Health Care Equipment &amp; Supplies&#8201;&#8211; 1.1%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">80,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Boston Scientific Corp. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,617,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Health Care Providers &amp; Services&#8201;&#8211; 2.5%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">29,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">UnitedHealth Group, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">8,525,420
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Hotels, Restaurants &amp; Leisure&#8201;&#8211; 2.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">72,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Carnival Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,685,175
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">52,000
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Restaurant Brands International, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,316,040
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:16pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 6</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOI-SOIfooter-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:15pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.78%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;(Continued)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Hotels, Restaurants &amp; Leisure&#8201;(Continued)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">47,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Six Flags Entertainment Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">2,142,725</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">9,143,940
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Industrial Conglomerates&#8201;&#8211; 1.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">35,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Honeywell International, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,195,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Insurance&#8201;&#8211; 3.4%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">50,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Arthur J. Gallagher &amp; Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,761,500
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">22,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Chubb, Ltd. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,502,350
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Progressive (The) Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,257,550
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">11,521,400
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Interactive Media &amp; Services&#8201;&#8211; 2.6%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:10pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">4,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Alphabet, Inc., Class C (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,016,590
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">14,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Facebook, Inc., Class A (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,873,500
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">8,890,090
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Internet &amp; Direct Marketing Retail&#8201;&#8211; 1.3%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">21,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Alibaba Group Holding Ltd., ADR (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,454,100
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">IT Services&#8201;&#8211; 3.3%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">21,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Mastercard, Inc., Class A (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,270,390
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">PayPal Holdings, Inc. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,867,650
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">11,138,040
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Life Sciences Tools &amp; Services&#8201;&#8211; 2.6%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">27,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Thermo Fisher Scientific, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">8,771,490
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Machinery&#8201;&#8211; 2.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">22,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Caterpillar, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,248,960
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">22,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Stanley Black &amp; Decker, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,646,280
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,895,240
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Media&#8201;&#8211; 0.5%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">39,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">ViacomCBS, Inc., Class B</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">1,636,830
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Oil, Gas &amp; Consumable Fuels&#8201;&#8211; 4.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">85,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">BP PLC, ADR</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,207,900
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">66,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Hess Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,409,460
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">65,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Occidental Petroleum Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,678,650
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">26,500
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Pioneer Natural Resources Co. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,011,305
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">14,307,315
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Pharmaceuticals&#8201;&#8211; 6.0%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">75,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Bristol-Myers Squibb Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,814,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">102,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Merck &amp; Co., Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">9,276,900
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">48,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Zoetis, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,352,800
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">20,443,950
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Road &amp; Rail&#8201;&#8211; 1.3%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">60,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">CSX Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,341,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Semiconductors &amp; Semiconductor Equipment&#8201;&#8211; 5.2%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">127,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Intel Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">7,600,950
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">76,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Micron Technology, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,114,170
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">25,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">NVIDIA Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,882,500
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">17,597,620
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:36pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 7</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOI-SOIfooter-4_3">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:15pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.78%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;(Continued)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Software&#8201;&#8211; 9.7%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">15,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Adobe Systems, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:15pt;">4,947,150</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">141,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Microsoft Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:18pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">22,314,550
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">16,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Palo Alto Networks, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,700,000
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">13,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Synopsys, Inc. (a) (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">1,809,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">32,771,300
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Specialty Retail&#8201;&#8211; 3.1%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">21,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Burlington Stores, Inc. (b)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,902,645
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">46,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Lowe&#8217;s Cos., Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">5,508,960
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:bottom;width:75.78%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">10,411,605
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Technology Hardware, Storage &amp; Peripherals&#8201;&#8211; 4.4%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">51,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Apple, Inc. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">14,976,150
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Textiles, Apparel &amp; Luxury Goods&#8201;&#8211; 1.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1.88pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">60,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">NIKE, Inc., Class B</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,078,600
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Total Common Stocks</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:13pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">305,545,802
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">(Cost $232,044,291)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">REAL ESTATE INVESTMENT TRUSTS&#8201;&#8211; 3.6%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Equity Real Estate Investment Trusts&#8201;&#8211; 3.6%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">34,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Crown Castle International Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,833,100
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">102,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Healthcare Trust of America, Inc., Class A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">3,088,560
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">48,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Lamar Advertising Co., Class A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">4,284,480
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Total Real Estate Investment Trusts</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">12,206,140
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">(Cost $9,493,357)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">EXCHANGE-TRADED FUNDS&#8201;&#8211; 2.9%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Capital Markets&#8201;&#8211; 2.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">30,200
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">SPDR<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> ETF Trust (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">9,720,172
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">(Cost $9,408,838)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="5">COMMON STOCKS&#8201;&#8211; BUSINESS DEVELOPMENT COMPANIES - 1.8%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">Capital Markets&#8201;&#8211; 1.8%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">325,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;"><DIV
style="float:left;">Ares Capital Corp. (a)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">6,061,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;">(Cost $5,628,495)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.56%;">Shares
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:51.33%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Stated<BR>
Rate
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 1pt solid; font: normal bold 10pt/13pt Times New Roman; padding: 2pt 0; color: #000000; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; width: 10.22%">Stated<BR>
Maturity (c)
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="9">CONVERTIBLE PREFERRED SECURITIES&#8201;&#8211; 0.9%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;">Health Care Equipment &amp; Supplies&#8201;&#8211; 0.9%
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">45,000
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;"><DIV
style="float:left;">Becton Dickinson and Co., Series A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">6.13%
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">05/01/20
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:20pt;padding-top:1pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">2,945,700
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:51.33%;">(Cost $2,545,223)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 10pt; padding-bottom: 3pt; padding-right: 3pt; padding-top: 2pt; text-align: right; vertical-align: top; width: 10.56%">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2pt 3pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 75.77%"><DIV
style="float:left;">Total Investments &#8211; 99.5%</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 3pt; padding-top: 2pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">336,479,064
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 0pt; padding-bottom: 6pt; padding-right: 3pt; padding-top: 1pt; text-align: right; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1pt 3pt 6pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom">(Cost $259,120,204) (d)
</TD>
    <TD>&nbsp;</TD><TD STYLE="line-height: 0pt; padding-bottom: 6pt; padding-top: 1pt; text-align: right; vertical-align: bottom">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.56%;">Number of Contracts
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:39.11%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Notional Amount
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Exercise Price
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Expiration Date
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="11">CALL OPTIONS WRITTEN&#8201;&#8211; (0.1)%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(125)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Activision Blizzard, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:15.84pt;">(742,750)</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:32.5pt;">62.50</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(3,250)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(65)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Alibaba Group Holding Ltd., ADR</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,378,650)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">220.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(9,295)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(50)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Constellation Brands, Inc., Class A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(948,750)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">195.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(16,000)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(70)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Facebook, Inc., Class A</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,436,750)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">215.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(5,810)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(150)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Hess Corp.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,002,150)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:40.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">70.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(8,100)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(150)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Micron Technology, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:23.84pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(806,700)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:40.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">59.00
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:33.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(3,000)
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:21pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 8</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOI-SOIfooter-4_4">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio of Investments
(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:15pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:0pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.56%;">Number of Contracts
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:39.11%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Notional Amount
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Exercise Price
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Expiration Date
</TD><TD
style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2pt;padding-left:3pt;padding-top:2pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" colspan="11">CALL OPTIONS WRITTEN&#8201;(Continued)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(50)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">Pioneer Natural Resources Co.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:15.84pt;">(756,850)</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">$<FONT
style="padding-left:27.5pt;">157.50</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.22%;">$<FONT
style="padding-left:25.84pt;">(9,500)</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(350)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index (e)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:6.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(113,077,300)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">3,275.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:23.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(273,350)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(175)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">S&amp;P 500<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#174;</SUP> Index (e)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:11.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(56,538,650)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">3,300.00
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1pt;padding-left:28.84pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(70,875)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.56%;">(60)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;"><DIV
style="float:left;">UnitedHealth Group, Inc.</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:16.34pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">(1,763,880)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:35.5pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:10.22%;">305.00
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:10.22%;">Jan 2020
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:33.84pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(9,900)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.78%;" colspan="7"><DIV
style="float:left;">Total Call Options Written</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:23.84pt;padding-top:1.88pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.22%;">(409,080)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:8.56%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:39.11%;">(Premiums received $455,825)
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:10.22%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:3pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-top:1pt;text-align:right;vertical-align:bottom;width:12.22%;">&#160;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 10pt; padding-bottom: 3pt; padding-right: 3pt; padding-top: 2pt; text-align: right; vertical-align: top; width: 10.56%">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 2pt 3pt 3pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 75.77%"><DIV
style="float:left;">Net Other Assets and Liabilities &#8211; 0.6%</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD STYLE="width: 2%">&nbsp;</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 23pt; padding-top: 2pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 12.22%">2,128,461
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="line-height: 0pt; padding-bottom: 1.5pt; padding-right: 3pt; padding-top: 1.88pt; text-align: right; vertical-align: top">&#160;
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.88pt 3pt 1.5pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom"><DIV
style="float:left;">Net Assets &#8211; 100.0%</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
    <TD>&nbsp;</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.5pt; padding-left: 3pt; padding-top: 1.88pt; text-align: right; text-transform: none; vertical-align: bottom">$<FONT
style="padding-left:5pt;">338,198,445</FONT>
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:100%;" colspan="2"><HR NOSHADE ALIGN="LEFT" STYLE="background-color: #000000; border-bottom-width: 0pt; border-left-width: 0pt; border-right-width: 0pt; border-top: #000000 0.5pt solid; height: 0.5pt; width: 22%">
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(a)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">All or a portion of these securities are pledged to cover index call options written.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(b)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">Non-income producing security.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(c)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">Stated maturity represents the mandatory conversion date.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(d)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.78%;">Aggregate cost for federal income tax purposes was $259,562,779. As of December 31, 2019, the aggregate gross unrealized appreciation for all investments in which there was an excess
of value over tax cost was $84,127,618 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $7,620,413. The net unrealized appreciation was
$76,507,205. The amounts presented are inclusive of derivative contracts.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:2.78%;">(e)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:97.78%;">Call options on securities indices were written on a portion of the common stock positions that were not used to cover call options written on individual equity
securities held in the Fund&#8217;s portfolio.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-right:6pt;padding-top:7pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:5.02%;">ADR
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:3pt;padding-top:7pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:94.98%;">American Depositary Receipt
</TD></TR></TABLE>
</DIV>
<HR
noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:22%;" align="Left">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Valuation Inputs</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">A summary of the inputs
used to value the Fund&#8217;s investments as of December 31, 2019 is as follows (see Note 3A - Portfolio Valuation in the Notes to Financial Statements):</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-top:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:100%;" colspan="5">ASSETS TABLE
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:1pt;padding-top:1.25pt;text-align:left;vertical-align:bottom;width:45.55%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:1pt;padding-right:5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">Total<BR>
Value at<BR>
12/31/2019
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">Level 1<BR>
Quoted<BR>
Prices
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3.5pt;padding-right:3pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">Level 2<BR>
Significant<BR>
Observable<BR>
Inputs
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">Level 3<BR>
Significant<BR>
Unobservable<BR>
Inputs
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Common Stocks*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:1pt;padding-right:5pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>305,545,802
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:3.5pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>305,545,802
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3.5pt;padding-right:3pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3pt;padding-top:2.12pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.68%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Real Estate Investment Trusts*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">12,206,140</FONT>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:15pt;padding-right:3.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">12,206,140</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8.5pt;padding-right:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
width:12.92%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:14.68%;
">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Exchange-Traded Funds*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:16pt;padding-right:5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">9,720,172</FONT>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:20pt;padding-right:3.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">9,720,172</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8.5pt;padding-right:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
width:12.92%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:14.68%;
">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Common Stocks - Business Development Companies*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:16pt;padding-right:5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">6,061,250</FONT>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:1.25pt;padding-left:20pt;padding-right:3.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">6,061,250</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8.5pt;padding-right:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
width:12.92%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:8pt;
line-height:8pt;padding-bottom:1.25pt;padding-left:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:14.68%;
">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:1pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Convertible Preferred Securities*</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:3pt;padding-left:16pt;padding-right:5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">2,945,700</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:5pt;font-style:Normal;font-weight:Normal;line-height:8pt;padding-bottom:3pt;padding-left:20pt;padding-right:3.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">2,945,700</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:8pt;line-height:8pt;padding-bottom:3pt;padding-left:8.5pt;padding-right:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;width:12.92%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:5pt;font-size:5pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:8pt;line-height:8pt;padding-bottom:3pt;padding-left:8pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:14.68%;">&#8194;<FONT
style="font-size:10pt;line-height:13pt;">&#8212;</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:1pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Total Investments</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:1pt;padding-right:5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>336,479,064
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:5pt;padding-right:3.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>336,479,064
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3.5pt;padding-right:3pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="padding-left:2.5pt;"></FONT>&#8212;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">$<FONT
style="padding-left:2.5pt;"></FONT>&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-top:2.75pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:100%;" colspan="5"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">LIABILITIES TABLE</P></TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:1pt;padding-top:1.25pt;text-align:left;vertical-align:bottom;width:45.55%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:1pt;padding-right:5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">Total<BR>
Value at<BR>
12/31/2019
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:5pt;padding-right:3.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">Level 1<BR>
Quoted<BR>
Prices
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3.5pt;padding-right:3pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">Level 2<BR>
Significant<BR>
Observable<BR>
Inputs
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">Level 3<BR>
Significant<BR>
Unobservable<BR>
Inputs
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.55%;"><DIV
style="float:left;">Call Options Written</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:1pt;padding-right:5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.98%;">$<FONT
style="padding-left:14.17pt;"></FONT><FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>(409,080)
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:5pt;padding-right:3.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.09%;">$<FONT
style="padding-left:14.17pt;"></FONT><FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>(409,080)
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:3.5pt;padding-right:3pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.92%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.68%;">$<FONT
style="font-size:5pt;line-height:8pt;">&#8194;</FONT>&#8212;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:1.5pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:1.20%;">*
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:1.5pt;padding-top:6pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:99.07%;">See Portfolio of Investments for industry breakout.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:111pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 9</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="SAL-SALfooter-4_1">
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<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Assets and
Liabilities </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">ASSETS:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Investments, at value</DIV><BR>
<DIV
style="float:left;">&nbsp;&nbsp;&nbsp;&nbsp;(Cost $259,120,204)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">$&#8194;336,479,064
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;"><DIV
style="float:left;">Cash</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">2,090,666
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">Receivables:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;"><DIV
style="float:left;">Dividends</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">355,026
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Common Shares issued under the Dividend Reinvestment Plan</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">79,050
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Dividend reclaims</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:40.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">1,980
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Prepaid expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:40.5pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">5,655
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Total Assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:13pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">339,011,441
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">LIABILITIES:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Options written, at value (Premiums received $455,825)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">409,080
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.33%;">Payables:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Investment advisory fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">284,663
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Audit and tax fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">43,523
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Shareholder reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">27,808
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Administrative fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">15,709
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Custodian fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">13,186
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Transfer agent fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:40.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">8,539
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Legal fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:40.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">7,540
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Financial reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:48pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">771
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Trustees&#8217; fees and expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:53pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">30
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Other liabilities</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:40.5pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">2,147
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Total Liabilities</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:30.5pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">812,996
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">NET ASSETS</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.78%;">$<FONT
style="padding-left:5pt;"></FONT>338,198,445
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;">NET ASSETS consist of:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.75pt;text-align:center;vertical-align:bottom;width:12.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Paid-in capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:3pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">$&#8194;263,882,127
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Par value</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">199,828
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Accumulated distributable earnings (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:18pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">74,116,490
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">NET ASSETS</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.78%;">$<FONT
style="padding-left:5pt;"></FONT>338,198,445
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:3pt;padding-top:2.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">NET ASSET VALUE, <FONT
style="font-weight:Normal;">per Common Share (par value $0.01 per Common Share)</FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:3pt;padding-top:2.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.78%;">$<FONT
style="padding-left:32.5pt;"></FONT>16.92
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:3pt;padding-top:2.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.33%;"><DIV
style="float:left;">Number of Common Shares outstanding (unlimited number of Common Shares has been authorized)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:18pt;padding-top:2.75pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.78%;">19,982,838
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:260pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 10</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOP-SOPfootnote-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Operations </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">For the Year Ended December
31, 2019</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">INVESTMENT INCOME:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:6pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Dividends (net of foreign withholding tax of $15,600)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:12.41%;">$<FONT
style="padding-left:5pt;"></FONT>&#8194;6,998,637
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Interest</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:28.5pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;29,854
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Total investment income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:21pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">7,028,491
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2">EXPENSES:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Investment advisory fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:16pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;3,162,958
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Administrative fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;154,515
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Shareholder reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:23.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;102,917
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Audit and tax fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;43,904
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Transfer agent fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;32,982
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Custodian fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;30,662
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Listing expense</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;21,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Legal fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;18,775
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Trustees&#8217; fees and expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;16,619
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Financial reporting fees</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:33.5pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;9,250
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Other</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:28.5pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;16,879
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Total expenses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:21pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">3,610,711
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">NET INVESTMENT INCOME (LOSS)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:21pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">3,417,780
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">NET REALIZED AND UNREALIZED GAIN (LOSS):
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">Net realized gain (loss) on:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Investments</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">20,107,397
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Written options</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:37.17pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(457,412)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Purchased options</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:42.17pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(44,395)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Net realized gain (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;19,605,590
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2">Net change in unrealized appreciation (depreciation) on:
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:12.41%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.70%;" colspan="2"><DIV
style="float:left;">Investments</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:28pt;padding-top:1.25pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">60,434,631
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:12pt;padding-right:6pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Written options</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:42.17pt;padding-top:1.25pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">(88,887)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">Net change in unrealized appreciation (depreciation)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">&#8194;60,345,744
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">NET REALIZED AND UNREALIZED GAIN (LOSS)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:16pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">79,951,334
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:88.70%;" colspan="2"><DIV
style="float:left;">NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:6pt;padding-top:2.12pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.41%;">$&#8194;83,369,114
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:260pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 11</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="SOC-SOCfooter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Statements of Changes in
Net Assets </DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3pt;padding-right:3pt;text-align:center;vertical-align:bottom;width:75.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 0; padding-right: 0; text-align: center; text-transform: none; vertical-align: bottom; width: 10.78%">Year<BR>
Ended<BR>
12/31/2019
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal bold 9pt/12pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 0; padding-right: 0; text-align: center; text-transform: none; vertical-align: bottom; width: 13.33%">Year<BR>
Ended<BR>
12/31/2018
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:75.00%;">OPERATIONS:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: center; vertical-align: bottom; width: 13.33%">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Net investment income (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 0pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; width: 10.78%">$<FONT
style="padding-left:10pt;"></FONT>&#8194;3,417,780
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.25pt; padding-left: 0pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; width: 13.33%">$<FONT
style="padding-left:10pt;"></FONT>&#8194;3,660,483
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Net realized gain (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 13pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;19,605,590
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.25pt; padding-left: 16pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;20,757,481
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Net change in unrealized appreciation (depreciation)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 13pt; color: #000000; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;60,345,744
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 12.67pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;(54,040,076)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Net increase (decrease) in net assets resulting from operations</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 3pt 18pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">83,369,114
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 17.67pt; padding-top: 2.12pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">(29,622,112)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;">DISTRIBUTIONS TO SHAREHOLDERS FROM:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: center; vertical-align: bottom; width: 13.33%">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Investment operations</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 9.67pt; color: #000000; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;(22,772,258)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 12.67pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;(22,769,407)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;">CAPITAL TRANSACTIONS:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.12pt; text-align: center; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.12pt; text-align: center; vertical-align: bottom; width: 13.33%">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Proceeds from Common Shares reinvested</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 25.5pt; color: #000000; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;158,582
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 3pt; padding-left: 0pt; padding-top: 1.25pt; text-align: center; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Net increase (decrease) in net assets resulting from capital transactions</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 3pt 30.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">158,582
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 3pt; padding-left: 0pt; padding-top: 2.12pt; text-align: center; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Total increase (decrease) in net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 1.25pt 13pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;60,755,438
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.25pt; padding-left: 12.67pt; padding-top: 2.12pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;(52,391,519)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;">NET ASSETS:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 1.25pt; text-align: center; vertical-align: bottom; width: 13.33%">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Beginning of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 8pt; color: #000000; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;277,443,007
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 11pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;329,834,526
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.75pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">End of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 2.75pt 0pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">$&#8194;338,198,445
</TD><TD
style="line-height:0pt;padding-bottom:2.75pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 2.75pt; padding-left: 0pt; padding-top: 2.12pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">$&#8194;277,443,007
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:2.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;">COMMON SHARES:
</TD><TD STYLE="line-height: 10pt; padding-bottom: 1.25pt; padding-right: 6pt; padding-top: 2.75pt; text-align: center; vertical-align: bottom; width: 10.78%">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-top: 2.75pt; text-align: center; vertical-align: bottom; width: 13.33%">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Common Shares at beginning of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 1.25pt 13pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;19,973,164
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.25pt; padding-left: 16pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;19,973,164
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Common Shares issued as reinvestment under the Dividend Reinvestment Plan</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 6pt 3pt 35.5pt; color: #000000; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">&#8194;9,674
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 3pt; padding-left: 0pt; padding-top: 1.25pt; text-align: center; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">&#8194;&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:3pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:75.00%;"><DIV
style="float:left;">Common Shares at end of period *</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 2.12pt 6pt 1.5pt 18pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 10.78%">19,982,838
</TD><TD
style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.5pt; padding-left: 21pt; padding-top: 2.12pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 13.33%">19,973,164
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:3pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:1.48%;">*
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:6pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:99.07%;">On September 15, 2016, the Fund commenced a share repurchase program. The program originally expired on March 15, 2017, but the Board of Trustees of the Fund has
subsequently authorized the continuation of the Fund&#8217;s share repurchase program until March 15, 2019. From September 15, 2016 through December 31, 2019, the Fund has not repurchased any Common Shares. The Fund
share repurchase program expired on March 15, 2019.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:299pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 12</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="FiHi-FiHifooter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced Equity Income Fund
(FFA)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">Financial Highlights </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:1pt;text-align:left;text-decoration:none;text-transform:none;">For a Common Share
outstanding throughout each period</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3pt;padding-right:1.5pt;text-align:left;vertical-align:bottom;width:45.30%;" rowspan="2">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3pt;padding-left:1.5pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.83%;" colspan="9">Year Ended December 31,
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">2019
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">2018
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">2017
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">2016
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3pt;padding-left:11.5pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">2015
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Net asset value, beginning of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.89%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;13.89
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;16.51
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;15.23
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:2.12pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;14.99
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:11.5pt;padding-top:2.12pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.74%;">$<FONT
style="padding-left:9.5pt;"></FONT>&#8194;15.95
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;">Income from investment operations:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:7.89%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:11.74%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Net investment income (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:25.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">0.17
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">0.19
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">0.20
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">0.19
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">0.20
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Net realized and unrealized gain (loss)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:25.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">4.00
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(1.67)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">2.19
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.01
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.22)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Total from investment operations</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:25.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">4.17
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(1.48)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">2.39
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:35.25pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.20
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.02)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;">Distributions paid to shareholders from:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:7.89%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:11.74%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Net investment income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:22.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">(0.14)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.19)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.23)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.18)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.60)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Net realized gain</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:22.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">(1.00)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.95)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.88)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.48)
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.34)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Return of capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:32.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.30)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:3pt;padding-left:42.38pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.74%;">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Total distributions paid to Common Shareholders</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:22.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">(1.14)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(1.14)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(1.11)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(0.96)
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:32.09pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(0.94)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Net asset value, end of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:1.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:7.89%;">$<FONT
style="padding-left:14.25pt;"></FONT>16.92
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:14.25pt;"></FONT>13.89
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:14.25pt;"></FONT>16.51
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;
padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.74%;">$<FONT
style="padding-left:14.25pt;"></FONT>15.23
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-top:1.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.74%;">$<FONT
style="padding-left:14.25pt;"></FONT>14.99
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 45.3%"><DIV
style="float:left;">Market value, end of period</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 1.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 7.89%">$<FONT
style="padding-left:14.25pt;"></FONT>17.25
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">$<FONT
style="padding-left:14.25pt;"></FONT>12.92
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">$<FONT
style="padding-left:14.25pt;"></FONT>16.19
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">$<FONT
style="padding-left:14.25pt;"></FONT>13.51
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.25pt; padding-left: 11.5pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; width: 11.74%">$<FONT
style="padding-left:14.25pt;"></FONT>13.20
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 1.25pt 1.5pt 1.25pt 0pt; text-decoration: none; text-align: left; text-transform: none; vertical-align: bottom; width: 45.3%"><DIV
style="float:left;">Total return based on net asset value<FONT
style="font-weight:Normal;"> (a)</FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 20.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 7.89%">30.78%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 32.09pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.74%">(9.19)%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 30.5pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; width: 9.74%">16.53%<FONT
style="font-size:4pt;line-height:7pt;">&#8194;</FONT>(b)
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; padding: 1.25pt 11.5pt 1.25pt 35.25pt; text-decoration: none; color: #000000; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 9.74%">9.18%
</TD><TD STYLE="line-height: 0pt; padding-bottom: 1.25pt; padding-right: 11.5pt; padding-top: 1.25pt; text-align: center; vertical-align: top; width: 2%">&#160;
</TD><TD STYLE="font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.25pt; padding-left: 35.25pt; padding-top: 1.25pt; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 11.74%">0.72%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Total return based on market value<FONT
style="font-weight:Normal;"> (a)</FONT></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade"><DIV
style="float:left;"></DIV>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:20.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">43.34%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:27.34pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">(13.86)%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:30.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">28.82%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">9.98%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:32.09pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">(1.35)%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;">Ratios to average net assets/supplemental data:
</TD><TD
style="line-height:10pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:7.89%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:9.74%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:11.74%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Net assets, end of period (in 000&#8217;s)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:1.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">$&#8194;338,198
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">$&#8194;277,443
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">$&#8194;329,835
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">$&#8194;304,114
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">$&#8194;299,389
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Ratio of total expenses to average net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:25.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">1.14%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.14%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.14%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.13%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">1.12%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Ratio of net investment income (loss) to average net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:25.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">1.08%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.13%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.21%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">1.27%
</TD><TD
style="line-height:0pt;padding-bottom:1.25pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:35.25pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">1.33%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:45.30%;"><DIV
style="float:left;">Portfolio turnover rate</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:5pt;padding-left:32.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:7.89%;">37%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:5pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">45%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:5pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">36%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:5pt;padding-left:42.38pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.74%;">32%
</TD><TD
style="line-height:0pt;padding-bottom:5pt;padding-right:11.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:5pt;padding-left:42.38pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.74%;">45%
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.71%;">(a)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.84%;">Total return is based on the combination of reinvested dividend, capital gain and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and
changes in net asset value per share for net asset value returns and changes in Common Share Price for market value returns. Total returns do not reflect sales load and are not annualized for periods of less than one
year. Past performance is not indicative of future results.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.5pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:2.71%;">(b)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.5pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:97.84%;">The Fund received a reimbursement from Chartwell in the amount of $17,250, which represents less than $0.01 per share. Since the Fund was reimbursed, there was no
effect on the Fund&#8217;s total return.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:321pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">See Notes to Financial Statements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:right;text-decoration:none;text-transform:none;">Page 13</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">1.&nbsp;Organization</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company organized as a Massachusetts business trust on May 20, 2004, and is registered with the Securities and Exchange
Commission (&#8220;SEC&#8221;) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;). The Fund trades under the ticker symbol &#8220;FFA&#8221; on the New York Stock Exchange
(&#8220;NYSE&#8221;).</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s
investment objective is to provide a high level of current income and gains and, to a lesser extent, capital appreciation. The Fund pursues its investment objective by investing in a diversified portfolio of equity
securities. Under normal market conditions, the Fund pursues an integrated investment strategy in which the Fund invests substantially all of its Managed Assets in a diversified portfolio of common stocks of U.S.
corporations and U.S. dollar-denominated equity securities of non-U.S. issuers, in each case that are traded on U.S. securities exchanges. In addition, on an ongoing and consistent basis, the Fund writes (sells)
covered call options on a portion of the Fund&#8217;s Managed Assets. &#8220;Managed Assets&#8221; means the total asset value of the Fund minus the sum of the Fund&#8217;s liabilities, including the value of call
options written (sold). There can be no assurance that the Fund will achieve its investment objective. The Fund may not be appropriate for all investors.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">2.&nbsp;Managed
Distribution Policy</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Board of Trustees of
the Fund has approved a managed distribution policy for the Fund (the &#8220;Plan&#8221;) in reliance on exemptive relief received from the SEC that permits the Fund to make periodic distributions of long-term capital
gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions. Under the Plan, the Fund currently intends to pay a quarterly distribution in the amount of $0.285 per
share. A portion of this quarterly distribution may include realized capital gains. This may result in a reduction of the long-term capital gain distribution necessary at year end by distributing realized capital
gains throughout the year. The annual distribution rate is independent of the Fund&#8217;s performance during any particular period but is expected to correlate with the Fund&#8217;s performance over time.
Accordingly, you should not draw any conclusions about the Fund&#8217;s investment performance from the amount of any distribution or from the terms of the Plan. The Board of Trustees may amend or terminate the Plan
at any time without prior notice to shareholders.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">3.&nbsp;Significant
Accounting Policies</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is considered an
investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, &#8220;Financial Services-Investment Companies.&#8221; The
following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements. The preparation of the financial statements in accordance with accounting
principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">A.&nbsp;Portfolio
Valuation</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The net asset value
(&#8220;NAV&#8221;) of the Common Shares of the Fund is determined daily as of the close of regular trading on the NYSE, normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading. If the NYSE closes
early on a valuation day, the NAV is determined as of that time. The Fund&#8217;s NAV per Common Share is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all
liabilities (including accrued expenses, the value of call options written (sold) and dividends declared but unpaid) by the total number of Common Shares outstanding.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s
investments are valued daily at market value or, in the absence of market value with respect to any portfolio securities, at fair value. Market value prices represent last sale or official closing prices from a
national or foreign exchange (i.e., a regulated market) and are primarily obtained from third-party pricing services. Fair value prices represent any prices not considered market value prices and are either obtained
from a third-party pricing service or are determined by the Pricing Committee of the Fund&#8217;s investment advisor, First Trust Advisors L.P. (&#8220;First Trust&#8221; or the &#8220;Advisor&#8221;), in accordance
with valuation procedures adopted by the Fund&#8217;s Board of Trustees, and in accordance with provisions of the 1940 Act. Investments valued by the Advisor&#8217;s Pricing Committee, if any, are footnoted as such in
the footnotes to the Portfolio of Investments. The Fund&#8217;s investments are valued as follows:</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;">Common
stocks, real estate investment trusts (&#8220;REITs&#8221;), exchange-traded funds, convertible preferred stocks, and other equity securities listed on any national or foreign exchange (excluding The Nasdaq Stock
Market LLC (&#8220;Nasdaq&#8221;) and the London Stock Exchange Alternative Investment Market (&#8220;AIM&#8221;)) are valued at the last sale price on the exchange on which they are principally traded or, for Nasdaq
and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the securities
exchange representing the principal market for such securities.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 14</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;
">Securities traded in an over-the-counter market are fair valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;padding-left:4.44%;text-align:left;text-decoration:none;text-transform:none;
">Exchange-traded options contracts are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts are fair valued at the
mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Over-the-counter options contracts are fair valued at the mean of their most recent bid and asked price, if
available, and otherwise at their closing bid price.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Certain securities may
not be able to be priced by pre-established pricing methods. Such securities may be valued by the Fund&#8217;s Board of Trustees or its delegate, the Advisor&#8217;s Pricing Committee, at fair value. These securities
generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a third-party pricing service is
unable to provide a market price; securities whose trading has been formally suspended; a security whose market or fair value price is not available from a pre-established pricing source; a security with respect to
which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of the Fund&#8217;s NAV or make it difficult or impossible to obtain a
reliable market quotation; and a security whose price, as provided by the third-party pricing service, does not reflect the security&#8217;s fair value. As a general principle, the current fair value of a security
would appear to be the amount which the owner might reasonably expect to receive for the security upon its current sale. When fair value prices are used, generally they will differ from market quotations or official
closing prices on the applicable exchanges. A variety of factors may be considered in determining the fair value of such securities, including, but not limited to, the following:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:10pt;width:95.56%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">1)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the type of security;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">2)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the size of the holding;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">3)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the initial cost of the security;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">4)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">transactions in comparable securities;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">5)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">price quotes from dealers and/or third-party pricing services;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">6)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">relationships among various securities;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">7)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">information obtained by contacting the issuer, analysts, or the appropriate stock exchange;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">8)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">an analysis of the issuer&#8217;s financial statements; and
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:5pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:3.49%;">9)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">the existence of merger proposals or tender offers that might affect the value of the security.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is subject to
fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the
measurement date. The three levels of the fair value hierarchy are as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:1pt;width:95.56%;" cellpadding="8" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Level 1 &#8211; Level 1 inputs are quoted prices in active markets for identical investments. An active market is a market in which transactions for the investment occur with sufficient frequency and
volume to provide pricing information on an ongoing basis.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.67%;">Level 2 &#8211; Level 2 inputs are observable inputs, either directly or indirectly, and include the following:
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:6.77%;margin-top:9pt;width:93.33%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Quoted prices for similar investments in active markets.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Quoted prices for identical or similar investments in markets that are non-active. A non-active market is a market where there are few transactions for the investment, the prices are not current, or
price quotations vary substantially either over time or among market makers, or in which little information is released publicly.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Inputs other than quoted prices that are observable for the investment (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss
severities, credit risks, and default rates).
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.76%;">o
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.24%;">Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:8pt;width:95.56%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Level 3 &#8211; Level 3 inputs are unobservable inputs. Unobservable inputs may reflect the reporting entity&#8217;s own assumptions about the assumptions that market participants would use in pricing
the investment.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The inputs or
methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. A summary of the inputs used to value the Fund&#8217;s investments as of
December 31, 2019, is included with the Fund&#8217;s Portfolio of Investments.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">B.&nbsp;Option
Contracts</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is subject to
equity price risk in the normal course of pursuing its investment objective and may write (sell) options to hedge against changes in the value of equities. Also, the Fund seeks to generate additional income, in the
form of premiums received, from</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9pt;text-align:right;text-decoration:none;text-transform:none;">Page 15</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_3">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">writing (selling) the options. The Fund
may write (sell) covered call options (&#8220;options&#8221;) on all or a portion of the equity securities held in the Fund&#8217;s portfolio and on securities indices as determined to be appropriate by Chartwell
Investment Partners, LLC (&#8220;Chartwell&#8221; or the &#8220;Sub-Advisor&#8221;), consistent with the Fund&#8217;s investment objective. The number of options the Fund can write (sell) is limited by the amount of
equity securities the Fund holds in its portfolio. Options on securities indices are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations
in a single security and are similar to options on single securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of
securities. The Fund will not write (sell) &#8220;naked&#8221; or uncovered options. If certain equity securities held in the Fund&#8217;s portfolio are not covered by a related call option on the individual equity
security, securities index options may be written on all or a portion of such uncovered securities. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in
&#8220;Options written, at value&#8221; on the Fund&#8217;s Statement of Assets and Liabilities. Options are marked-to-market daily and their value will be affected by changes in the value and dividend rates of the
underlying equity securities, changes in interest rates, changes in the actual or perceived volatility of the securities markets and the underlying equity securities and the remaining time to the options&#8217;
expiration. The value of options may also be adversely affected if the market for the options becomes less liquid or trading volume diminishes.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Options the Fund writes
(sells) will either be exercised, expire or be canceled pursuant to a closing transaction. If the price of the underlying equity security exceeds the option&#8217;s exercise price, it is likely that the option holder
will exercise the option. If an option written (sold) by the Fund is exercised, the Fund would be obligated to deliver the underlying equity security to the option holder upon payment of the strike price. In this
case, the option premium received by the Fund will be added to the amount realized on the sale of the underlying security for purposes of determining gain or loss and is included in &#8220;Net realized gain (loss) on
investments&#8221; on the Statement of Operations. If the price of the underlying equity security is less than the option&#8217;s strike price, the option will likely expire without being exercised. The option premium
received by the Fund will, in this case, be treated as short-term capital gain on the expiration date of the option. The Fund may also elect to close out its position in an option prior to its expiration by purchasing
an option of the same series as the option written (sold) by the Fund. Gain or loss on options is presented separately as &#8220;Net realized gain (loss) on written options&#8221; on the Statement of Operations.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The options that the Fund
writes (sells) give the option holder the right, but not the obligation, to purchase a security from the Fund at the strike price on or prior to the option&#8217;s expiration date. The ability to successfully
implement the writing (selling) of covered call options depends on the ability of the Sub-Advisor to predict pertinent market movements, which cannot be assured. Thus, the use of options may require the Fund to sell
portfolio securities at inopportune times or for prices other than current market value, which may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that
it might otherwise sell. As the writer (seller) of a covered option, the Fund foregoes, during the option&#8217;s life, the opportunity to profit from increases in the market value of the security covering the option
above the sum of the premium and the strike price of the option, but has retained the risk of loss should the price of the underlying security decline. The writer (seller) of an option has no control over the time
when it may be required to fulfill its obligation as a writer (seller) of the option. Once an option writer (seller) has received an exercise notice, it cannot effect a closing purchase transaction in order to
terminate its obligation under the option and must deliver the underlying security to the option holder at the exercise price.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Over-the-counter options
have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund&#8217;s maximum equity price risk for purchased options is limited to the premium initially paid. In addition,
certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund&#8217;s ability to close out an option contract prior to the expiration date and
that a change in the value of the option contract may not correlate exactly with changes in the value of the securities hedged.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">C.&nbsp;Securities
Transactions and Investment Income</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Securities transactions
are recorded as of the trade date. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, if any, is
recorded on the accrual basis, including the amortization of premiums and accretion of discounts.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Distributions received
from the Fund&#8217;s investments in REITs may be comprised of return of capital, capital gains, and income. The actual character of the amounts received during the year are not known until after the REITs&#8217;
fiscal year end. The Fund records the character of distributions received from the REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently
revised based on information received from the REITs after their tax reporting periods conclude.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">D.&nbsp;Dividends and
Distributions to Shareholders</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Dividends from net
investment income of the Fund are declared and paid quarterly or as the Board of Trustees may determine from time to time. Distributions of any net realized capital gains earned by the Fund are distributed at least
annually. Distributions will</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 16</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_4">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">automatically be reinvested into
additional Common Shares pursuant to the Fund&#8217;s Dividend Reinvestment Plan unless cash distributions are elected by the shareholder.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Distributions from net
investment income and realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Certain capital accounts in the financial statements are periodically
adjusted for permanent differences in order to reflect their tax character. These permanent differences are primarily due to the varying treatment of income and gain/loss on portfolio securities held by the Fund and
have no impact on net assets or NAV per share. Temporary differences, which arise from recognizing certain items of income, expense and gain/loss in different periods for financial statement and tax purposes, will
reverse at some point in the future. Permanent differences incurred during the year ended December 31, 2019, primarily as a result of the difference between book and tax treatments of income and gains on various
investment securities held by the Fund, have been reclassified at year end to reflect an increase in accumulated net investment income (loss) of $38,230, a decrease in accumulated net realized gain (loss) on
investments of $38,220 and a decrease to paid-in-capital of $10. Accumulated distributable earnings (loss) consists of accumulated net investment income (loss), accumulated net realized gain (loss) on investments, and
unrealized appreciation (depreciation) on investments. Net assets were not affected by this reclassification.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The tax character of
distributions paid by the Fund during the fiscal years ended December 31, 2019 and 2018, was as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:72.22%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:6pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;">Distributions paid from:
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 6pt 0 1.5pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">2019
</TD><TD STYLE="color: #000000; font: normal bold 10pt/13pt Times New Roman; padding: 6pt 0 1.5pt; text-decoration: none; text-align: center; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">2018
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;"><DIV
style="float:left;">Ordinary income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.5pt 9pt 1.5pt 0pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; width: 20%">$<FONT
style="padding-left:18pt;">5,807,796</FONT>
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.5pt; padding-left: 0pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; width: 20.77%">$<FONT
style="padding-left:18pt;">3,729,518</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;"><DIV
style="float:left;">Capital gains</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; padding: 1.5pt 9pt 1.5pt 24pt; text-decoration: none; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">16,964,462
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.5pt; padding-left: 27pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">19,039,889
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:56.92%;"><DIV
style="float:left;">Return of capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; color: #000000; font: normal 10pt/13pt Times New Roman; font-family: Times New Roman; padding: 1.5pt 9pt 6pt 0pt; font-size: 10pt; text-decoration: none; font-style: normal; font-weight: normal; line-height: 13pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20%">&#8212;
</TD><TD STYLE="color: #000000; color: #000000; font: normal 10pt/13pt Times New Roman; font-family: Times New Roman; text-decoration: none; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 6pt; padding-left: 0pt; padding-top: 1.5pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 20.77%">&#8212;
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">As of December 31, 2019,
the components of distributable earnings and net assets on a tax basis were as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:56.67%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:6pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Undistributed ordinary income</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.5pt; padding-left: 6pt; padding-top: 6pt; text-align: right; text-transform: none; vertical-align: bottom; width: 25.49%">$<FONT
style="padding-left:18pt;">1,344,127</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Undistributed capital gains</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; color: #000000; font-family: Times New Roman; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 3pt; padding-left: 59pt; padding-top: 1.5pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.38pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Total undistributed earnings</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.5pt; padding-left: 29pt; padding-top: 2.38pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">1,344,127
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Accumulated capital and other losses</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; color: #000000; font: normal 10pt/13pt Times New Roman; font-family: Times New Roman; text-decoration: none; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 13pt; padding-bottom: 1.5pt; padding-left: 59pt; padding-top: 1.5pt; text-align: right; text-decoration-line: none; text-transform: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">&#8212;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Net unrealized appreciation (depreciation)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 24pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">76,507,205
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.38pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Total accumulated earnings (losses)</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.5pt; padding-left: 24pt; padding-top: 2.38pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">77,851,332
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:72.55%;"><DIV
style="float:left;">Other</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="color: #000000; font: normal 10pt/13pt Times New Roman; text-decoration: none; padding-bottom: 1.5pt; padding-left: 25.67pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">(3,734,842)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:1.5pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Paid-in capital</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 0.5pt solid; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 3pt; padding-left: 19pt; padding-top: 1.5pt; text-align: right; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 25.49%">264,081,955
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.38pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:bottom;width:72.55%;"><DIV
style="float:left;">Total net assets</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD STYLE="border-bottom: #000000 medium double; font: normal 10pt/13pt Times New Roman; text-decoration: none; color: #000000; padding-bottom: 1.5pt; padding-left: 6pt; padding-top: 2.38pt; text-align: right; text-transform: none; vertical-align: bottom; width: 25.49%">$<FONT
style="padding-left:8pt;">338,198,445</FONT>
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">E.&nbsp;Income Taxes</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund intends to
continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net
investment income and net realized gains to shareholders. Accordingly, no provision has been made for federal and state income taxes. However, due to the timing and amount of distributions, the Fund may be subject to
an excise tax of 4% of the amount by which approximately 98% of the Fund&#8217;s taxable income exceeds the distributions from such taxable income for the calendar year.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund intends to
utilize provisions of the federal income tax laws, which allow it to carry a realized capital loss forward indefinitely following the year of the loss and offset such loss against any future realized capital gains.
The Fund is subject to certain limitations under U.S. tax rules on the use of capital loss carryforwards and net unrealized built-in losses. These limitations apply when there has been a 50% change in ownership. At
December 31, 2019, for federal income tax purposes, the Fund had no non-expiring capital loss carryforwards that may be carried forward indefinitely.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is subject to
accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ended 2016, 2017, 2018,
and 2019 remain open to federal and state audit. As of December 31, 2019, management has evaluated the application of these standards to the Fund, and has determined that no provision for income tax is required in the
Fund&#8217;s financial statements for uncertain tax positions.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;line-height:13pt;margin-top:10pt;text-align:left;text-decoration:none;text-transform:none;">F.&nbsp;Expenses</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund will pay all
expenses directly related to its operations.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:20pt;text-align:right;text-decoration:none;text-transform:none;">Page 17</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_5">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">4.&nbsp;Investment
Advisory Fee, Affiliated Transactions and Other Fee Arrangements</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust, the
investment advisor to the Fund, is a limited partnership with one limited partner, Grace Partners of DuPage L.P., and one general partner, The Charger Corporation. The Charger Corporation is an Illinois corporation
controlled by James A. Bowen, Chief Executive Officer of First Trust. First Trust is responsible for the ongoing monitoring of the Fund&#8217;s investment portfolio, managing the Fund&#8217;s business affairs and
providing certain administrative services necessary for the management of the Fund. For these investment management services, First Trust is entitled to a monthly fee calculated at an annual rate of 1.00% of the
Fund&#8217;s Managed Assets. First Trust also provides fund reporting services to the Fund for a flat annual fee in the amount of $9,250.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Chartwell manages the
Fund&#8217;s portfolio subject to First Trust&#8217;s supervision. Chartwell receives a monthly portfolio management fee calculated at an annual rate of 0.50% of the Fund&#8217;s Managed Assets that is paid monthly by
First Trust out of its investment advisory fee.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">BNY Mellon Investment
Servicing (US) Inc. (&#8220;BNYM IS&#8221;) serves as the Fund&#8217;s transfer agent in accordance with certain fee arrangements. As transfer agent, BNYM IS is responsible for maintaining shareholder records for the
Fund. The Bank of New York Mellon (&#8220;BNYM&#8221;) serves as the Fund&#8217;s administrator, fund accountant, and custodian in accordance with certain fee arrangements. As administrator and fund accountant, BNYM
is responsible for providing certain administrative and accounting services to the Fund, including maintaining the Fund&#8217;s books of account, records of the Fund&#8217;s securities transactions, and certain other
books and records. As custodian, BNYM is responsible for custody of the Fund&#8217;s assets. BNYM IS and BNYM are subsidiaries of The Bank of New York Mellon Corporation, a financial holding company.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Each Trustee who is not
an officer or employee of First Trust, any sub-advisor or any of their affiliates (&#8220;Independent Trustees&#8221;) is paid a fixed annual retainer that is allocated equally among each fund in the First Trust Fund
Complex. Each Independent Trustee is also paid an annual per fund fee that varies based on whether the fund is a closed-end or other actively managed fund, or is an index fund.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Additionally, the Lead
Independent Trustee and the Chairmen of the Audit Committee, Nominating and Governance Committee and Valuation Committee are paid annual fees to serve in such capacities, with such compensation allocated pro rata
among each fund in the First Trust Fund Complex based on net assets. Independent Trustees are reimbursed for travel and out-of-pocket expenses in connection with all meetings. The Lead Independent Trustee and
Committee Chairmen rotate every three years. The officers and &#8220;Interested&#8221; Trustee receive no compensation from the Fund for acting in such capacities.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">5.&nbsp;Purchases and
Sales of Securities</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The cost of purchases and
proceeds from sales of securities, excluding short-term investments, for the fiscal year ended December 31, 2019, were $114,778,342 and $134,567,196, respectively.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">6.&nbsp;Derivative
Transactions</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The following table
presents the types of derivatives held by the Fund at December 31, 2019, the primary underlying risk exposure and the location of these instruments as presented on the Statement of Assets and Liabilities.</DIV>
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:10pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:12.94%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.93%;" colspan="3">Asset Derivatives
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-top:6pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:38.39%;" colspan="3">Liability Derivatives
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.94%;">Derivative<BR>
Instrument
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.70%;">Risk<BR>
Exposure
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:22.62%;">Statement of Assets and<BR>
Liabilities Location
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.31%;">Value
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;
padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:22.62%;">Statement of Assets and<BR>
Liabilities Location
</TD><TD
style="line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-top:1.62pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.77%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:12.94%;">Written Options
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:12.70%;">Equity Risk
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:22.62%;">&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:8.31%;">$&#8194;&#8212;
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;width:22.62%;">Options written, at value
</TD><TD
style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-top:2.12pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.77%;">$&#8194;409,080
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The following table
presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 2019, on derivative instruments, as well as the primary
underlying risk exposure associated with each instrument.</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:71.54%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:18pt;
padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:78.56%;">Statement of Operations Location
</TD><TD
style="border-bottom:0.5pt solid #000000;line-height:0pt;padding-bottom:3pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:16.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:18pt;padding-top:2.12pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:78.56%;">Equity Risk Exposure
</TD><TD
style="line-height:0pt;padding-top:2.12pt;text-align:center;vertical-align:top;width:16.78%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:18pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:78.56%;">Net realized gain (loss) on purchased options
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:18pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;width:16.78%;">$<FONT
style="padding-left:5pt;"></FONT>(44,395)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:18pt;padding-top:1.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:78.56%;">Net realized gain (loss) on written options
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:23pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:16.78%;">(457,412)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:18pt;padding-top:1.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:78.56%;">Net change in unrealized appreciation (depreciation) on written options
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:28pt;padding-top:1.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.78%;">(88,887)
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">During the fiscal year
ended December 31, 2019, the premiums for written options opened were $11,399,476, and the premiums for written options closed, exercised and expired were $11,518,598.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 18</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="NTF-TOCnotes-4_6">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Notes to Financial Statements (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019</DIV>
</DIV>
<DIV
style="margin-top:10.5pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">During the fiscal year
ended December 31, 2019, the premiums for purchased options contracts opened were $44,395, and the premiums for purchased options contracts closed, exercised and expired were $44,395.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund does not have
the right to offset financial assets and liabilities related to option contracts on the Statement of Assets and Liabilities.</DIV>
<DIV
style="color:#000000;font-family:Times New
Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">7.&nbsp;Indemnification</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund has a variety of
indemnification obligations under contracts with its service providers. The Fund&#8217;s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these
contracts and expects the risk of loss to be remote.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">8.&nbsp;Subsequent
Events</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Management has evaluated
the impact of all subsequent events to the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial
statements that have not already been disclosed.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:486pt;text-align:right;text-decoration:none;text-transform:none;">Page 19</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="Audit-TOCauditletter-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="background-color:#003E87;height:15pt;width:100%;" type="OverlapColorBlock">
<DIV
style="padding-left:6pt;width:97.78%;" type="Block">
<DIV
style="color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Report of Independent
Registered Public Accounting Firm</DIV>
</DIV>
</DIV>
<DIV
style="margin-top:16pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">To the Shareholders and the
Board of Trustees of First Trust Enhanced Equity Income Fund:</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Opinion on the Financial
Statements and Financial Highlights</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">We have audited the
accompanying statement of assets and liabilities of First Trust Enhanced Equity Income Fund (the &#8220;Fund&#8221;), including the portfolio of investments, as of December 31, 2019, the related statement of
operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the
related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations
for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting
principles generally accepted in the United States of America.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Basis for Opinion</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">These financial
statements and financial highlights are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements and financial highlights based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">We conducted our audits
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of
material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly,
we express no such opinion.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Our audits included
performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of
December 31, 2019, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.</DIV>
<DIV
style="margin-top:18pt;text-align:Left;width:204pt;">
<IMG src="img94daef9f6.jpg">
</DIV>

<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Chicago, Illinois</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">February 21, 2020</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">We have served as the
auditor of one or more First Trust investment companies since 2001.</DIV>
</DIV>
<DIV
style="margin-top:225pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 20</DIV>
</DIV>
</DIV>
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style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="AI-TOCadditionalinfo-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Dividend Reinvestment
Plan</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">If your Common Shares are
registered directly with the Fund or if you hold your Common Shares with a brokerage firm that participates in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), unless you elect, by written notice
to the Fund, to receive cash distributions, all dividends, including any capital gain distributions, on your Common Shares will be automatically reinvested by BNY Mellon Investment Servicing (US) Inc. (the &#8220;Plan
Agent&#8221;), in additional Common Shares under the Plan. If you elect to receive cash distributions, you will receive all distributions in cash paid by check mailed directly to you by the Plan Agent, as the dividend
paying agent.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">If you decide to
participate in the Plan, the number of Common Shares you will receive will be determined as follows:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:2pt;width:95.56%;" cellpadding="8" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:3.49%;">(1)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:96.51%;">If Common Shares are trading at or above net asset value (&#8220;NAV&#8221;) at the time of valuation, the Fund will issue new shares at a price equal to the greater of (i) NAV per Common Share on that
date or (ii) 95% of the market price on that date.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:3.49%;">(2)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:96.51%;">If Common Shares are trading below NAV at the time of valuation, the Plan Agent will receive the dividend or distribution in cash and will purchase Common Shares in the open market,
on the NYSE or elsewhere, for the participants&#8217; accounts. It is possible that the market price for the Common Shares may increase before the Plan Agent has completed its purchases. Therefore, the average
purchase price per share paid by the Plan Agent may exceed the market price at the time of valuation, resulting in the purchase of fewer shares than if the dividend or distribution had been paid in Common Shares
issued by the Fund. The Plan Agent will use all dividends and distributions received in cash to purchase Common Shares in the open market within 30 days of the valuation date except where temporary curtailment or
suspension of purchases is necessary to comply with federal securities laws. Interest will not be paid on any uninvested cash payments.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">You may elect to opt-out
of or withdraw from the Plan at any time by giving written notice to the Plan Agent, or by telephone at (866) 340-1104, in accordance with such reasonable requirements as the Plan Agent and the Fund may agree upon. If
you withdraw or the Plan is terminated, you will receive a certificate for each whole share in your account under the Plan, and you will receive a cash payment for any fraction of a share in your account. If you wish,
the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Plan Agent maintains
all Common Shareholders&#8217; accounts in the Plan and gives written confirmation of all transactions in the accounts, including information you may need for tax records. Common Shares in your account will be held by
the Plan Agent in non-certificated form. The Plan Agent will forward to each participant any proxy solicitation material and will vote any shares so held only in accordance with proxies returned to the Fund. Any proxy
you receive will include all Common Shares you have received under the Plan.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">There is no brokerage
charge for reinvestment of your dividends or distributions in Common Shares. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market
purchases.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Automatically reinvesting
dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions. Capital gains and income are realized although cash is not received by you. Consult
your financial advisor for more information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">If you hold your Common
Shares with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund reserves the
right to amend or terminate the Plan if in the judgment of the Board of Trustees the change is warranted. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend
the Plan to include a service charge payable by the participants. Additional information about the Plan may be obtained by writing BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware
19809.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Proxy Voting Policies
and Procedures</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">A description of the
policies and procedures that the Fund uses to determine how to vote proxies and information on how the Fund voted proxies relating to portfolio investments during the most recent 12-month period ended June 30 is
available (1) without charge, upon request, by calling (800) 988-5891; (2) on the Fund&#8217;s website at <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com</FONT>; and (3) on the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) website at <FONT
style="color:#0000FF;text-decoration:underline;">www.sec.gov</FONT>.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Portfolio Holdings</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund files portfolio
holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be
publicly available on the</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:8pt;text-align:right;text-decoration:none;text-transform:none;">Page 21</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="AI-TOCadditionalinfo-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">SEC&#8217;s website at <FONT
style="color:#0000FF;text-decoration:underline;">www.sec.gov</FONT>. The Fund&#8217;s complete schedule of portfolio holdings for the second and fourth quarters of each fiscal year is included in the semi-annual and
annual reports to shareholders, respectively, and is filed with the SEC on Form N-CSR. The semi-annual and annual report for the Fund is available to investors within 60 days after the period to which it relates. The
Fund&#8217;s Forms N-PORT and Forms N-CSR are available on the SEC&#8217;s website listed above.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Federal Tax
Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">For the year ended
December 31, 2019, the amount of long-term capital gain distributions designated by the Fund was $16,964,462 which is taxable at the applicable capital gain tax rates for federal income tax purposes.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Of the ordinary income
(including short-term capital gain, if applicable) distributions made by the Fund during the year ended December 31, 2019, 42.32% qualified for the corporate dividends received deduction available to corporate
shareholders. The Fund hereby designates as qualified dividend income 50.42% of its ordinary income distributions (including short-term capital gain, if applicable), for the year ended December 31, 2019.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">NYSE Certification
Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">In accordance with
Section 303A-12 of the New York Stock Exchange (&#8220;NYSE&#8221;) Listed Company Manual, the Fund&#8217;s President has certified to the NYSE that, as of April 11, 2019, he was not aware of any violation by the Fund
of NYSE corporate governance listing standards. In addition, the Fund&#8217;s reports to the SEC on Form N-CSR contain certifications by the Fund&#8217;s principal executive officer and principal financial officer
that relate to the Fund&#8217;s public disclosure in such reports and are required by Rule 30a-2 under the 1940 Act.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Submission of Matters to
a Vote of Shareholders</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund held its Annual
Meeting of Shareholders (the &#8220;Annual Meeting&#8221;) on April 8, 2019. At the Annual Meeting, James A. Bowen and Niel B. Nielson were elected by the Common Shareholders of First Trust Enhanced Equity Income Fund
as Class III Trustees for a three-year term expiring at the Fund&#8217;s annual meeting of shareholders in 2022. The number of votes cast in favor of Mr. Bowen was 18,478,830, the number of votes against was 225,033
and the number of broker non-votes was 1,269,301. The number of votes cast in favor of Mr. Nielson was 18,474,434, the number of votes against was 229,429 and the number of broker non-votes was 1,269,301. Robert F.
Keith, Richard E. Erickson and Thomas R. Kadlec are the other current and continuing Trustees.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:15pt;text-align:center;text-decoration:none;text-transform:none;">Risk Considerations</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The following discussion
summarizes certain (but not all) of the principal risks associated with investing in the Fund. The Fund is subject to the informational requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940 and, in accordance therewith, files reports, proxy statements and other information that is available for review. The order of the below risk factors does not indicate the significance of any particular
risk factor.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Cyber Security Risk.<FONT
style="font-weight:Normal;"> The Fund is susceptible to potential operational risks through breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the
Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated
with corrective measures and/or financial loss. Cyber security breaches may involve unauthorized access to the Fund&#8217;s digital information systems through &#8220;hacking&#8221; or malicious software coding, but
may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cyber security breaches of the Fund&#8217;s third-party
service providers, such as its administrator, transfer agent, custodian, or sub-advisor, as applicable, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct
cyber security breaches. The Fund has established risk management systems designed to reduce the risks associated with cyber security. However, there is no guarantee that such efforts will succeed, especially because
the Fund does not directly control the cyber security systems of issuers or third party service providers.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Equity Securities
Risk.<FONT
style="font-weight:Normal;"> The Fund invests in equity securities. An adverse event affecting an issuer, such as an unfavorable earnings report, may depress the value of a particular equity security held by the Fund.
Also, the prices of equity securities are sensitive to general movements in the stock market and a drop in the stock market may depress the prices of equity securities to which the Fund has exposure. Equity securities
prices fluctuate for several reasons, including changes in investors&#8217; perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic
events affecting the issuers or their industries occur.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Income Risk.<FONT
style="font-weight:Normal;"> Net investment income paid by the Fund to its Common Shareholders is derived from the premiums it receives from writing (selling) call options and from the dividends and interest it
receives from the equity securities and other investments held in the</FONT></DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:8pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 22</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
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<A name="AI-TOCadditionalinfo-4_3">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Fund&#8217;s portfolio and short-term
gains thereon. Premiums from writing (selling) call options and dividends and interest payments made by the securities in the Fund&#8217;s portfolio can vary widely over time. Dividends on equity securities are not
fixed but are declared at the discretion of an issuer&#8217;s board of directors. There is no guarantee that the issuers of the equity securities in which the Fund invests will declare dividends in the future or that
if declared they will remain at current levels. The Fund cannot assure as to what percentage of the distributions paid on the Common Shares, if any, will consist of qualified dividend income or long-term capital
gains, both of which are taxed at lower rates for individuals than are ordinary income and short-term capital gains.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Industry and Sector
Risk.<FONT
style="font-weight:Normal;"> The Fund may not invest 25% or more of its total assets in securities of issuers in any single industry. If the Fund is focused in an industry, it may present more risks than if it were
broadly diversified over numerous industries of the economy. Individual industries may be subject to unique risks which may include, among others, governmental regulation, inflation, technological innovations that may
render existing products and equipment obsolete, competition from new entrants, high research and development costs, and rising interest rates.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may invest 25%
or more of its total assets in securities of issuers in a single sector. Currently, the Fund makes significant investments in equity securities of companies in the technology sector. The technology sector may include,
for example, companies that rely extensively on technology, science or communications in their product development or operations. Technology companies are generally subject to the risks of rapidly changing technologies;
 short product life cycles; fierce competition; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; and evolving industry standards and
frequent new product introductions. Technology companies may be smaller and less experienced companies, with limited product lines, markets or financial resources and fewer experienced management or marketing
personnel. Technology company stocks have experienced extreme price and volume fluctuations that are often unrelated to the operating performance of the respective company. In addition, technology companies can be
particularly vulnerable to federal, state and local government regulation, and competition and consolidation, both domestically and internationally, including competition from foreign competitors with lower production
costs.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Investment and Market
Risk.<FONT
style="font-weight:Normal;"> An investment in the Fund&#8217;s Common Shares is subject to investment risk, including the possible loss of the entire principal invested. An investment in Common Shares represents an
indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Common Shares at any point in time may
be worth less than the original investment, even after taking into account the reinvestment of Fund dividends and distributions. Security prices can fluctuate for several reasons including the general condition of the
securities markets, or when political or economic events affecting the issuers occur. When the Advisor or Sub-Advisor determines that it is temporarily unable to follow the Fund&#8217;s investment strategy or that it
is impractical to do so (such as when a market disruption event has occurred and trading in the securities is extremely limited or absent), the Fund may take temporary defensive positions.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Management Risk and
Reliance on Key Personnel.<FONT
style="font-weight:Normal;"> The implementation of the Fund&#8217;s investment strategy depends upon the continued contributions of certain key employees of the Advisor and Sub-Advisor, some of whom have unique
talents and experience and would be difficult to replace. The loss or interruption of the services of a key member of the portfolio management team could have a negative impact on the Fund.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Market Discount from Net
Asset Value. <FONT
style="font-weight:Normal;">Shares of closed-end investment companies such as the Fund frequently trade at a discount from their net asset value. The Fund cannot predict whether its common shares will trade at, below
or above net asset value.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Non-U.S. Securities
Risk.<FONT
style="font-weight:Normal;"> The Fund may invest a portion of its assets in the equity securities of issuers domiciled in jurisdictions other than the U.S. Investments in the securities and instruments of non-U.S.
issuers involve certain considerations and risks not ordinarily associated with investments in securities and instruments of U.S. issuers. Non-U.S. companies are not generally subject to uniform accounting, auditing
and financial standards and requirements comparable to those applicable to U.S. companies. Non-U.S. issuers may be subject to less government supervision and regulation than exists in the United States. Dividend and
interest income may be subject to withholding and other non-U.S. taxes, which may adversely affect the net return on such investments. A related risk is that there may be difficulty in obtaining or enforcing a court
judgment abroad.</FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Option Risk.<FONT
style="font-weight:Normal;"> The Fund may write (sell) covered call options on all or a portion of the equity securities held in the Fund&#8217;s portfolio as determined to be appropriate by the Fund&#8217;s
Sub-Advisor, consistent with the Fund&#8217;s investment objective. The ability to successfully implement the Fund&#8217;s investment strategy depends on the Sub-Advisor&#8217;s ability to predict pertinent market
movements, which cannot be assured. Thus, the use of options may require the Fund to sell portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation
the Fund can realize on an investment, or may cause the Fund to hold an equity security that it might otherwise sell. There can be no assurance that a liquid market for the options will exist when the Fund seeks to
close out an option position. Additionally, to the extent that the Fund purchases options pursuant to a hedging strategy, the Fund will be subject to additional risks.</FONT></DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:8pt;text-align:right;text-decoration:none;text-transform:none;">Page 23</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="AI-TOCadditionalinfo-4_4">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Additional Information (Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">Potential Conflicts of
Interest Risk.<FONT
style="font-weight:Normal;"> First Trust, Chartwell and the portfolio managers have interests which may conflict with the interests of the Fund. In particular, First Trust and Chartwell currently manage and may in the
future manage and/or advise other investment funds or accounts with the same or substantially similar investment objectives and strategies as the Fund.</FONT></DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:632pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 24</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="TO-TOCtrustees-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Board of Trustees and Officers<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The following tables
identify the Trustees and Officers of the Fund. Unless otherwise indicated, the address of all persons is 120 East Liberty Drive, Suite 400, Wheaton, IL 60187.</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:23.33%;">Name, Year of Birth and Position with the Fund
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:14.44%;">Term of Office and Year First Elected or Appointed<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:34.44%;">Principal Occupations<BR>
During Past 5 Years
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:13.33%;">Number of Portfolios in the First Trust Fund Complex Overseen by Trustee
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:bottom;width:15.56%;">Other Trusteeships or Directorships Held by Trustee During Past 5 Years
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" bgcolor="#D9E2ED" colspan="5">INDEPENDENT TRUSTEES
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Richard E. Erickson, Trustee<BR>
(1951)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">Physician; Officer, Wheaton Orthopedics; Limited Partner, Gundersen Real Estate Limited Partnership (June 1992 to December 2016); Member, Sportsmed LLC (April 2007
to November 2015)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">169
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:15.56%;">None
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Thomas R. Kadlec, Trustee<BR>
(1957)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">President, ADM Investor Services, Inc. (Futures Commission Merchant)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">169
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:15.56%;">Director of ADM Investor Services, Inc., ADM Investor Services International, Futures Industry Association, and National Futures Association
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Robert F. Keith, Trustee<BR>
(1956)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since June 2006</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">President, Hibs Enterprises (Financial and Management Consulting)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">169
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:15.56%;">Director of Trust Company of Illinois
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:23.33%;">Niel B. Nielson, Trustee<BR>
(1954)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:14pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                       <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:34.44%;">Senior Advisor (August 2018 to Present), Managing Director and Chief Operating Officer (January 2015 to August 2018), Pelita Harapan Educational Foundation
(Educational Products and Services); President and Chief Executive Officer (June 2012 to September 2014), Servant Interactive LLC (Educational Products and Services); President and Chief Executive Officer (June 2012
to September 2014), Dew Learning LLC (Educational Products and Services)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">169
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:15.56%;">None
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;width:100%;" bgcolor="#D9E2ED" colspan="5">INTERESTED TRUSTEE
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:23.33%;">James A. Bowen<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>, Trustee and<BR>
Chairman of the Board<BR>
(1955)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:14pt;padding-right:6pt;padding-top:2.25pt;text-align:left;
text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:top;width:14.44%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Three Year Term</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:34.44%;">Chief Executive Officer, First Trust Advisors L.P. and First Trust Portfolios L.P.; Chairman of the Board of Directors, BondWave LLC (Software
Development Company) and Stonebridge Advisors LLC (Investment Advisor)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:13.33%;">169
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:15.56%;">None
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
</DIV>
<DIV
style="margin-top:93pt;width:94%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:7pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">Currently, Robert F. Keith, as a Class I Trustee, is serving as a trustee until the Fund&#8217;s 2020 annual meeting of shareholders. Richard E. Erickson and Thomas R. Kadlec, as Class II Trustees, are
serving as trustees until the Fund&#8217;s 2021 annual meeting of shareholders. James A. Bowen and Niel B. Nielson, as Class III Trustees, are serving as trustees until the Fund&#8217;s 2022 annual meeting of
shareholders.
</TD></TR></TABLE>
</DIV>
<DIV
style="text-align:left;">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; empty-cells: show; margin-top: 3pt; width: 100%">
<TR
style="page-break-inside:avoid;"><TD STYLE="color: #000000; font: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 0pt; padding-right: 2pt; text-align: left; text-transform: none; vertical-align: top; width: 4.44%"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(2)</SUP>
</TD><TD STYLE="color: #000000; font: normal 9pt/12pt Times New Roman; text-decoration: none; padding-left: 2pt; text-align: left; text-transform: none; vertical-align: top; width: 95.56%">Mr. Bowen is deemed an &#8220;interested person&#8221; of the Fund due to his position as CEO of First Trust Advisors L.P., investment advisor of the Fund.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:9pt;text-align:right;text-decoration:none;text-transform:none;">Page 25</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="TO-TOCtrustees-4_2">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Board of Trustees and Officers (Continued)<BR>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:6pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:0pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:18.89%;">Name and Year of Birth
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:20.0%;">Position and Offices with Fund
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;padding-right:6pt;text-align:center;text-decoration:none;
text-transform:none;vertical-align:bottom;width:15.56%;">Term of Office and Length of Service
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.25pt;padding-left:6pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:bottom;width:46.67%;">Principal Occupations<BR>
During Past 5 Years
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#003E87;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:100%;" bgcolor="#D9E2ED" colspan="4">OFFICERS<SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">James M. Dykas<BR>
(1966)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">President and Chief Executive Officer
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since January 2016
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:2.25pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">Managing Director and Chief Financial Officer (January 2016 to Present), Controller (January 2011 to January 2016), Senior Vice President (April 2007 to January 2016), First Trust
Advisors L.P. and First Trust Portfolios L.P.; Chief Financial Officer (January 2016 to Present), BondWave LLC (Software Development Company) and Stonebridge Advisors LLC (Investment Advisor)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">Donald P. Swade<BR>
(1972)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">Treasurer, Chief Financial Officer and Chief Accounting Officer
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since January 2016
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">Senior Vice President (July 2016 to Present), Vice President (April 2012 to July 2016), First Trust Advisors L.P. and First Trust Portfolios L.P.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">W. Scott Jardine<BR>
(1960)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">Secretary and Chief Legal Officer
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since Fund Inception
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.; Secretary and General Counsel, BondWave LLC; Secretary, Stonebridge Advisors LLC
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:18.89%;">Daniel J. Lindquist<BR>
(1970)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:20.0%;">Vice President
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:15.56%;">&#8226;&#8194;Indefinite Term<BR>
&#8194;<BR>
&#8226;&#8194;Since December 2005
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:46.67%;">Managing Director, First Trust Advisors L.P. and First Trust Portfolios L.P.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:18.89%;">Kristi A. Maher<BR>
(1966)
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:20.0%;">Chief Compliance Officer and Assistant Secretary
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:3pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:15.56%;"><P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Indefinite Term<BR> &#8194;<BR> &#8226;&#8194;Chief Compliance Officer Since January 2011</P>
                                                                           <P STYLE="margin-top: 0; margin-bottom: 0">&#8226;&#8194;Assistant Secretary Since Fund Inception</P></TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:6pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:46.67%;">Deputy General Counsel, First Trust Advisors L.P. and First Trust Portfolios L.P.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:269pt;width:93.96%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:7pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:4.44%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(3)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:95.56%;">The term &#8220;officer&#8221; means the president, vice president, secretary, treasurer, controller or any other officer who performs a policy making function.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:9pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Page 26</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<A name="PP-TOCprivacy-4_1">
</A>
<DIV
style="font-family:Arial;font-size:7pt;line-height:10pt;font-weight:Normal;text-transform:none;text-align:left;vertical-align:bottom;padding-bottom:10pt;">
<A href="#TOC">
Table of Contents
</A>
</DIV>
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="background-color:#003E87;color:#FFFFFF;font-family:Times New Roman;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;
">Privacy Policy<FONT
style="color:#000000;"> </FONT></DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:11pt;text-align:center;text-decoration:none;text-transform:none;">First Trust Enhanced
Equity Income Fund (FFA) </DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">December 31, 2019
(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:13pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:center;text-decoration:none;text-transform:none;">Privacy Policy</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">First Trust values our
relationship with you and considers your privacy an important priority in maintaining that relationship. We are committed to protecting the security and confidentiality of your personal information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Sources of Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">We collect nonpublic
personal information about you from the following sources:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:2pt;width:95.56%;" cellpadding="3" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Information we receive from you and your broker-dealer, investment advisor or financial representative through interviews, applications, agreements or other forms;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Information about your transactions with us, our affiliates or others;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">Information we receive from your inquiries by mail, e-mail or telephone; and
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.67%;">Information we collect on our website through the use of &#8220;cookies&#8221;. For example, we may identify the pages on our website that your browser requests or visits.
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Information Collected</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The type of data we
collect may include your name, address, social security number, age, financial status, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history,
investment objectives, marital status, family relationships and other personal information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Disclosure of
Information</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">We do not disclose any
nonpublic personal information about our customers or former customers to anyone, except as permitted by law. In addition to using this information to verify your identity (as required under law), the permitted uses
may also include the disclosure of such information to unaffiliated companies for the following reasons:</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:4.44%;margin-top:1pt;width:95.56%;" cellpadding="3" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;
width:97.67%;">In order to provide you with products and services and to effect transactions that you request or authorize, we may disclose your personal information as described above to unaffiliated financial
service providers and other companies that perform administrative or other services on our behalf, such as transfer agents, custodians and trustees, or that assist us in the distribution of investor materials such as
trustees, banks, financial representatives, proxy services, solicitors and printers.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:2.33%;">&#8226;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:97.67%;">We may release information we have about you if you direct us to do so, if we are compelled by law to do so, or in other legally limited circumstances (for example to protect your
account from fraud).
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:8pt;text-align:left;text-decoration:none;text-transform:none;">In addition, in order to
alert you to our other financial products and services, we may share your personal information within First Trust.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Use of Website
Analytics</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">We currently use third
party analytics tools, Google Analytics and AddThis, to gather information for purposes of improving First Trust&#8217;s website and marketing our products and services to you. These tools employ cookies, which are
small pieces of text stored in a file by your web browser and sent to websites that you visit, to collect information, track website usage and viewing trends such as the number of hits, pages visited, videos and PDFs
viewed and the length of user sessions in order to evaluate website performance and enhance navigation of the website. We may also collect other anonymous information, which is generally limited to technical and web
navigation information such as the IP address of your device, internet browser type and operating system for purposes of analyzing the data to make First Trust&#8217;s website better and more useful to our users. The
information collected does not include any personal identifiable information such as your name, address, phone number or email address unless you provide that information through the website for us to contact you in
order to answer your questions or respond to your requests. To find out how to opt-out of these services click on: <FONT
style="color:#0000FF;text-decoration:underline;">Google Analytics</FONT> and <FONT
style="color:#0000FF;text-decoration:underline;">AddThis</FONT>.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Confidentiality and
Security</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">With regard to our
internal security procedures, First Trust restricts access to your nonpublic personal information to those First Trust employees who need to know that information to provide products or services to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic personal information.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Policy Updates and
Inquiries</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">As required by federal
law, we will notify you of our privacy policy annually. We reserve the right to modify this policy at any time, however, if we do change it, we will tell you promptly. For questions about our policy, or for additional
copies of this notice, please go to <FONT
style="color:#0000FF;text-decoration:underline;">www.ftportfolios.com</FONT>, or contact us at 1-800-621-1675 (First Trust Portfolios) or 1-800-222-6822 (First Trust Advisors).</DIV>
<DIV
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400</DIV>
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LLC</DIV>
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(US) Inc.</DIV>
<DIV
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CUSTODIAN</DIV>
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<DIV
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PUBLIC ACCOUNTING FIRM</DIV>
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<DIV
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<DIV
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<DIV
style="color:#000000;font-family:Arial;font-size:11pt;font-style:Normal;font-weight:Normal;line-height:14pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">111 W. Monroe Street</DIV>
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<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 2. Code of Ethics.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left; vertical-align: top">(a)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The registrant, as of the end of the period covered by this report, has adopted a
code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant
or a third party.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(c)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">There have been no amendments, during the period covered by this report, to a provision
of the code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed
by the registrant or a third party, and that relates to any element of the code of ethics description.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(d)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The registrant has not granted any waivers, including an implicit waiver, from a provision
of the code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed
by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item&rsquo;s instructions.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(e)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 3. Audit Committee Financial Expert.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the end of the period covered by the
report, the registrant&rsquo;s board of trustees has determined that Thomas R. Kadlec and Robert F. Keith are qualified to serve
as audit committee financial experts serving on its audit committee and that each of them is &ldquo;independent,&rdquo; as defined
by Item 3 of Form N-CSR.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 4. Principal Accountant Fees and Services.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(a)&#9;<I>Audit
Fees </I>(<I>Registrant</I>) &mdash; The aggregate fees billed for each of the last two fiscal years for professional services
rendered by the principal accountant for the audit of the registrant&rsquo;s annual financial statements or services that are
normally provided by the accountant in connection with statutory and regulatory filings or engagements were $38,000.00 for 2018
and $38,000.00 for 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(b)&#9;<I>Audit-Related
Fees </I>(<I>Registrant</I>) &mdash; The aggregate fees billed in each of the last two fiscal years, for assurance and related
services by the principal accountant that are reasonably related to the performance of the audit of the registrant&rsquo;s financial
statements and are not reported under paragraph (a) of this Item were $0 for 2018 and $0 for 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify"><I>Audit-Related
Fees </I>(<I>Investment Adviser</I>) &mdash; The aggregate fees billed in each of the last two fiscal years of the registrant
for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of
the registrant&rsquo;s financial statements and are not reported under paragraph&nbsp;(a) of this Item were $0 for 2018 and $0
for 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(c)&#9;<I>Tax
Fees </I>(<I>Registrant</I>) <I>&mdash; </I>The aggregate fees billed in each of the last two fiscal years for professional services
rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant were $5,200 for 2018 and
$5,266 for 2019. These fees were for tax preparation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify"><I>Tax
Fees </I>(<I>Investment Adviser</I>) &mdash; The aggregate fees billed in each of the last two fiscal years of the registrant
for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning to the registrant&rsquo;s
adviser were $0 for 2018 and $0 for 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(d)&#9;<I>All
Other Fees </I>(<I>Registrant</I>) &mdash; The aggregate fees billed in each of the last two fiscal years for products and services
provided by the principal accountant to the registrant, other than the services reported in paragraphs (a) through (c) of this
Item were $0 for 2018 and $0 for 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify"><I>All
Other Fees </I>(<I>Investment Adviser</I>) &mdash; The aggregate fees billed in each of the last two fiscal years for products
and services provided by the principal accountant to the registrant&rsquo;s investment adviser, other than services reported in
paragraphs&nbsp;(a) through (c) of this Item were $0 for 2018 and $0 for 2019.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(e)(1)
Disclose the audit committee&rsquo;s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation
S-X.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">Pursuant
to its charter and its Audit and Non-Audit Services Pre-Approval Policy, the Audit Committee (the <I>&ldquo;Committee&rdquo;</I>)
is responsible for the pre-approval of all audit services and permitted non-audit services (including the fees and terms thereof)
to be performed for the registrant by its independent auditors. The Chairman of the Committee is authorized to give such pre-approvals
on behalf of the Committee up to $25,000 and report any such pre-approval to the full Committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The
Committee is also responsible for the pre-approval of the independent auditor&rsquo;s engagements for non-audit services with
the registrant&rsquo;s adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted
or overseen by another investment adviser) and any entity controlling, controlled by or under common control with the investment
adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting
of the registrant, subject to the <I>de minimis </I>exceptions for non-audit services described in Rule 2-01 of Regulation S-X.
If the independent auditor has provided non-audit services to the registrant&rsquo;s adviser (other than any sub-adviser whose
role is primarily portfolio management and is sub-contracted with or overseen by another investment adviser) and any entity controlling,
controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not
pre-approved pursuant to its policies, the Committee will consider whether the provision of such non-audit services is compatible
with the auditor&rsquo;s independence.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(e)(2)
The percentage of services described in each of paragraphs (b) through (d) for the registrant and the registrant&rsquo;s investment
adviser of this Item that were approved by the audit committee pursuant to the pre-approval exceptions included in paragraph (c)(7)(i)(c)
or paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(b) 0%</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(c) 0%</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in">(d) 0%</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(f)
The percentage of hours expended on the principal accountant&rsquo;s engagement to audit the registrant&rsquo;s financial statements
for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant&rsquo;s
full-time, permanent employees was less than fifty percent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(g)
The aggregate non-audit fees billed by the registrant&rsquo;s accountant for services rendered to the registrant, and rendered
to the registrant&rsquo;s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the Registrant for 2018 were $5,200 and $48,190 for the Registrant and the
Registrant&rsquo;s investment adviser, respectively, and for 2019 were $5,266 and $75,670, for the Registrant and the Registrant&rsquo;s
investment adviser, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">(h)
The Registrant&rsquo;s audit committee of its Board of Trustees determined that the provision of non-audit services that were
rendered to the Registrant&rsquo;s investment adviser (not including any sub-adviser whose role is primarily portfolio management
and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant&rsquo;s independence.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 5. Audit Committee of Listed registrants.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left; vertical-align: top">(a)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Registrant has a separately designated audit committee consisting of all the independent
&#9;trustees of the Registrant. The members of the audit committee are: Thomas R. Kadlec, Niel B. &#9;Nielson, Richard E. Erickson
and Robert F. Keith.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 6. Investments.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left; vertical-align: top"><FONT STYLE="font-weight: normal">(a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Schedule of Investments in securities of unaffiliated
issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left; vertical-align: top">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-indent: -40.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-indent: -40.5pt"><B>Item 7. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.</B></P>

<P>The Proxy Voting Policies are attached herewith.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 2pt 0 0; text-align: center"><B>CHARTWELL INVESTMENT PARTNERS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: center"><B>Proxy Voting Policies and Procedures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: center; text-indent: 13.95pt"><B>Adopted April
11, 1997 As Amended February, 2020</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B><I>Purpose. </I></B>Chartwell Investment
Partners (&ldquo;Chartwell&rdquo;) has adopted these Proxy Voting Policies and Procedures (&ldquo;Policies&rdquo;) to seek to ensure
that it exercises voting authority on behalf of Chartwell clients in a manner consistent with the best interests of each client
and its agreement with the client.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B><I>Scope. </I></B>These Policies
apply where clients have delegated the authority and responsibility to Chartwell to decide how to vote proxies. Chartwell does
not accept or retain authority to vote proxies in accordance with individual client guidelines with the exception of those clients
who wish their proxies voted in accordance with Taft-Hartley Proxy Voting Guidelines and who have instructed Chartwell to do so.
In addition, Clients who wish to instruct Chartwell not to vote in accordance with AFL-CIO Key Vote Survey recommendations, as
described below, retain that authority. Clients who wish to arrange to vote proxies in accordance with their own guidelines may
elect to do so at any time by notifying Chartwell. Chartwell generally will follow these Policies if asked to make recommendations
about proxy voting to clients who request that advice but have not delegated proxy voting responsibility to Chartwell<B><I>.</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><B><I>Guiding Principles</I>.
</B>Chartwell believes that voting proxies in the best interests of each client means making a judgment as to what voting decision
is most likely to maximize total return to the client as an investor in the securities being voted, and casting the vote accordingly.
For this reason, Chartwell&rsquo;s evaluation of the possible impact of a proxy vote on the economic interests of company shareholders
similarly situated to Chartwell&rsquo;s clients will be the primary factor governing Chartwell&rsquo;s proxy voting decisions.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2.15pt 0 0; text-align: justify"><B><I>Use of Independent Proxy Voting
Service</I>. </B>Chartwell has retained ISS, an independent proxy voting service, to assist it in analyzing specific proxy votes
with respect to securities held by Chartwell clients and to handle the mechanical aspects of casting votes. Historically, Chartwell
has placed substantial reliance on ISS&rsquo; analyses and recommendations and generally gives instructions to ISS to vote proxies
in accordance with ISS&rsquo; recommendations, unless Chartwell reaches a different conclusion than ISS about how a particular
matter should be voted. ISS&rsquo; proxy voting recommendations typically are made available to Chartwell about a week before the
proxy must be voted, and are reviewed and monitored by members of the Proxy Voting Committee (and, in certain cases, by Chartwell
portfolio managers), with a view to determining whether it is in the best interests of Chartwell&rsquo;s clients to vote proxies
as recommended by ISS, or whether client proxies should be voted on a particular proposal in another manner. In addition, Chartwell
generally votes in accordance with AFL-CIO Key Votes Survey, a list of proposals and meetings based on recommendations by the AFL-CIO
Office of Investment. To the extent that any of the proxy voting positions stated in these Policies are inconsistent with a Key
Vote Survey recommendation, Chartwell will generally vote in accordance with the Key Vote Survey recommendation on all impacted
securities unless any client has chosen to instruct Chartwell to refrain from doing so. In that case, Chartwell will vote the client&rsquo;s
securities position in accordance with these Policies (which may or may not cause the vote to be the same as the Key Vote Survey
recommendation).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B><I>Administration of Policies</I>.
</B>Chartwell has established a Proxy Voting Committee to oversee and administer the voting of proxies on behalf of clients, comprised
of approximately five representatives of the firm&rsquo;s compliance and operations departments. The Committee&rsquo;s responsibilities
include reviewing and updating these Policies as may be appropriate from time to time; identifying and resolving any material conflicts
of interest on the part of Chartwell or its personnel that may affect particular proxy votes; evaluating and monitoring, on an
ongoing basis, the analyses, recommendations and other services provided by ISS or another third party retained to assist Chartwell
in carrying out its proxy voting responsibilities; when deemed appropriate by the Committee, consulting with Chartwell portfolio
managers and investment professionals on particular proposals or categories of proposals presented for vote; and determining when
and how client proxies should be voted other than in accordance with the general rules and criteria set forth in Chartwell&rsquo;s
Proxy Voting Guidelines or with the recommendations of ISS or another independent proxy voting service retained by Chartwell.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B><I>Conflicts of Interest</I>. </B>It
is Chartwell&rsquo;s policy not to exercise its authority to decide how to vote a proxy if there is a material conflict of interest
between Chartwell&rsquo;s interests and the interests of the client that owns the shares to be voted that could affect the vote
on that matter. To seek to identify any such material conflicts, a representative of the Proxy Voting Committee screens all proxies
and presents any potential conflicts identified to the Committee for determination of whether the conflict exists and if so, whether
it is material.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">Conflicts of interest could result
from a variety of circumstances, including, but not limited to, significant personal relationships between executive officers of
an issuer and Chartwell personnel, a current or prospective investment adviser-client relationship between an issuer or a pension
plan sponsored by an issuer and Chartwell, a significant ownership interest by Chartwell or its personnel in the issuer and various
other business, personal or investment relationships. Generally, a current or prospective adviser-client relationship will not
be considered material for these purposes if the net advisory revenues to Chartwell have not in the most recent fiscal year and
are not expected in the current fiscal year to exceed &frac12; of 1 percent of Chartwell&rsquo;s annual advisory revenue.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">Currently, the Proxy Voting Committee
has determined that voting in accordance with AFL-CIO Key Votes Survey recommendations is not a material conflict of interest.
In reaching this decision, the Committee recognized that Chartwell has many union clients and many clients that are not union-oriented.
By voting all impacted securities positions in accordance with AFL-CIO recommendations, it could be said that Chartwell is attempting
to retain or attract existing and prospective union clients. However, the overall number of proxy issues in the AFL-CIO Key Votes
Survey on which Chartwell has historically voted is approximately 14 &ndash; 30 out of a total of approximately 500 company meetings
and thousands of proxy votes cast by Chartwell each year. Chartwell does not use its AFL-CIO Key Votes Survey rankings for marketing
purposes, so to the extent any client or prospect becomes aware of how Chartwell votes in the Surveys, it does so on its own. In
addition, Union Clients have the ability to instruct Chartwell to vote their proxies entirely in accordance with the Taft-Hartley
policy. Recognizing that deciding this is not a material conflict of interest is fundamentally subjective, Chartwell nonetheless
discloses its practices to clients and invites clients to instruct Chartwell not to change any vote in these Policies to be consistent
with an AFL-CIO Key Votes Survey recommendation (even though voting consistently with these Policies may result in voting the same
way).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">In the event the Committee determines
that there is a material conflict of interest that may affect a particular proxy vote, Chartwell will <B><I>not </I></B>make the
decision how to vote the proxy in accordance with these Policies unless the Policies specify how votes shall be cast on that particular
type of matter, i.e., &ldquo;for&rdquo; or &ldquo;against&rdquo; the proposal. Where the Policies provide that the voting decision
will be made on a &ldquo;case-by-case&rdquo; basis, Chartwell will either request the client to make the voting decision, or the
vote will be cast in accordance with the recommendations of ISS or another independent proxy voting service retained by Chartwell
for that purpose. Chartwell also will not provide advice to clients on proxy votes without first disclosing any material conflicts
to the client requesting such advice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B><I>When Chartwell Does Not Vote
Proxies. </I></B>Chartwell may not vote proxies respecting client securities in certain circumstances, including, but not limited
to, situations where (a) the securities are no longer held in a client&rsquo;s account; (b) the proxy and other relevant materials
are not received in sufficient time to allow analysis or an informed vote by the voting deadline; (c) Chartwell concludes that
the cost of voting the proxy will exceed the expected potential benefit to the client; or (d) the securities have been loaned out
pursuant to a client&rsquo;s securities lending program and are unavailable to vote.</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B>Proxy Voting Guidelines</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 2pt 0 0; text-align: justify">Generally, Chartwell votes all proxies
in accordance with the following guidelines provided by Institutional Shareholder Services (ISS). These guidelines may be changed
or supplemented from time to time. Votes on matters not covered by these guidelines will be determined in accordance with the principles
set forth above. Client guidelines may be inconsistent with these guidelines and may cause Chartwell to vote differently for different
clients on the same matter.</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.25pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">1.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.95pt">Bo</FONT><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">a<FONT STYLE="letter-spacing: 0.95pt">rd
</FONT>of Di<FONT STYLE="letter-spacing: 0.95pt">re</FONT><FONT STYLE="letter-spacing: 0.9pt">ct</FONT>ors</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right; width: 35pt; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(0,120,159)"><B>6.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6"><B>Voting
                                         on Director Nominees in Uncontested Elections</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Four fundamental principles apply
when determining votes on director nominees:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="color: #01779F"><B>Independence</B></FONT>:
Boards should be sufficiently independent from management (and significant shareholders) to ensure that they are able and motivated
to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the
execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation
programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have
an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management,
as well as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination
of directors.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="color: #01779F"><B>Composition</B></FONT>:
Companies should ensure that directors add value to the board through their specific skills and expertise and by having sufficient
time and commitment to serve effectively. Boards should be of a size appropriate to accommodate diversity, expertise, and independence,
while ensuring active and collaborative participation by all members. Boards should be sufficiently diverse to ensure consideration
of a wide range of perspectives.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="color: #01779F"><B>Responsiveness</B></FONT>:
Directors should respond to investor input, such as that expressed through significant opposition to management proposals, significant
support for shareholder proposals (whether binding or non-binding), and tender offers where a majority of shares are tendered.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><FONT STYLE="color: #01779F"><B>Accountability</B></FONT>:
Boards should be sufficiently accountable to shareholders, including through transparency of the company's governance practices
and regular board elections, by the provision of sufficient information for shareholders to be able to assess directors and board
composition, and through the ability of shareholders to remove directors.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for director nominees, except under the following circumstances (with new nominees<B><SUP>1</SUP></B> considered on case-by-case
basis):</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(0,120,159)"><B>7.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Independence</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 1.65pt 2pt 0 0; text-align: justify">Vote against<SUP>2</SUP>
or withhold from non-independent directors (Executive Directors and Non-Independent Non- Executive Directors per <FONT STYLE="color: #006FC0; letter-spacing: -2.55pt">I</FONT>
<FONT STYLE="color: #006FC0">SS&rsquo; Classification of Directors</FONT>) when:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Independent
directors comprise 50 percent or less of the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
non-independent director serves on the audit, compensation, or nominating committee;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of
such a committee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.5pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt"><B>1
</B></FONT><FONT STYLE="font-size: 9pt">A &quot;new nominee&quot; is a director who is being presented for election by shareholders
for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending
on the timing of their appointment and the problematic governance issue in question.</FONT></P>

<P STYLE="font: 12pt/10.9pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">2
</FONT><FONT STYLE="font-size: 9pt">In general, companies with a plurality vote standard use &ldquo;Withhold&rdquo; as the contrary
vote option in director elections;</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">companies with a majority vote
standard use &ldquo;Against&rdquo;. However, it will vary by company and the proxy must be checked to determine the valid contrary
vote option for the particular company.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(0,120,159)"><B>8.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif"><B>ISS
Classification of Directors &ndash; U.S.</B></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Executive
Director</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">1.1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
employee or current officer<FONT STYLE="color: #006FC0"><B><I><SUP>1</SUP></I></B></FONT> of the company or one of its affiliates<B><I><SUP>2</SUP></I></B>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 7.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Non-Independent
Non-Executive Director</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.6pt 2pt 0 0; text-align: justify">Board Identification</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right">&nbsp;</TD>
<TD STYLE="width: 0.5in; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Director
identified as not independent by the board. Controlling/Significant Shareholder</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Beneficial
owner of more than 50 percent of the company's voting power (this may be aggregated if voting power is distributed among more than
one member of a group).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.7pt 2pt 0 0; text-align: justify">Former CEO/Interim Officer</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Former
CEO of the company. <SUP>3, 4</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Former
CEO of an acquired company within the past five years.<SUP>4</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Former
interim officer if the service was longer than 18 months. If the service <FONT STYLE="letter-spacing: 0.1pt">was</FONT> between
12 and 18 months an assessment of the interim
officer&rsquo;s employment agreement will be made.<B><I><SUP>5</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.6pt 2pt 0 0; text-align: justify">Non-CEO Executives</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.6.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Former
officer<FONT STYLE="color: #006FC0"><B><I><SUP>1</SUP></I></B></FONT> of the company, an affiliate<B><I><SUP>2</SUP></I></B>, or
an acquired firm within the past five years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.7.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Officer<FONT STYLE="color: #006FC0"><B><I><SUP>1</SUP></I></B></FONT>
of a former parent or predecessor firm at the time the company was sold or split off from the parent/predecessor within the past
five years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.8.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Officer<FONT STYLE="color: #006FC0"><B><I><SUP>1</SUP></I></B></FONT>,
former officer, or general or limited partner of a joint venture or partnership with the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.65pt 2pt 0 0; text-align: justify">Family Members</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.9.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Immediate
family member<B><I><SUP>6</SUP></I></B> of a current or former officer<FONT STYLE="color: #006FC0"><B><I><SUP>1</SUP></I></B></FONT>
of the company or its affiliates<B><I><SUP>2</SUP></I></B> within the last five years.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin-top: 0.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.10.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Immediate
family member<B><I><SUP>6</SUP></I></B> of a current employee of company or its affiliates<B><I><SUP>2</SUP></I></B> where additional
factors raise concern (which may include, but are not limited to, the following: a director related to numerous employees; the
company or its affiliates employ relatives of numerous board members; or a non- Section 16 officer in a key strategic role).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.6pt 2pt 0 0; text-align: justify">Transactional, Professional, Financial,
and Charitable Relationships</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.11.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Currently
provides (or an immediate family member<B><I><SUP>6</SUP></I></B> provides) professional services<B><I><SUP>7</SUP></I></B> to
the company, to an affiliate<B><I><SUP>2</SUP></I></B> of the company or an individual officer of the company or one of its affiliates
in excess of $10,000 per year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.12.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Is
(or an immediate family member<B><I><SUP>6</SUP></I></B> is) a partner in, or a controlling shareholder or an employee of, an organization
which provides professional services<B><I><SUP>7</SUP></I></B> to the company, to an affiliate<B><I><SUP>2</SUP></I></B> of the
company, or an individual officer of the company or one of its affiliates in excess of $10,000 per year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.13.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Has
(or an immediate family member<B><I><SUP>6</SUP></I></B> has) any material transactional relationship<B><I><SUP>8</SUP></I></B>
with the company or its affiliates<B><I><SUP>2</SUP></I></B> (excluding investments in the company through a private placement).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.14.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Is
(or an immediate family member<B><I><SUP>6</SUP></I></B> is) a partner in, or a controlling shareholder or an executive officer
of, an organization which has any material transactional relationship<B><I><SUP>8</SUP></I></B> with the company or its affiliates<B><I><SUP>2</SUP></I></B>
(excluding investments in the company through a private placement).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.15.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Is
(or an immediate family member<B><I><SUP>6</SUP></I></B> is) a trustee, director, or employee of a charitable or non-profit organization
that receives material grants or endowments<B><I><SUP>8</SUP></I></B> from the company or its affiliates<B><I><SUP>2</SUP></I></B>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.65pt 2pt 0 0; text-align: justify">Other Relationships</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.16.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Party
to a voting agreement<B><I><SUP>9</SUP></I></B> to vote in line with management on proposals being brought to shareholder vote.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.17.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Has
(or an immediate family member<SUP>6</SUP> has) an interlocking relationship as defined by the SEC involving members of the board
of directors or its Compensation Committee.<B><I><SUP>10</SUP></I></B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.18.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Founder<B><I><SUP>11</SUP></I></B>
of the company but not currently an employee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">2.19.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
material<B><I><SUP>12</SUP></I></B> relationship with the company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 7.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Independent
Director</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">3.1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">No
material<B><I><SUP>12</SUP></I></B> connection to the company other than a board seat.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(0,120,159)"><B>9.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif"><B>Footnotes:</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5.9pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>1.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">The definition of officer will generally follow
that of a &ldquo;Section 16 officer&rdquo; (officers subject to Section 16 of the Securities and Exchange Act of 1934) and includes
the chief executive, operating, financial, legal, technology, and accounting officers of a company (including the president, treasurer,
secretary, controller, or any vice president in charge of a principal business unit, division, or policy function). Current interim
officers are included in this category. For private companies, the equivalent positions are applicable. A non-employee director
serving as an officer due to statutory requirements (e.g. corporate secretary) will generally be classified as a Non-Independent
Non-Executive Director under 2.19: &ldquo;Any material relationship with the company.&rdquo; However, if the company provides explicit
disclosure that the director is not receiving additional compensation exceeding $10,000 per year for serving in that capacity,
then the director will be classified as an Independent Director.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>2.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&ldquo;Affiliate&rdquo; includes a subsidiary,
sibling company, or parent company. ISS uses 50 percent control ownership by the parent company as the standard for applying its
affiliate designation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>3.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">Includes any former CEO of the company prior
to the company&rsquo;s initial public offering (IPO).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5.95pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>4.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">When there is a former CEO of a special purpose
acquisition company (SPAC) serving on the board of an acquired company, ISS will generally classify such directors as independent
unless determined otherwise taking into account the following factors: the applicable listing standards determination of such director&rsquo;s
independence; any operating ties to the firm; and the existence of any other conflicting relationships or related party transactions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6.15pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>5.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">ISS will look at the terms of the interim
officer&rsquo;s employment contract to determine if it contains severance pay, long-term health and pension benefits, or other
such standard provisions typically contained in contracts of permanent, non-temporary CEOs. ISS will also consider if a formal
search process was under way for a full-time officer at the time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 5.9pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>6.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">&ldquo;Immediate family member&rdquo; follows
the SEC&rsquo;s definition of such and covers spouses, parents, children, step-parents, step- children, siblings, in-laws, and
any person (other than a tenant or employee) sharing the household of any director, nominee for director, executive officer, or
significant shareholder of the company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6.05pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>7.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">Professional services can be characterized
as advisory in nature, generally involve access to sensitive company information or to strategic decision-making, and typically
have a commission- or fee-based payment structure. Professional services generally include but are not limited to the following:
investment banking/financial advisory services, commercial banking (beyond deposit services), investment services, insurance services,
accounting/audit services, consulting services, marketing services, legal services, property management services, realtor services,
lobbying services, executive search services, and IT consulting services. The following would generally be considered transactional
relationships and not professional services: deposit services, IT tech support services, educational services, and construction
services. The case of participation in a banking syndicate by a non-lead bank should be considered a transactional (and hence subject
to the associated materiality test) rather than a professional relationship. &ldquo;Of Counsel&rdquo; relationships are only considered
immaterial if the individual does not receive any form of compensation (in excess of $10,000 per year) from, or is a retired partner
of, the firm providing the professional service. The case of a company providing a professional service to one of its directors
or to an entity with which one of its directors is affiliated, will be considered a transactional rather than a professional relationship.
Insurance services and marketing services are assumed to be professional services unless the company explains why such services
are not advisory.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6.05pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>8.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">A material transactional relationship, including
grants to non-profit organizations, exists if the company makes annual payments to, or receives annual payments from, another entity,
exceeding the greater of: $200,000 or 5 percent of the recipient&rsquo;s gross revenues, for a company that follows NASDAQ listing
standards; or the greater of $1,000,000 or 2 percent of the recipient&rsquo;s gross revenues, for a company that follows NYSE listing
standards. For a company that follows neither of the preceding standards, ISS will apply the NASDAQ-based materiality test. (The
recipient is the party receiving the financial proceeds from the transaction).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>9.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">Dissident directors who are parties to a voting
agreement pursuant to a settlement or similar arrangement may be classified as Independent Directors if an analysis of the following
factors indicates that the voting agreement does not compromise their alignment with all shareholders&rsquo; interests: the terms
of the agreement; the duration of the standstill provision in the agreement; the limitations and requirements of actions that are
agreed upon; if the dissident director nominee(s) is subject to the standstill; and if there any conflicting relationships or related
party transactions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>10.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">Interlocks include: executive officers serving
as directors on each other&rsquo;s compensation or similar committees (or, in the absence of such a committee, on the board); or
executive officers sitting on each other&rsquo;s boards and at least one serves on <FONT STYLE="letter-spacing: 0.1pt">the </FONT>other&rsquo;s
compensation or similar committees (or, in the absence of such a committee, on the board).</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3.2pt 2pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>11.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">The operating involvement of the founder with
the company will be considered; if the founder was never employed by the company, ISS may deem him or her an Independent Director.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 2pt 0 0; text-align: justify; text-indent: 2pt"><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt"><I>12.</I></FONT><I><FONT STYLE="font: 7pt Times New Roman, Times, Serif; letter-spacing: -0.1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></I><FONT STYLE="font: 9pt Calibri, Helvetica, Sans-Serif">For purposes of ISS&rsquo;s director independence
classification, &ldquo;material&rdquo; will be defined as a standard of relationship (financial, personal or otherwise) that a
reasonable person might conclude could potentially influence one&rsquo;s objectivity in the boardroom in a manner that would have
a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(0,120,159)"><B>10.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Composition</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify"><B>Attendance at Board and Committee
Meetings: </B>Generally vote against or withhold from directors (except nominees who served only part of the fiscal year<B><SUP>3</SUP></B>)
who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless
an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are
generally limited to the following:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Medical
issues/illness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Family
emergencies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Missing
only one meeting (when the total of all meetings is three or fewer).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In cases of chronic poor attendance
without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or
withhold from appropriate members of the nominating/governance committees or the full board.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">If the proxy disclosure is unclear
and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings
during his/her period of service, vote against or withhold from the director(s) in question.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Overboarded Directors: </B>Generally
vote against or withhold from individual directors who:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Sit
on more than five public company boards; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Are
CEOs of public companies who sit on the boards of more than two public companies besides their <FONT STYLE="letter-spacing: 0.1pt">own&mdash;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">withhold only at their outside
boards<B><SUP>4</SUP></B>.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Diversity:</B> For companies in
the Russell 3000 or S&amp;P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other
directors on a case-by-case basis) at companies where there are no women on the company's board. Mitigating factors include:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Until
Feb. 1, 2021, a firm commitment, as stated in the proxy statement, to appoint at least one woman to the board within a year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of a woman on the board at the preceding annual meeting and a firm commitment to appoint at least one woman to the board
within a year; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
relevant factors as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.45pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt"><B>3
</B></FONT><FONT STYLE="font-size: 9pt">Nominees who served for only part of the fiscal year are generally exempted from the attendance
policy.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">4
</FONT><FONT STYLE="font-size: 9pt">Although all of a CEO&rsquo;s subsidiary boards with publicly-traded common stock will be counted
as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (&gt;50
percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards
outside the parent/subsidiary relationships.</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(0,120,159)"><B>11.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Responsiveness</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Vote case-by-case on individual
directors, committee members, or the entire board of directors as appropriate if:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or
failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority
of the shares cast in the previous year. Factors that will be considered are:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosed
outreach efforts by the board to shareholders in the wake of the vote;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Rationale
provided in the proxy statement for the level of implementation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
subject matter of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
level of support for and opposition to the resolution in past meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Actions
taken by the board in response to the majority vote and its engagement with shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
factors as appropriate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board failed to act on takeover offers where the majority of shares are tendered;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">At
the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company
has failed to address the issue(s) that caused the high withhold/against vote.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/100% Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on Compensation
Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered
are:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's response, including:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants
(including whether independent directors participated);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of specific and meaningful actions taken to address shareholders' concerns;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
recent compensation actions taken by the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the issues raised are recurring or isolated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the support level was less than 50 percent, which would warrant the highest degree of responsiveness.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality
of votes cast.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(0,120,159)"><B>12.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Accountability</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B><I>13.</I></B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B><I>Problematic
Takeover Defenses/Governance Structure</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6.15pt 2pt 0 0; text-align: justify"><B>Poison Pills: </B>Vote against
or withhold from all nominees (except new nominees<B><SUP>1</SUP></B>, who should be considered case- by-case) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has a poison pill that was not approved by shareholders<SUP>5</SUP>. However, vote case-by-case on nominees if the board
adopts an initial pill with a term of one year or less, depending on the disclosed</FONT> <FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">rationale
for the adoption, and other factors as relevant (such as a commitment to put any renewal to a shareholder vote).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">5 </FONT><FONT STYLE="font-size: 9pt">Public
shareholders only, approval prior to a company&rsquo;s becoming public is insufficient.</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering
the trigger, without shareholder approval.</FONT></TD></TR></TABLE>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Classified Board Structure: </B>The
board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that
would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held
accountable.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><B>Removal of Shareholder Discretion
on Classified Boards</B>: The company has opted into, or failed to opt out of, state laws requiring a classified board structure.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Director Performance Evaluation:
</B>The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers.
Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company&rsquo;s
four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company&rsquo;s operational metrics and
other factors as warranted.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Problematic provisions include
but are not limited to:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
classified board structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
supermajority vote requirement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Either
a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
inability of shareholders to call special meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
inability of shareholders to act by written consent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
multi-class capital structure; and/or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
non-shareholder-approved poison pill.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Unilateral Bylaw/Charter Amendments
and Problematic Capital Structures<I>: </I></B>Generally vote against or withhold from directors individually, committee members,
or the entire board (except new nominees<SUP>1</SUP>, who should be considered case-by-case) if the board amends the company's
bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely
impact shareholders, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board's rationale for adopting the bylaw/charter amendment without shareholder ratification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
by the company of any significant engagement with shareholders regarding the amendment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's ownership structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's existing governance provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
timing of the board's amendment to the bylaws/charter in connection with a significant business development; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Unless the adverse amendment is reversed
or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally vote against
(except new nominees1, who should be considered case-by-case) if the directors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Classified
the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Adopted
supermajority vote requirements to amend the bylaws or charter; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Eliminated
shareholders' ability to amend bylaws.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3.8pt 2pt 0 0; text-align: justify"><B>Problematic Capital Structure
- Newly Public Companies: </B>For newly public companies<B><SUP>6</SUP></B>, generally vote against or withhold from the entire
board (except new nominees<SUP>1</SUP>, who should be considered case-by-case) if, prior to or in connection with the company's
public offering, the company or its board implemented a multi-class capital structure in which the classes have unequal voting
rights without subjecting the multi-class capital structure to a reasonable time-based sunset. In assessing the reasonableness
of a time-based sunset provision, consideration will be given to the company&rsquo;s lifespan, its post-IPO ownership structure
and the board&rsquo;s disclosed rationale for the sunset period selected. No sunset period of more than seven years from the date
of the IPO will be considered to be reasonable.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Continue to vote against or withhold
from incumbent directors in subsequent years, unless the problematic capital structure is reversed or removed.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Problematic Governance Structure
- Newly Public Companies</B>: For newly public companies<SUP>6</SUP>, generally vote against or withhold from directors individually,
committee members, or the entire board (except new nominees<B><SUP>1</SUP></B>, who should be considered case-by-case) if, prior
to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions
that are considered to be materially adverse to shareholder rights:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Supermajority
vote requirements to amend the bylaws or charter;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
classified board structure; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
egregious provisions.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">A reasonable sunset provision
will be considered a mitigating factor.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Unless the adverse provision is reversed
or removed, vote case-by-case on director nominees in subsequent years.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Management Proposals to Ratify
Existing Charter or Bylaw Provisions: </B>Vote against/withhold from individual directors, members of the governance committee,
or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of a shareholder proposal addressing the same issue on the same ballot;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board's rationale for seeking ratification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of actions to be taken by the board should the ratification proposal fail;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of shareholder engagement regarding the board&rsquo;s ratification request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
level of impairment to shareholders' rights caused by the existing provision;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
history of management and shareholder proposals on the provision at the company&rsquo;s past meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the current provision was adopted in response to the shareholder proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Previous
use of ratification proposals to exclude shareholder proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B><I>14.</I></B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B><I>Restrictions
on Shareholders&rsquo; Rights</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6.1pt 2pt 0 0; text-align: justify"><B>Restricting Binding Shareholder
Proposals: </B>Generally vote against or withhold from the members of the governance committee if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s governing documents impose undue restrictions on shareholders&rsquo; ability to amend the bylaws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Such restrictions include but
are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject
matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.45pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt"><B>6
</B></FONT><FONT STYLE="font-size: 9pt">Newly-public companies generally include companies that emerge from bankruptcy, spin-offs,
direct listings, and those who complete a traditional initial public offering.</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Submission of management proposals
to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be
viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis
until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right
is submitted for shareholder approval.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B><I>15.</I></B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B><I>Problematic
Audit-Related Practices</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6.1pt 2pt 0 0; text-align: justify">Generally vote against or withhold
from the members of the Audit Committee if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
non-audit fees paid to the auditor are <FONT STYLE="color: #006FC0; letter-spacing: -5pt">e</FONT></FONT> <FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: #006FC0">xcessive</FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company receives an adverse opinion on the company&rsquo;s financial statements from its auditor; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits
the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on members of the
Audit Committee and potentially the full board if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Poor
accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material
weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well
as the company&rsquo;s efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B><I>16.</I></B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B><I>Problematic
Compensation Practices</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6.1pt 2pt 0 0; text-align: justify">In the absence of an Advisory
Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of
the Compensation Committee and potentially the full board if:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.1pt">T</FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">h<FONT STYLE="letter-spacing: -0.05pt">e</FONT>re
<FONT STYLE="letter-spacing: 0.1pt">i</FONT>s <FONT STYLE="letter-spacing: 0.05pt">a</FONT>n <FONT STYLE="letter-spacing: 0.05pt">u</FONT>n<FONT STYLE="letter-spacing: -0.05pt">m</FONT>itigat<FONT STYLE="letter-spacing: -0.05pt">e</FONT>d
<FONT STYLE="letter-spacing: 0.05pt">m</FONT>i<FONT STYLE="letter-spacing: -0.1pt">s</FONT>al<FONT STYLE="letter-spacing: 0.1pt">i</FONT>gn<FONT STYLE="letter-spacing: -0.05pt">me</FONT>nt
b<FONT STYLE="letter-spacing: -0.05pt">e</FONT>t<FONT STYLE="letter-spacing: 0.05pt">w</FONT><FONT STYLE="letter-spacing: -0.05pt">ee</FONT>n
<FONT STYLE="letter-spacing: -0.05pt">C</FONT>EO pay a<FONT STYLE="letter-spacing: 0.05pt">n</FONT>d co<FONT STYLE="letter-spacing: -0.05pt">m</FONT>pa<FONT STYLE="letter-spacing: 0.05pt">n</FONT>y
<FONT STYLE="letter-spacing: 0.05pt">p</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>r<FONT STYLE="letter-spacing: -0.05pt">f</FONT>or<FONT STYLE="letter-spacing: -0.05pt">m</FONT>a<FONT STYLE="letter-spacing: 0.05pt">n</FONT>ce
<FONT STYLE="letter-spacing: 0.05pt">(</FONT><FONT STYLE="color: #006FC0; letter-spacing: -5.25pt">p</FONT></FONT> <FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: #006FC0">ay
<FONT STYLE="letter-spacing: -0.05pt">f</FONT>or p<FONT STYLE="letter-spacing: -0.05pt">e</FONT>r<FONT STYLE="letter-spacing: -0.05pt">f</FONT>o<FONT STYLE="letter-spacing: 0.1pt">r</FONT><FONT STYLE="letter-spacing: -0.05pt">m</FONT>a<FONT STYLE="letter-spacing: 0.05pt">n</FONT>c<FONT STYLE="letter-spacing: 0.05pt">e</FONT></FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: 0.1pt">);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company maintains significant <FONT STYLE="color: #006FC0; letter-spacing: -5.25pt">p</FONT></FONT> <FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: #006FC0">roblematic
pay practices</FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board exhibits a significant level of <FONT STYLE="color: #006FC0; letter-spacing: -5.25pt">p</FONT></FONT> <FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: #006FC0">oor
communication and responsiveness </FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">to shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Generally vote against or withhold
from the Compensation Committee chair, other committee members, or potentially the full board if:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company&rsquo;s declared
frequency of say on pay; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0.25in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against members of
the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more
years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B><I>17.</I></B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B><I>Problematic
Pledging of Company Stock:</I></B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 6pt 2pt 0 0; text-align: justify">Vote against the members of the
committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives
or directors raises concerns. The following factors will be considered:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other relevant factors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify; color: #0438A6"><B><I>Governance
Failures</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Under extraordinary circumstances,
vote against or withhold from directors individually, committee members, or the entire board, due to:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Material
failures of governance, stewardship, risk oversight<SUP>7</SUP>, or fiduciary responsibilities at the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Failure
to replace management as appropriate; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Egregious
                                                                                                                                            actions related to a director&rsquo;s service on other boards that raise substantial doubt about his or her ability to effectively oversee management
and serve the best interests of shareholders at any company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">18.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Voting
on Director Nominees in Contested Elections</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>19.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Vote-No
Campaigns</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>In
cases where companies are targeted in connection with public &ldquo;vote-no&rdquo; campaigns, evaluate director nominees under
the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments
submitted by shareholders and other publicly available information.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>20.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Proxy
Contests/Proxy Access &mdash; Voting for Director Nominees in Contested Elections</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on the election of directors in contested elections, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Long-term
financial performance of the company relative to its industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Management&rsquo;s
track record;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Background
to the contested election;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Nominee
qualifications and any compensatory arrangements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Strategic
plan of dissident slate and quality of the critique against management;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Likelihood
that the proposed goals and objectives can be achieved (both slates); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Stock
ownership positions.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In the case of candidates nominated
pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be
relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether
there are more candidates than board seats).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.45pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">7
</FONT><FONT STYLE="font-size: 9pt">Examples of failure of risk oversight include but are not limited to: bribery; large or serial
fines or sanctions from regulatory bodies; significant adverse legal judgments or settlement; or hedging of company stock.</FONT></P>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">21.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Other
Board-Related Proposals</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>22.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Adopt
Anti-Hedging/Pledging/Speculative Investments Policy</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals seeking a policy that prohibits named executive officers from engaging in derivative or speculative transactions
involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan. However,
the company&rsquo;s existing policies regarding responsible use of company stock will be considered.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>23.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Age/Term
Limits</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against management and shareholder proposals to limit the tenure of outside directors through mandatory retirement ages.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against management proposals
to limit the tenure of outside directors through term limits. However, scrutinize boards where the average tenure of all directors
exceeds 15 years for independence from management and for sufficient turnover to ensure that new perspectives are being added to
the board.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>24.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Board
Size</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals seeking to fix the board size or designate a range for the board size.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against proposals that give management
the ability to alter the size of the board outside of a specified range without shareholder approval.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>25.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Classification/Declassification
of the Board</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-right: 2.15pt; margin-bottom: 0; margin-left: 0"><B>General
Recommendation: </B>Vote against proposals to classify (stagger) the board. Vote for proposals to repeal classified boards and
to elect all directors annually.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-right: 2.15pt; margin-bottom: 0; margin-left: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/11.9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>26.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>CEO Succession
Planning</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals seeking disclosure on a CEO succession planning policy, considering, at a minimum, the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
reasonableness/scope of the request; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s existing disclosure on its current CEO succession planning process.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>27.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Cumulative
Voting</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against management proposals to eliminate cumulate voting, and for shareholder proposals to restore or provide for cumulative
voting, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                            company has proxy access<SUP>8</SUP>, thereby allowing shareholders to nominate directors to the company&rsquo;s ballot; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has adopted a majority vote standard, with a carve-out for plurality voting in situations where there are more nominees
than seats, and a director resignation policy to address failed elections.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote for proposals for cumulative
voting at controlled companies (insider voting power &gt; 50%).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.45pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">8
</FONT><FONT STYLE="font-size: 9pt">A proxy access right that meets the <FONT STYLE="color: #006FC0; letter-spacing: -3.15pt">r</FONT></FONT>
<FONT STYLE="font-size: 9pt; color: #006FC0">ecommended guidelines</FONT><FONT STYLE="font-size: 9pt; color: #11D274">.</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>28.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Director
and Officer Indemnification and Liability Protection</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals on director and officer indemnification and liability protection.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against proposals that would:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Eliminate
entirely directors' and officers' liability for monetary damages for violating the duty of care.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Expand
coverage beyond just legal expenses to liability for acts that are more serious violations of fiduciary obligation than mere carelessness.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Expand
the scope of indemnification to provide for mandatory indemnification of company officials in connection with acts that previously
the company was permitted to provide indemnification for, at the discretion of the company's board (<I>i.e.</I>, &quot;permissive
indemnification&quot;), but that previously the company was not required to indemnify.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote for only those proposals
providing such expanded coverage in cases when a director&rsquo;s or officer&rsquo;s legal</P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">defense was unsuccessful if
both of the following apply:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the director was found to have acted in good faith and in a manner that s/he reasonably believed was in the best interests of the
company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
only the director&rsquo;s legal expenses would be covered.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>29.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Establish/Amend
Nominee Qualifications</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals that establish or amend director qualifications. Votes should be based on the reasonableness of the criteria
and the degree to which they may preclude dissident nominees from joining the board.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on shareholder resolutions
seeking a director nominee who possesses a particular subject matter expertise, considering:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s board committee structure, existing subject matter expertise, and board nomination provisions relative to that
of its peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                            company&rsquo;s existing board and management oversight mechanisms regarding the issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s disclosure and performance relating to the issue for which board oversight is sought and any significant related
controversies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope and structure of the proposal.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>30.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Establish
Other Board Committee Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against shareholder proposals to establish a new board committee, as such proposals seek a specific oversight mechanism/structure
that potentially limits a company&rsquo;s flexibility to determine an appropriate oversight mechanism for itself. However, the
following factors will be considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Existing
oversight mechanisms (including current committee structure) regarding the issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Level
of disclosure regarding the issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Company
performance related to the issue for which board oversight is sought;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Board
committee structure compared to that of other companies in its industry sector; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope and structure of the proposal.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>31.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Filling
Vacancies/Removal of Directors</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals that provide that directors may be removed only for cause.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Vote for proposals to restore
shareholders&rsquo; ability to remove directors with or without cause.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against proposals that provide
that only continuing directors may elect replacements to fill board vacancies. Vote for proposals that permit shareholders to elect
directors to fill board vacancies.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>32.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Independent
Board Chair</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration
the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope and rationale of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current board leadership structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's governance structure and practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Company
performance; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other relevant factors that may be applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0.25in; text-align: justify">The following factors will increase
the likelihood of a &ldquo;for&rdquo; recommendation:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
majority non-independent board and/or the presence of non-independent directors on key board committees;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair
role;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair,
and/or departure from a structure with an independent chair;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Evidence
that the board has failed to oversee and address material risks facing the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board
has materially diminished shareholder rights; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Evidence
                                                                                                                                            that the board has failed to intervene when management&rsquo;s interests are contrary to shareholders' interests.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>33.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Majority
of Independent Directors/Establishment of Independent Committees</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12.2pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation:
</B>Vote for shareholder proposals asking that a majority or more of directors be</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">independent unless the board
composition already meets the proposed threshold by ISS&rsquo; definition of Independent</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Director (See <FONT STYLE="color: #006FC0; letter-spacing: -2.55pt">I</FONT>
<FONT STYLE="color: #006FC0">SS' Classification of Directors</FONT>.)</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3pt 2pt 0 0; text-align: justify">Vote for shareholder proposals asking
that board audit, compensation, and/or nominating committees be composed exclusively of independent directors unless they currently
meet that standard.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>34.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Majority
Vote Standard for the Election of Directors</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for management proposals to adopt a majority of votes cast standard for directors in uncontested elections. Vote against if
no carve-out for a plurality vote standard in contested elections is included.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote for precatory and binding
shareholder resolutions requesting that the board change the company&rsquo;s bylaws to stipulate that directors need to be elected
with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated.
Binding resolutions need to allow for a carve- out for a plurality vote standard when there are more nominees than board seats.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Companies are strongly encouraged
to also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company
will promptly address the situation of a holdover director.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>35.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Proxy
Access</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for management and shareholder proposals for proxy access with the following provisions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Ownership
threshold: </B>maximum requirement not more than three percent (3%) of the voting power;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Ownership
duration:</B> maximum requirement not longer than three (3) years of continuous ownership for each member of the nominating group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Aggregation:
</B>minimal or no limits on the number of shareholders permitted to form a nominating group;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Cap:
</B>cap on nominees of generally twenty-five percent (25%) of the board.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 5.9pt 2pt 0 0; text-align: justify">Review for reasonableness any
other restrictions on the right of proxy access. Generally vote against proposals that are more restrictive than these guidelines.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>36.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Require
More Nominees than Open Seats</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against shareholder proposals that would require a company to nominate more candidates than the number of open board seats.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>37.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Shareholder
Engagement Policy (Shareholder Advisory Committee)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for shareholder proposals requesting that the board establish an internal mechanism/process, which may include a committee,
in order to improve communications between directors and shareholders, unless the company has the following features, as appropriate:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Established
a communication structure that goes beyond the exchange requirements to facilitate the exchange of information between shareholders
and members of the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Effectively
disclosed information with respect to this structure to its shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Company
has not ignored majority-supported shareholder proposals or a majority withhold vote on a director nominee; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                            company has an independent chair or a lead director, according to ISS&rsquo; definition. This individual must be made available for periodic
consultation and direct communication with major shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0.25in; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">2.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">Audit-Related</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>38.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Auditor
Indemnification and Limitation of Liability</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on the issue of auditor indemnification and limitation of liability. Factors to be assessed include, but are not limited
to:</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
terms of the auditor agreement&mdash;the degree to which these agreements impact shareholders' rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
motivation and rationale for establishing the agreements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
quality of the company&rsquo;s disclosure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s historical practices in the audit area.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against or withhold from members
of an audit committee in situations where there is persuasive evidence that the audit committee entered into an inappropriate indemnification
agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against
the audit firm.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>39.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Auditor
Ratification</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to ratify auditors unless any of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">An
auditor has a financial interest in or association with the company, and is therefore not independent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company&rsquo;s
financial position;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Poor
accounting practices are identified that rise to a serious level of concern, such as fraud or misapplication of GAAP; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fees
for non-audit services (&ldquo;Other&rdquo; fees) are excessive.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 7.7pt 2pt 0 0; text-align: justify">Non-audit fees are excessive if:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Non-audit
(&ldquo;other&rdquo;) fees &gt; audit fees + audit-related fees + tax compliance/preparation fees</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 5.95pt 2pt 0 0; text-align: justify">Tax compliance and preparation
include the preparation of original and amended tax returns and refund claims, and tax payment planning. All other services in
the tax category, such as tax advice, planning, or consulting, should be added to &ldquo;Other&rdquo; fees. If the breakout of
tax fees cannot be determined, add all tax fees to &ldquo;Other&rdquo; fees.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In circumstances where &quot;Other&quot;
fees include fees related to significant one-time capital structure events (such as initial public offerings, bankruptcy emergence,
and spin-offs) and the company makes public disclosure of the amount and nature of those fees that are an exception to the standard
&quot;non-audit fee&quot; category, then such fees may be excluded from the non-audit fees considered in determining the ratio
of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are
excessive.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>40.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Shareholder
Proposals Limiting Non-Audit Services</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>41.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Shareholder
Proposals on Audit Firm Rotation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals asking for audit firm rotation, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.15pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
tenure of the audit firm;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
length of rotation specified in the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
significant audit-related issues at the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
number of Audit Committee meetings held each year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
number of financial experts serving on the committee; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has a periodic renewal process where the auditor is evaluated for both audit quality and competitive price.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">3.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">Shareholder
Rights and Defenses</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>42.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Advance
Notice Requirements for Shareholder Proposals/Nominations</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on advance notice proposals, giving support to those proposals which allow shareholders to submit proposals/nominations
as close to the meeting date as reasonably possible and within the broadest window possible, recognizing the need to allow sufficient
notice for company, regulatory, and shareholder review.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">To be reasonable, the company&rsquo;s
deadline for shareholder notice of a proposal/nominations must not be more than 60 days prior to the meeting, with a submittal
window of at least 30 days prior to the deadline. The submittal window is the period under which a shareholder must file his proposal/nominations
prior to the deadline.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In general, support additional efforts
by companies to ensure full disclosure in regard to a proponent&rsquo;s economic and voting position in the company so long as
the informational requirements are reasonable and aimed at providing shareholders with the necessary information to review such
proposals.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>43.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Amend
Bylaws without Shareholder Consent</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals giving the board exclusive authority to amend the bylaws.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals giving
the board the ability to amend the bylaws in addition to shareholders, taking into account the following:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
impediments to shareholders' ability to amend the bylaws (i.e. supermajority voting requirements);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's ownership structure and historical voting turnout;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the board could amend bylaws adopted by shareholders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
shareholders would retain the ability to ratify any board-initiated amendments.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>44.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Control
Share Acquisition Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would
be detrimental to shareholders.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2.15pt 0 0; text-align: justify">Vote against proposals to amend
the charter to include control share acquisition provisions. Vote for proposals to restore voting rights to the control shares.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">Control share acquisition statutes
function by denying shares their voting rights when they contribute to ownership in excess of certain thresholds. Voting rights
for those shares exceeding ownership limits may only be restored by approval of either a majority or supermajority of disinterested
shares. Thus, control share acquisition statutes effectively require a hostile bidder to put its offer to a shareholder vote or
risk voting disenfranchisement if the bidder continues buying up a large block of shares.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>45.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Control
Share Cash-Out Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to opt out of control share cash-out statutes.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Control share cash-out statutes give
dissident shareholders the right to &quot;cash-out&quot; of their position in a company at the expense of the shareholder who has
taken a control position. In other words, when an investor crosses a preset threshold level, remaining shareholders are given the
right to sell their shares to the acquirer, who must buy them at the highest acquiring price.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>46.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Disgorgement
Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to opt out of state disgorgement provisions.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Disgorgement provisions require an
acquirer or potential acquirer of more than a certain percentage of a company's stock to disgorge, or pay back, to the company
any profits realized from the sale of that company's stock purchased 24 months before achieving control status. All sales of company
stock by the acquirer occurring within a certain period of time (between 18 months and 24 months) prior to the investor's gaining
control status are subject to these recapture-of-profits provisions.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>47.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Fair
Price Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to adopt fair price provisions (provisions that stipulate that an acquirer must pay the same price to
acquire all shares as it paid to acquire the control shares), evaluating factors such as the vote required to approve the proposed
acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against fair price
provisions with shareholder vote requirements greater than a majority of disinterested shares.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>48.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Freeze-Out
Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to opt out of state freeze-out provisions. Freeze-out provisions force an investor who surpasses a certain ownership
threshold in a company to wait a specified period of time before gaining control of the company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>49.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Greenmail</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">restrict a company&rsquo;s ability
to make greenmail payments.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote case-by-case on anti-greenmail
proposals when they are bundled with other charter or bylaw amendments.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Greenmail payments are targeted share
repurchases by management of company stock from individuals or groups seeking control of the company. Since only the hostile party
receives payment, usually at a substantial premium over the market value of its shares, the practice discriminates against all
other shareholders.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>50.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Litigation
Rights (including Exclusive Venue and Fee-Shifting Bylaw Provisions)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Bylaw provisions impacting shareholders'
ability to bring suit against the company may include exclusive venue provisions, which provide that the state of incorporation
shall be the sole venue for certain types of litigation, and fee-shifting provisions that require a shareholder who sues a company
unsuccessfully to pay all litigation expenses of the defendant corporation.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on bylaws which impact shareholders' litigation rights, taking into account factors such as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's stated rationale for adopting such a provision;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of past harm from shareholder lawsuits in which plaintiffs were unsuccessful or shareholder lawsuits outside the jurisdiction of
incorporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
breadth of application of the bylaw, including the types of lawsuits to which it would apply and the definition of key terms; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Governance
features such as shareholders' ability to repeal the provision at a later date (including the vote standard applied when shareholders
attempt to amend the bylaws) and their ability to hold directors accountable through annual director elections and a majority vote
standard in uncontested elections.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Generally vote against bylaws
that mandate fee-shifting whenever plaintiffs are not completely successful on the merits (i.e., in cases where the plaintiffs
are partially successful).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Unilateral adoption by the board of
bylaw provisions which affect shareholders' litigation rights will be evaluated under ISS' policy on <FONT STYLE="color: #006FC0; letter-spacing: -6.4pt">U</FONT>
<FONT STYLE="color: #006FC0">nilateral Bylaw/Charter Amendments</FONT><FONT STYLE="color: #11D274">.</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>51.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Net Operating
Loss (NOL) Protective Amendments</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals to adopt a protective amendment for the stated purpose of protecting a company's net operating losses (NOL) if
the effective term of the protective amendment would exceed the shorter of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case, considering the
following factors, for management proposals to adopt an NOL protective amendment that would remain in effect for the shorter of
three years (or less) and the exhaustion of the NOL:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
ownership threshold (NOL protective amendments generally prohibit stock ownership transfers that would result in a new 5-percent
holder or increase the stock ownership percentage of an existing 5-percent holder);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
value of the NOLs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholder
protection mechanisms (sunset provision or commitment to cause expiration of the protective amendment upon exhaustion or expiration
of the NOL);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's existing governance structure including: board independence, existing takeover defenses, track record of responsiveness
to shareholders, and any other problematic governance concerns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other factors that may be applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify; color: #0339A6">Poison Pills (Shareholder
Rights Plans)</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>52.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Shareholder
Proposals to Put Pill to a Vote and/or Adopt a Pill Policy</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it unless the company
has: (1) A shareholder-approved poison pill in place; or (2) The company has adopted a policy concerning the adoption of a pill
in the future specifying that the board will only adopt a shareholder rights plan if either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholders
have approved the adoption of the plan; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board, in its exercise of its fiduciary responsibilities, determines that it is in the best interest of shareholders under the
circumstances to adopt a pill without the delay in adoption that would result from seeking stockholder approval (i.e., the &ldquo;fiduciary
out&rdquo; provision). A poison pill adopted under this fiduciary out will be put to a shareholder ratification vote within 12
months of adoption or expire. If the pill is not approved by a majority of the votes cast on this issue, the plan will immediately
terminate.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">If the shareholder proposal calls
for a time period of less than 12 months for shareholder ratification after adoption, vote for the proposal, but add the caveat
that a vote within 12 months would be considered sufficient implementation.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>53.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Management
Proposals to Ratify a Poison Pill</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 6pt 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan. Rights
plans should contain the following attributes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">No lower
than a 20 percent trigger, flip-in or flip-over;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 15pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A term
of no more than three years;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 15pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">No dead-hand,
slow-hand, no-hand, or similar feature that limits the ability of a future board to redeem the pill;</FONT></TD>
</TR></TABLE>


<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 15pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholder
redemption feature (qualifying offer clause); if the board refuses to redeem the pill 90 days after a qualifying offer is announced,
10 percent of the shares may call a special meeting or seek a written consent to vote on rescinding the pill.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In addition, the rationale for adopting
the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company&rsquo;s
existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>54.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Management
Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals to adopt a poison pill for the stated purpose of protecting a company's net operating losses (NOL) if the term
of the pill would exceed the shorter of three years and the exhaustion of the NOL.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on management proposals
for poison pill ratification, considering the following factors, if the term of the pill would be the shorter of three years (or
less) and the exhaustion of the NOL:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
ownership threshold to transfer (NOL pills generally have a trigger slightly below 5 percent);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
value of the NOLs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholder
protection mechanisms (sunset provision, or commitment to cause expiration of the pill upon exhaustion or expiration of NOLs);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's existing governance structure including: board independence, existing takeover defenses, track record of responsiveness
to shareholders, and any other problematic governance concerns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other factors that may be applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>55.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Proxy
Voting Disclosure, Confidentiality, and Tabulation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals regarding proxy voting mechanics, taking into consideration whether implementation of the proposal is
likely to enhance or protect shareholder rights. Specific issues covered under the policy include, but are not limited to, confidential
voting of individual proxies and ballots, confidentiality of running vote tallies, and the treatment of abstentions and/or broker
non-votes in the company's vote-counting methodology.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">While a variety of factors may be
considered in each analysis, the guiding principles are: transparency, consistency, and fairness in the proxy voting process. The
factors considered, as applicable to the proposal, may include:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope and structure of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 11pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's stated confidential voting policy (or other relevant policies) and whether it ensures a &quot;level playing field&quot;
by providing shareholder proponents with equal access to vote information prior to the annual meeting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's vote standard for management and shareholder proposals and whether it ensures consistency and fairness in the proxy voting
process and maintains the integrity of vote results;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company's disclosure regarding its vote counting method and other relevant voting policies with respect to management and shareholder
proposals are consistent and clear;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
recent controversies or concerns related to the company's proxy voting mechanics;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
unintended consequences resulting from implementation of the proposal; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other factors that may be relevant.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="color: #0438A6"><B>Ratification
Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions </B></FONT><B><FONT STYLE="font-size: 10pt">General
Recommendation: </FONT></B><FONT STYLE="font-size: 10pt">Generally vote against management proposals to ratify provisions of the
company&rsquo;s existing charter or bylaws, unless these governance provisions align with best practice.</FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">In addition, voting against/withhold
from individual directors, members of the governance committee, or the full board may be warranted, considering:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of a shareholder proposal addressing the same issue on the same ballot;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board's rationale for seeking ratification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of actions to be taken by the board should the ratification proposal fail;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of shareholder engagement regarding the board&rsquo;s ratification request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
level of impairment to shareholders' rights caused by the existing provision;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
history of management and shareholder proposals on the provision at the company&rsquo;s past meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the current provision was adopted in response to the shareholder proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Previous
use of ratification proposals to exclude shareholder proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>56.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Reimbursing
Proxy Solicitation Expenses</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to reimburse proxy solicitation expenses.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">When voting in conjunction with support
of a dissident slate, vote for the reimbursement of all appropriate proxy solicitation expenses associated with the election.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote for shareholder proposals
calling for the reimbursement of reasonable costs incurred in connection with nominating one or more candidates in a contested
election where the following apply:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
election of fewer than 50 percent of the directors to be elected is contested in the election;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">One
or more of the dissident&rsquo;s candidates is elected;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholders
are not permitted to cumulate their votes for directors; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
election occurred, and the expenses were incurred, after the adoption of this bylaw.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>57.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Reincorporation
Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Management
or shareholder proposals to change a company's state of incorporation should be evaluated case-by-case, giving consideration to
both financial and corporate governance concerns including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Reasons
for reincorporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Comparison
of company's governance practices and provisions prior to and following the reincorporation; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Comparison
of corporation laws of original state and destination state.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote for reincorporation when the
economic factors outweigh any neutral or negative governance changes.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>58.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: rgb(4,56,166)"><B>Shareholder
Ability to Act by Written Consent</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Generally vote for management
and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following
factors:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholders'
current right to act by written consent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
consent threshold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
inclusion of exclusionary or prohibitive language;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Investor
ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholder
support of, and management's response to, previous shareholder proposals.</FONT></TD></TR></TABLE>


<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Vote case-by-case on shareholder
proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">An
unfettered<SUP>9</SUP> right for shareholders to call special meetings at a 10 percent threshold;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">A
majority vote standard in uncontested director elections;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">No
non-shareholder-approved pill; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">An
annually elected board.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>59.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Shareholder
Ability to Call Special Meetings</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against management or shareholder proposals to restrict or prohibit</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">shareholders&rsquo; ability to
call special meetings.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote for management or shareholder
proposals that provide shareholders with the ability to call special meetings taking into account the following factors:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholders&rsquo;
current right to call special meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Minimum
ownership threshold necessary to call special meetings (10 percent preferred);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
inclusion of exclusionary or prohibitive language;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Investor
ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Shareholder
support of, and management&rsquo;s response to, previous shareholder proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>60.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Stakeholder
Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating
a merger or business combination.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>61.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>State
Antitakeover Statutes</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to opt in or out of state takeover statutes (including fair price provisions, stakeholder laws, poison
pill endorsements, severance pay and labor contract provisions, and anti-greenmail provisions).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>62.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Supermajority
Vote Requirements</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals to require a supermajority shareholder vote.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Vote
for management or shareholder proposals to reduce supermajority vote requirements. However, for companies with shareholder(s) who
have significant ownership levels, vote case-by-case, taking into account:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Ownership
structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Quorum
requirements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Vote
requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10.5pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.45pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">9
</FONT><FONT STYLE="font-size: 9pt">&quot;Unfettered&quot; means no restrictions on agenda items, no restrictions on the number
of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called:
no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">4.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">Capital
/ Restructuring</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">63.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Capital</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>64.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Adjustments
to Par Value of Common Stock</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for management proposals to reduce the par value of common stock unless the action is being taken to facilitate an anti-takeover
device or some other negative corporate governance action.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote for management proposals
to eliminate par value.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>65.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Common
Stock Authorization</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in
connection with a transaction on the same ballot that warrants support.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote against proposals at companies
with more than one class of common stock to increase the number of authorized shares of the class of common stock that has superior
voting rights.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote against proposals to increase
the number of authorized common shares if a vote for a reverse stock split on the same ballot is warranted despite the fact that
the authorized shares would not be reduced proportionally.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on all other proposals
to increase the number of shares of common stock authorized for issuance. Take into account company-specific factors that include,
at a minimum, the following:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Past
Board Performance:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's use of authorized shares during the last three years;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0.25in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
Current Request:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
in the proxy statement of the specific purposes of the proposed increase;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
in the proxy statement of specific and severe risks to shareholders of not approving the request; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
dilutive impact of the request as determined relative to an allowable increase calculated by ISS (typically 100 percent of existing
authorized shares) that reflects the company's need for shares and total shareholder returns.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">ISS will apply the relevant allowable
increase below to requests to increase common stock that are for general corporate purposes (or to the general corporate purposes
portion of a request that also includes a specific need):</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">A.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Most
companies: <B>100 percent </B>of existing authorized shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">B.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Companies
with less than 50 percent of existing authorized shares either outstanding or reserved for issuance: <B>50 percent </B>of existing
authorized shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">C.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Companies
with one- and three-year total shareholder returns (TSRs) in the bottom 10 percent of the U.S. market as of the end of the calendar
quarter that is closest to their most recent fiscal year end: <B>50 percent </B>of existing authorized shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">D.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Companies
at which both conditions (B and C) above are both present: <B>25 percent </B>of existing authorized shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">If there is an acquisition, private
placement, or similar transaction on the ballot (not including equity incentive plans) that ISS is recommending FOR, the allowable
increase will be the greater of (i) twice the amount needed to support the transactions on the ballot, and (ii) the allowable increase
as calculated above.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>66.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Dual
Class Structure</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals to create a new class of common stock unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company discloses a compelling rationale for the dual-class capital structure, such as:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's auditor has concluded that there is substantial doubt about the company's ability to continue as a going concern; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
new class of shares will be transitory;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
new class is intended for financing purposes with minimal or no dilution to current shareholders in both the short term and long
term; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
new class is not designed to preserve or increase the voting power of an insider or significant shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>67.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Issue
Stock for Use with Rights Plan</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals that increase authorized common stock for the explicit purpose of implementing a non-shareholder-approved shareholder
rights plan (poison pill).</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>68.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Preemptive
Rights</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals that seek preemptive rights, taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
size of the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
shareholder base; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
liquidity of the stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>69.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Preferred
Stock Authorization</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to increase the number of authorized preferred shares where the primary purpose of the increase is to issue shares
in connection with a transaction on the same ballot that warrants support.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against proposals at companies
with more than one class or series of preferred stock to increase the number of authorized shares of the class or series of preferred
stock that has superior voting rights.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on all other proposals
to increase the number of shares of preferred stock authorized for issuance. Take into account company-specific factors that include,
at a minimum, the following:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Past
Board Performance:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's use of authorized preferred shares during the last three years;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
Current Request:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
in the proxy statement of the specific purposes for the proposed increase;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
in the proxy statement of specific and severe risks to shareholders of not approving the request;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">In
cases where the company has existing authorized preferred stock, the dilutive impact of the request as determined by an allowable
increase calculated by ISS (typically 100 percent of existing authorized shares) that reflects the company's need for shares and
total shareholder returns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the shares requested are blank check preferred shares that can be used for antitakeover purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>70.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Recapitalization
Plans</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on recapitalizations (reclassifications of securities), taking into account the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">More
simplified capital structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Enhanced
liquidity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fairness
of conversion terms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Impact
on voting power and dividends;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Reasons
for the reclassification;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
alternatives considered.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>71.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Reverse
Stock Splits</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for management proposals to implement a reverse stock split if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
number of authorized shares will be proportionately reduced; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
effective increase in authorized shares is equal to or less than the allowable increase calculated in accordance with ISS' Common
Stock Authorization policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals that
do not meet either of the above conditions, taking into consideration the following factors:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Stock
exchange notification to the company of a potential delisting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of substantial doubt about the company's ability to continue as a going concern without additional financing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's rationale; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
factors as applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>72.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Share
Repurchase Programs</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>For
U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, vote for
management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms,
or to grant the board authority to conduct open- market repurchases, in the absence of company-specific concerns regarding:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Greenmail,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
use of buybacks to inappropriately manipulate incentive compensation metrics,</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Threats
to the company's long-term viability, or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
company-specific factors as warranted.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals to
repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase
authority to be misused, such as to repurchase shares from insiders at a premium to market price.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>73.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Share
Repurchase Programs Shareholder Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against shareholder proposals prohibiting executives from selling shares of company stock during periods in which the company
has announced that it may or will be repurchasing shares of its stock. Vote for the proposal when there is a pattern of abuse by
executives exercising options or selling shares during periods of share buybacks.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>74.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Stock
Distributions: Splits and Dividends</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for management proposals to increase the common share authorization for stock split or stock dividend, provided that the effective
increase in authorized shares is equal to or is less than the allowable increase calculated in accordance with ISS' Common Stock
Authorization policy.</P>


<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>75.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Tracking
Stock</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on the creation of tracking stock, weighing the strategic value of the transaction against such factors as:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Adverse
governance changes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Excessive
increases in authorized capital stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Unfair
method of distribution;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Diminution
of voting rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Adverse
conversion features;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Negative
impact on stock option plans; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Alternatives
such as spin-off.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">76.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Restructuring</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>77.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Appraisal
Rights</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to restore or provide shareholders with rights of appraisal.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>78.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Asset
Purchases</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on asset purchase proposals, considering the following factors:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Purchase
price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fairness
opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Financial
and strategic benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">How
the deal was negotiated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
alternatives for the business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Non-completion
risk.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>79.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Asset
Sales</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on asset sales, considering the following factors:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Impact
on the balance sheet/working capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Potential
elimination of diseconomies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Anticipated
financial and operating benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Anticipated
use of funds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Value
received for the asset;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fairness
opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">How
the deal was negotiated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>80.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Bundled
Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on bundled or &ldquo;conditional&rdquo; proxy proposals. In the case of items that are conditioned upon each other,
examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders&rsquo;
best interests, vote against the proposals. If the combined effect is positive, support such proposals.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>81.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Conversion
of Securities</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals regarding conversion of securities. When evaluating these proposals, the investor should review the dilution
to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties,
and conflicts of interest.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote for the conversion if it is expected
that the company will be subject to onerous penalties or will be forced to file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>82.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Corporate
Reorganization/Debt Restructuring/Prepackaged Bankruptcy Plans/Reverse Leveraged Buyouts/Wrap Plans</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation:</B>
Vote case-by-case on proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan,
after evaluating:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Dilution
to existing shareholders' positions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Terms
of the offer - discount/premium in purchase price to investor, including any fairness opinion; termination penalties; exit strategy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Financial
issues - company's financial situation; degree of need for capital; use of proceeds; effect of the financing on the company's cost
of capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Management's
efforts to pursue other alternatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Control
issues - change in management; change in control, guaranteed board and committee seats; standstill provisions; voting agreements;
veto power over certain corporate actions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflict
of interest - arm's length transaction, managerial incentives.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote for the debt restructuring
if it is expected that the company will file for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>83.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Formation
of Holding Company</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals regarding the formation of a holding company, taking into consideration the following:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
reasons for the change;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
financial or tax benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Regulatory
benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Increases
in capital structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Changes
to the articles of incorporation or bylaws of the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Absent compelling financial reasons
to recommend for the transaction, vote against the formation of a holding company if the transaction would include either of the
following:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Increases
in common or preferred stock in excess of the allowable maximum (see discussion under &ldquo;Capital&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0.25in; text-align: justify">or</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Adverse
changes in shareholder rights.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>84.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Going
Private and Going Dark Transactions (LBOs and Minority Squeeze-outs)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12.2pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation:
</B>Vote case-by-case on going private transactions, taking into account the following:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Offer
price/premium;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fairness
opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">How
the deal was negotiated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
alternatives/offers considered; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Non-completion
risk.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0.25in; text-align: justify">Vote case-by-case on going dark
transactions, determining whether the transaction enhances shareholder value by taking into consideration:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has attained benefits from being publicly-traded (examination of trading volume, liquidity, and market research of
the stock);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Balanced
interests of continuing vs. cashed-out shareholders, taking into account the following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Are
all shareholders able to participate in the transaction?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Will
there be a liquid market for remaining shareholders following the transaction?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Does
the company have strong corporate governance?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Will
insiders reap the gains of control following the proposed transaction?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Does
the state of incorporation have laws requiring continued reporting that may benefit shareholders?</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>85.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Joint
Ventures</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to form joint ventures, taking into account the following:</P>

<P STYLE="font: 10pt Wingdings; margin: 6.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Percentage
of assets/business contributed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Percentage
ownership;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Financial
and strategic benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Governance
structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
alternatives; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Non-completion
risk.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>86.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Liquidations</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on liquidations, taking into account the following:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Management&rsquo;s
efforts to pursue other alternatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Appraisal
value of assets; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
compensation plan for executives managing the liquidation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote for the liquidation if the company
will file for bankruptcy if the proposal is not approved.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>87.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Mergers
and Acquisitions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various
and sometimes countervailing factors including:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Valuation</I>
- Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide
an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and
strategic rationale.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Market
reaction </I>- How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a
deal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Strategic
rationale </I>- Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not
be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful
integration of historical acquisitions.</FONT></TD></TR></TABLE>


<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Negotiations
and process</I> - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process
helps to ensure the best price for shareholders. Significant negotiation &quot;wins&quot; can also signify the deal makers' competency.
The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Conflicts
of interest </I>- Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider
shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve
a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers
to support or recommend the merger. The CIC figure presented in the &quot;ISS Transaction Summary&quot; section of this report
is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders.
Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Governance
</I>- Will the combined company have a better or worse governance profile than the current governance profiles of the respective
parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other
issues (such as valuation) outweigh any deterioration in governance.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>88.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Private
Placements/Warrants/Convertible Debentures</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals regarding private placements, warrants, and convertible debentures taking into consideration:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Dilution
to existing shareholders' position: The amount and timing of shareholder ownership dilution should be weighed against the needs
and proposed shareholder benefits of the capital infusion. Although newly issued common stock, absent preemptive rights, is typically
dilutive to existing shareholders, share price appreciation is often the necessary event to trigger the exercise of &quot;out of
the money&quot; warrants and convertible debt. In these instances from a value standpoint, the negative impact of dilution is mitigated
by the increase in the company's stock price that must occur to trigger the dilutive event.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Terms
of the offer (discount/premium in purchase price to investor, including any fairness opinion, conversion features, termination
penalties, exit strategy):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
terms of the offer should be weighed against the alternatives of the company and in light of company's financial condition. Ideally,
the conversion price for convertible debt and the exercise price for warrants should be at a premium to the then prevailing stock
price at the time of private placement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">When
evaluating the magnitude of a private placement discount or premium, consider factors that influence the discount or premium, such
as, liquidity, due diligence costs, control and monitoring costs, capital scarcity, information asymmetry, and anticipation of
future performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Financial
issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's financial condition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Degree
of need for capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Use
of proceeds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Effect
of the financing on the company's cost of capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
and proposed cash burn rate;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Going
concern viability and the state of the capital and credit markets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Management's
efforts to pursue alternatives and whether the company engaged in a process to evaluate alternatives: A fair, unconstrained process
helps to ensure the best price for shareholders. Financing alternatives can include joint ventures, partnership, merger, or sale
of part or all of the company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Control
issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Change
in management;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Change
in control;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Guaranteed
board and committee seats;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Standstill
provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Voting
agreements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Veto
power over certain corporate actions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Minority
versus majority ownership and corresponding minority discount or majority control premium.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest should be viewed from the perspective of the company and the investor.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Were
the terms of the transaction negotiated at arm's length? Are managerial incentives aligned with shareholder interests?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Market
reaction:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
market's response to the proposed deal. A negative market reaction is a cause for concern. Market reaction may be addressed by
analyzing the one-day impact on the unaffected stock price.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote for the private placement,
or for the issuance of warrants and/or convertible debentures in a private placement, if it is expected that the company will file
for bankruptcy if the transaction is not approved.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>89.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Reorganization/Restructuring
Plan (Bankruptcy)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to common shareholders on bankruptcy plans of reorganization, considering the following factors including,
but not limited to:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Estimated
value and financial prospects of the reorganized company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Percentage
ownership of current shareholders in the reorganized company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
shareholders are adequately represented in the reorganization process (particularly through the existence of an Official Equity
Committee);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
cause(s) of the bankruptcy filing, and the extent to which the plan of reorganization addresses the cause(s);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Existence
of a superior alternative to the plan of reorganization; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Governance
of the reorganized company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>90.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Special
Purpose Acquisition Corporations (SPACs)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12.2pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation:
</B>Vote case-by-case on SPAC mergers and acquisitions taking into account the following:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Valuation
</I>- Is the value being paid by the SPAC reasonable? SPACs generally lack an independent fairness opinion and the financials on
the target may be limited. Compare the conversion price with the intrinsic value of the target company provided in the fairness
opinion. Also, evaluate the proportionate value of the combined entity attributable to the SPAC IPO shareholders versus the pre-merger
value of SPAC. Additionally, a private company discount may be applied to the target, if it is a private entity.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Market
reaction </I>- How has the market responded to the proposed deal? A negative market reaction may be a cause for concern. Market
reaction may be addressed by analyzing the one-day impact on the unaffected stock price.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Deal
timing </I>- A main driver for most transactions is that the SPAC charter typically requires the deal to be complete within 18
to 24 months, or the SPAC is to be liquidated. Evaluate the valuation, market reaction, and potential conflicts of interest for
deals that are announced close to the liquidation date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Negotiations
and process </I>- What was the process undertaken to identify potential target companies within specified industry or location
specified in charter? Consider the background of the sponsors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Conflicts
of interest </I>- How are sponsors benefiting from the transaction compared to IPO shareholders? Potential conflicts could arise
if a fairness opinion is issued by the insiders to qualify the deal rather than a </FONT><FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">third
party or if management is encouraged to pay a higher price for the target because of an 80 percent rule (the charter requires that
the fair market value of the target is at least equal to 80 perecnt of net assets of the SPAC). Also, there may be sense of urgency
by the management team of the SPAC to close the deal since its charter typically requires a transaction to be completed within
the 18-24 month timeframe.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Voting
agreements </I>- Are the sponsors entering into enter into any voting agreements/tender offers with shareholders who are likely
to vote against the proposed merger or exercise conversion rights?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Governance
</I>- What is the impact of having the SPAC CEO or founder on key committees following the proposed merger?</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>91.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Special
Purpose Acquisition Corporations (SPACs) - Proposals for Extensions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on SPAC extension proposals taking into account the length of the requested extension, the status of any pending transaction(s)
or progression of the acquisition process, any added incentive for non-redeeming shareholders, and any prior extension requests.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Length
of request</I>: Typically, extension requests range from two to six months, depending on <FONT STYLE="letter-spacing: 0.1pt">the</FONT>
progression of the SPAC's acquistion process.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Pending
transaction(s) </I>or <I>progression of the acquisition process: </I>Sometimes an intial business combination was already put to
a shareholder vote, but, for varying reasons, the transaction could not be consummated by the termination date and the SPAC is
requesting an extension. Other times, the SPAC has entered into a definitive transaction agreement, but needs additional time to
consummate or hold the shareholder meeting.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Added
incentive for non-redeeming shareholders</I>: Sometimes the SPAC sponsor (or other insiders) will contribute, typically as a loan
to the company, additional funds that will be added to the redemption value of each public share as long as such shares are not
redeemed in connection with the extension request. The purpose of the &quot;equity kicker&quot; is to incentivize shareholders
to hold their shares through the end of the requested extension or until the time the transaction is put to a shareholder vote,
rather than electing redeemption at the extension proposal meeting.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><I>Prior
extension requests</I>: Some SPACs request additional time beyond the extension period sought in prior extension requests.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>92.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Spin-offs</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on spin-offs, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 8.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Tax
and regulatory advantages;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Planned
use of the sale proceeds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Valuation
of spinoff;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fairness
opinion;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Benefits
to the parent company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Conflicts
of interest;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Managerial
incentives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Corporate
governance changes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Changes
in the capital structure.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>93.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Value
Maximization Shareholder Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals seeking to maximize shareholder value by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Hiring
a financial advisor to explore strategic alternatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Selling
the company; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Liquidating
the company and distributing the proceeds to shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 2pt 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">These proposals should be evaluated
based on the following factors:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Prolonged
poor performance with no turnaround in sight;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Signs
of entrenched board and management (such as the adoption of takeover defenses);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Strategic
plan in place for improving value;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Likelihood
of receiving reasonable value in a sale or dissolution; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company actively exploring its strategic options, including retaining a financial advisor.</FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">5.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">Compensation</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">94.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6; letter-spacing: 0.8pt">Executive
</FONT><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6; letter-spacing: 0.55pt">Pay
</FONT><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6; letter-spacing: 0.85pt">Evaluation</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Underlying all evaluations are five
global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation
programs:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">1.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Maintain
appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive
pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value
creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix
between fixed and variable pay; performance goals; and equity-based plan costs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Avoid
                                                                                                                                                                         arrangements that risk &ldquo;pay for failure&rdquo;: This principle addresses the appropriateness of long or indefinite contracts, excessive
severance packages, and guaranteed compensation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Maintain
an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with
appropriate skills, knowledge, experience, and a sound process for compensation decision-making (<I>e.g.</I>, including access
to independent expertise and advice when needed);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">4.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Provide
shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely
disclosures that enable shareholders to evaluate executive pay practices fully and fairly;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Avoid
inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation
to outside directors is reasonable and does not compromise their independence
and ability to make appropriate judgments in overseeing managers&rsquo; pay and performance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">At the market level, it may incorporate
a variety of generally accepted best practices.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>95.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0438A6"><B>Advisory
Votes on Executive Compensation&mdash;Management Proposals (Say-on-Pay)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against Advisory Votes on Executive
Compensation (Say-on-Pay or &ldquo;SOP&rdquo;) if:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
is an unmitigated misalignment between CEO pay and company performance (pay for performance);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company maintains significant problematic pay practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board exhibits a significant level of <FONT STYLE="color: #006FC0; letter-spacing: -5.25pt">p</FONT></FONT> <FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: #006FC0">oor
communication and responsiveness </FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">to shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 8.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Vote against or withhold from
the members of the Compensation Committee and potentially the full board if:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for- performance misalignment, problematic
pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
situation is egregious.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 2.6pt 2pt 0 0; text-align: justify"><B>Primary Evaluation Factors
for Executive Pay</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 2.6pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>96.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif"><B>Pay-for-Performance
Evaluation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">ISS annually conducts a pay-for-performance
analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies
in the S&amp;P1500, Russell 3000, or Russell 3000E Indices<SUP>10</SUP>, this analysis considers the following:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">1.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Peer Group<SUP>11
</SUP>Alignment:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The degree
of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured
over a three-year period.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The rankings
of CEO total pay and company financial performance within a peer group, each measured over a three-year period.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The multiple
of the CEO's total pay relative to the peer group median in the most recent fiscal year.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Absolute
Alignment<SUP>12</SUP> &ndash; the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal
years &ndash; i.e., the difference between the trend in annual pay changes and the trend in annualized TSR during the period.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">If the above analysis demonstrates
significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a
misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors,
as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment
with shareholder interests:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
ratio of performance- to time-based incentive awards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
overall ratio of performance-based compensation to fixed or discretionary pay;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
rigor of performance goals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
complexity and risks around pay program design;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
transparency and clarity of disclosure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's peer group benchmarking practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Financial/operational
results, both absolute and relative to peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Special
circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Realizable
pay<SUP>13</SUP> compared to grant pay; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other factors deemed relevant.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>97.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif"><B>Problematic
Pay Practices</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">The focus is on executive compensation
practices that contravene the global pay principles, including:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Problematic
practices related to non-performance-based compensation elements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Incentives
that may motivate excessive risk-taking or present a windfall risk; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Pay
decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">10 </FONT><FONT STYLE="font-size: 9pt">The
<FONT STYLE="color: #006FC0; letter-spacing: -4.9pt">R</FONT></FONT> <FONT STYLE="font-size: 9pt; color: #006FC0">ussell 3000E
</FONT><FONT STYLE="font-size: 9pt">Index includes approximately 4,000 of the largest U.S. equity securities.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">11
</FONT><FONT STYLE="font-size: 9pt">The revised peer group is generally comprised of 14-24 companies that are selected using market
cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with
size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets
and industry, and also within a market-cap bucket that is reflective of the company's. For Oil, Gas &amp; Consumable Fuels companies,
market cap is the only size determinant.</FONT></P>

<P STYLE="font: 12pt/10.95pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">12
</FONT><FONT STYLE="font-size: 9pt">Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.</FONT></P>

<P STYLE="font: 12pt/10.95pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">13
</FONT><FONT STYLE="font-size: 9pt">ISS research reports include realizable pay for S&amp;P1500 companies.</FONT></P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>98.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif"><B>Problematic
Pay Practices related to Non-Performance-Based Compensation Elements</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Pay elements that are not directly
based on performance are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated
pay-for-performance philosophy. Please refer to ISS' <FONT STYLE="color: #006FC0; letter-spacing: -6.4pt">U</FONT> <FONT STYLE="color: #006FC0">.S.
Compensation Policies FAQ </FONT>document for detail on specific pay practices that have been identified as potentially problematic
and may lead to negative recommendations if they are deemed to be inappropriate or unjustified relative to executive pay best practices.
The list below highlights the problematic practices that carry significant weight in this overall consideration and may result
in adverse vote recommendations:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Repricing
or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary surrender
of underwater options);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Extraordinary
perquisites or tax gross-ups;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">New
or materially amended agreements that provide for:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Excessive
termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">CIC
severance payments without involuntary job loss or substantial diminution of duties (&quot;single&quot; or &quot;modified single&quot;
triggers) or in connection with a problematic Good Reason definition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">CIC
excise tax gross-up entitlements (including &quot;modified&quot; gross-ups);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Multi-year
guaranteed awards that are not at risk due to rigorous performance conditions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Liberal
CIC definition combined with any single-trigger CIC benefits;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Insufficient
executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices
applicable to the EMI's executives is not possible;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other provision or practice deemed to be egregious and present a significant risk to investors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F"><B>99.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif"><B>Options
Backdating</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">The following factors should
be examined case-by-case to allow for distinctions to be made between &ldquo;sloppy&rdquo; plan</P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">administration versus deliberate
action or fraud:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Reason
and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Duration
of options backdating;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Size
of restatement due to options backdating;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Corrective
actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option
gains on backdated grants; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Adoption
of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.</FONT></TD></TR></TABLE>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>100.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt"><B>Compensation Committee Communications and Responsiveness</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Consider the following factors
case-by-case when evaluating ballot items related to executive pay on the board&rsquo;s</P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">responsiveness to investor
input and engagement on compensation issues:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Failure
to respond to majority-supported shareholder proposals on executive pay topics; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Failure
to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes
cast, taking into account:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants
(including whether independent directors participated);</FONT></TD></TR></TABLE>


<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of specific and meaningful actions taken to address shareholders' concerns;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Other
recent compensation actions taken by the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the issues raised are recurring or isolated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's ownership structure; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the support level was less than 50 percent, which would warrant the highest degree of responsiveness.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>101.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Frequency of Advisory Vote on Executive Compensation
(&quot;Say When on Pay&quot;)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns
about companies' executive pay programs.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><FONT STYLE="color: #0438A6"><B>Voting
on Golden Parachutes in an Acquisition, Merger, Consolidation, or Proposed Sale </B></FONT><B><FONT STYLE="font-size: 10pt">General
Recommendation: </FONT></B><FONT STYLE="font-size: 10pt">Vote case-by-case on say on Golden Parachute proposals, including consideration
of existing change-in-control arrangements maintained with named executive officers but also considering new or extended arrangements.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Features that may result in an &ldquo;against&rdquo;
recommendation include one or more of the following, depending on the number, magnitude, and/or timing of issue(s):</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Single-
or modified-single-trigger cash severance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Single-trigger
acceleration of unvested equity awards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Full
acceleration of equity awards granted shortly before the change in control;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Acceleration
of performance awards above the target level of performance without compelling rationale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Excessive
cash severance (generally &gt;3x base salary and bonus);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Excise
tax gross-ups triggered and payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Excessive
golden parachute payments (on an absolute basis or as a percentage of transaction equity value); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
amendments that incorporate any problematic features (such as those above) or recent actions (such as extraordinary equity grants)
that may make packages so attractive as to influence merger agreements that may not be in the best interests of shareholders; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's assertion that a proposed transaction is conditioned on shareholder approval of the golden parachute advisory vote.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Recent amendment(s) that incorporate
problematic features will tend to carry more weight on the overall analysis. However, the presence of multiple legacy problematic
features will also be closely scrutinized.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In cases where the golden parachute
vote is incorporated into a company's advisory vote on compensation (management say-on-pay), ISS will evaluate the say-on-pay proposal
in accordance with these guidelines, which may give higher weight to that component of the overall evaluation.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">102.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Equity-Based
and Other Incentive Plans</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Please refer to ISS' <FONT STYLE="color: #006FC0; letter-spacing: -6.4pt">U</FONT>
<FONT STYLE="color: #006FC0">.S. Equity Compensation Plans FAQ </FONT>document for additional details on the Equity Plan Scorecard
policy.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 3.8pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on certain equity-based compensation plans<SUP>14</SUP> depending on a combination of certain plan features and equity
grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an &quot;Equity
Plan Scorecard&quot; (EPSC) approach with three pillars:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Plan
Cost: </B>The total estimated cost of the company&rsquo;s equity plans relative to industry/market cap peers, measured by the company's
estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">SVT
based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">SVT
based only on new shares requested plus shares remaining for future grants.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Plan
Features:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Quality
of disclosure around vesting upon a change in control (CIC);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Discretionary
vesting authority;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Liberal
share recycling on various award types;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Lack
of minimum vesting period for grants made under the plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Dividends
payable prior to award vesting.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><B>Grant
Practices:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s three-year burn rate relative to its industry/market cap peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Vesting
requirements in CEO's recent equity grants (3-year look-back);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average
annual shares granted in the prior three years);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
proportion of the CEO's most recent equity grants/awards subject to performance conditions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company maintains a sufficient claw-back policy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company maintains sufficient post-exercise/vesting share-holding requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against the plan proposal
if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following
egregious factors (&quot;overriding factors&quot;) apply:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Awards
may vest in connection with a liberal change-of-control definition;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it
&ndash; for NYSE and Nasdaq listed companies &ndash; or by not prohibiting it when the company has a history of repricing &ndash;
for non-listed companies);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
plan is excessively dilutive to shareholders' holdings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
plan contains an evergreen (automatic share replenishment) feature; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other plan features are determined to have a significant negative impact on shareholder interests.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Further Information on certain
EPSC Factors:</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>Shareholder Value Transfer (SVT)</B></P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">The cost of the equity plans is expressed
as Shareholder Value Transfer (SVT), which is measured using a binomial option pricing model that assesses the amount of shareholders&rsquo;
equity flowing out of the company to employees and directors. SVT is expressed as both a dollar amount and as a percentage of market
value, and includes the new shares proposed, shares available under existing plans, and shares granted but unexercised (using two
measures, in the case of plans subject to the Equity Plan Scorecard evaluation, as noted above). All award types are valued. For
omnibus plans, unless limitations are placed on the most expensive types of awards (for example, full-value awards), the assumption
is made that all awards to be granted will be the most expensive types.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">For proposals that are not subject
to the Equity Plan Scorecard evaluation, Shareholder Value Transfer is reasonable if it falls below a company-specific benchmark.
The benchmark is determined as follows: The top quartile performers in each industry group (using the Global Industry Classification
Standard: GICS) are identified. Benchmark SVT levels for each industry are established based on these top performers&rsquo; historic
SVT. Regression analyses are run on each industry group to identify the variables most strongly correlated to SVT.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.45pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">14
</FONT><FONT STYLE="font-size: 9pt">Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock
option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors,
and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.</FONT></P>


<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">The benchmark industry SVT level is
then adjusted upwards or downwards for the specific company by plugging the company- specific performance measures, size and cash
compensation into the industry cap equations to arrive at the</P>

<P STYLE="font: 10pt/12.1pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">company&rsquo;s benchmark.<SUP>15</SUP></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>103.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt"><B>Three-Year Burn Rate</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Burn-rate benchmarks (utilized in
Equity Plan Scorecard evaluations) are calculated as the greater of: (1) the mean (&mu;) plus one standard deviation (&sigma;)
of the company's GICS group segmented by S&amp;P 500, Russell 3000 index (less the S&amp;P500), and non-Russell 3000 index; and
(2) two percent of weighted common shares outstanding. <FONT STYLE="color: #202020">In addition, year-over-year burn-rate benchmark
changes will be limited to a maximum of two (2) percentage points plus or minus the prior year's burn-rate benchmark. See the </FONT><FONT STYLE="color: #006FC0; letter-spacing: -6.4pt">U</FONT>
<FONT STYLE="color: #006FC0">.S. Equity Compensation Plans FAQ </FONT>for the benchmarks.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt/14.65pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify; color: rgb(4,56,166)"><B>Egregious
Factors</B></P>

<P STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify; color: #0438A6"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>104.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt"><B>Liberal Change in Control Definition</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against equity plans
if the plan has a liberal definition of change in control and the equity awards could vest upon such liberal definition of change
in control, even though an actual change in control may not occur. Examples of such a definition include, but are not limited to,
announcement or commencement of a tender offer, provisions for acceleration upon a &ldquo;potential&rdquo; takeover, shareholder
approval of a merger or other transactions, or similar language.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>105.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt"><B>Repricing Provisions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against plans that expressly
permit the repricing or exchange of underwater stock options/stock appreciate rights (SARs) without prior shareholder approval.
&quot;Repricing&quot; typically includes the ability to do any of the following:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Amend
the terms of outstanding options or SARs to reduce the exercise price of such outstanding options or SARs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Cancel
outstanding options or SARs in exchange for options or SARs with an exercise price that is less than the exercise price of the
original options or SARs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Cancel
underwater options in exchange for stock awards; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Provide
cash buyouts of underwater options.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 3.45pt 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 6pt">15
</FONT><FONT STYLE="font-size: 9pt">For plans evaluated under the Equity Plan Scorecard policy, the company's SVT benchmark is
considered along with other factors.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">While the above cover most types
of repricing, ISS may view other provisions as akin to repricing depending on the facts and circumstances.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Also, vote against or withhold from
members of the Compensation Committee who approved repricing (as defined above or otherwise determined by ISS), without prior shareholder
approval, even if such repricings are allowed in their equity plan.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against plans that do not expressly
prohibit repricing or cash buyout of underwater options without shareholder approval if the company has a history of repricing/buyouts
without shareholder approval, and the applicable listing standards would not preclude them from doing so.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>106.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt"><B>Problematic Pay Practices or Significant Pay-for-Performance
Disconnect</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">If the equity plan on the ballot is
a vehicle for <FONT STYLE="color: #006FC0; letter-spacing: -5.25pt">p</FONT> <FONT STYLE="color: #006FC0">roblematic pay practices</FONT>,
vote against the plan.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">ISS may recommend a vote against
the equity plan if the plan is determined to be a vehicle for pay-for- performance misalignment. Considerations in voting against
the equity plan may include, but are not limited to:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Severity
of the pay-for-performance misalignment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
problematic equity grant practices are driving the misalignment; and/or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
equity plan awards have been heavily concentrated to the CEO and/or the other NEOs.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>107.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Amending Cash and Equity Plans (including Approval
for Tax Deductibility (162(m))</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on amendments to cash and equity incentive plans.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote for proposals to amend
executive cash, stock, or cash and stock incentive plans if the proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Addresses
administrative features only; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Seeks
approval for Section 162(m) purposes <FONT STYLE="letter-spacing: -5.3pt">o</FONT> nly, and the plan administering committee consists
entirely of independent directors, per <FONT STYLE="color: #006FC0; letter-spacing: -2.55pt">I</FONT></FONT> <FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: #006FC0">SS&rsquo;
Classification of Directors</FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">. Note that if the
company is presenting the plan to shareholders for the first time for any reason (including after the company&rsquo;s initial public
offering), or if the proposal is bundled with other material plan amendments, then the recommendation will be case-by-case (see
below).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against proposals to amend executive
cash, stock, or cash and stock incentive plans if the proposal:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Seeks
approval for Section 162(m) purposes only, and the plan administering committee does not consist entirely of independent directors,
per <FONT STYLE="color: #006FC0; letter-spacing: -2.55pt">I</FONT></FONT> <FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: #006FC0">SS&rsquo;
Classification of Directors</FONT><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Vote case-by-case on all other
proposals to amend <FONT STYLE="letter-spacing: -4.25pt">c</FONT> ash incentive plans. This includes plans presented to shareholders
for the first time after the company's IPO and/or proposals that bundle material amendment(s) other than those for Section 162(m)
purposes.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on all other proposals
to amend <FONT STYLE="letter-spacing: -5pt">e</FONT> quity incentive plans, considering the following:</P>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the proposal requests additional shares and/or the amendments include a term extension or addition of full value awards as an award
type, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall impact of
the amendments.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the plan is being presented to shareholders for the first time (including after the company's IPO), whether or not additional shares
are being requested, the recommendation will be based on the Equity Plan Scorecard evaluation as well as an analysis of the overall
impact of any amendments.</FONT></TD></TR></TABLE>

<P STYLE="font: 7.5pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
there is no request for additional shares and the amendments do not include a term extension or addition of full value awards as
an award type, then the recommendation will be based entirely on an analysis of the overall impact of the amendments, and the EPSC
evaluation will be shown only for informational purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In the first two case-by-case evaluation
scenarios, the EPSC evaluation/score is the more heavily weighted consideration.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>108.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt; color: rgb(4,56,166)"><B>Specific Treatment of Certain
Award Types in Equity Plan Evaluations</B></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>109.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt"><B>Dividend Equivalent Rights</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Options that have Dividend Equivalent
Rights (DERs) associated with them will have a higher calculated award value than those without DERs under the binomial model,
based on the value of these dividend streams. The higher value will be applied to new shares, shares available under existing plans,
and shares awarded but not exercised per the plan specifications. DERS transfer more shareholder equity to employees and non-employee
directors and this cost should be captured.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>110.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B>Operating Partnership (OP) Units in Equity Plan Analysis
of Real Estate Investment Trusts (REITs)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">For Real Estate Investment Trusts
(REITS), include the common shares issuable upon conversion of outstanding Operating Partnership (OP) units in the share count
for the purposes of determining: (1) market capitalization in the Shareholder Value Transfer (SVT) analysis and (2) shares outstanding
in the burn rate analysis.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">111.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Other
Compensation Plans</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>112.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>401(k) Employee Benefit Plans</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to implement a 401(k) savings plan for employees.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.25pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>113.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Employee Stock Ownership Plans (ESOPs)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to implement an ESOP or increase authorized shares for existing ESOPs, unless the number of shares allocated to the
ESOP is excessive (more than five percent of outstanding shares).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>114.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Employee Stock Purchase Plans&mdash;Qualified Plans</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on qualified employee stock purchase plans. Vote for employee stock purchase plans where all of the following apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Purchase
price is at least 85 percent of fair market value;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Offering
period is 27 months or less; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
number of shares allocated to the plan is 10 percent or less of the outstanding shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against qualified employee stock
purchase plans where when the plan features do not meet all of the above criteria.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>115.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Employee Stock Purchase Plans&mdash;Non-Qualified
Plans</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on nonqualified employee stock purchase plans. Vote for nonqualified employee stock purchase plans with all the following
features:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Broad-based
participation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Limits
on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Company
                                                                                                                                            matching contribution up to 25 percent of employee&rsquo;s contribution, which is effectively a discount of 20 percent from market
value; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0.25in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">No
discount on the stock price on the date of purchase when there is a company matching contribution.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against nonqualified employee
stock purchase plans when the plan features do not meet all of the above criteria. If the matching contribution or effective discount
exceeds the above, ISS may evaluate the SVT cost of the plan as part of the assessment.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>116.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Option Exchange Programs/Repricing Options</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on management proposals seeking approval to exchange/reprice options taking into consideration:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Historic
trading patterns--the stock price should not be so volatile that the options are likely to be back <FONT STYLE="letter-spacing: 0.1pt">&ldquo;in-
</FONT>the-money&rdquo; over the near term;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Rationale
for the re-pricing--was the stock price decline beyond management's control?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Is
this a value-for-value exchange?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Are
surrendered stock options added back to the plan reserve?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Timing--repricing
should occur at least one year out from any precipitous drop in company's stock price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Option
vesting--does the new option vest immediately or is there a black-out period?;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Term
of the option--the term should remain the same as that of the replaced option;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Exercise
price--should be set at fair market or a premium to market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Participants--executive
officers and directors must be excluded.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">If the surrendered options are
added back to the equity plans for re-issuance, then also take into consideration the</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">company&rsquo;s total cost of equity
plans and its three-year average burn rate.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In addition to the above considerations,
evaluate the intent, rationale, and timing of the repricing proposal. The proposal should clearly articulate why the board is choosing
to conduct an exchange program at this point in time. Repricing underwater options after a recent precipitous drop in the company&rsquo;s
stock price demonstrates poor timing and warrants additional scrutiny. Also, consider the terms of the surrendered options, such
as the grant date, exercise price and vesting schedule. Grant dates of surrendered options should be far enough back (two to three
years) so as not to suggest that repricings are being done to take advantage of short-term downward price movements. Similarly,
the exercise price of surrendered options should be above the 52-week high for the stock price.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote for shareholder proposals
to put option repricings to a shareholder vote.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>117.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Stock Plans in Lieu of Cash</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on plans that provide participants with the option of taking all or a portion of their cash compensation in the form
of stock.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote for non-employee director-only
equity plans that provide a dollar-for-dollar cash-for-stock exchange.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on plans which do
not provide a dollar-for-dollar cash for stock exchange. In cases where the exchange is not dollar-for-dollar, the request for
new or additional shares for such equity program will be considered using the binomial option pricing model. In an effort to capture
the total cost of total compensation, ISS will not make any adjustments to carve out the in-lieu-of cash compensation.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>118.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Transfer Stock Option (TSO) Programs</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>One-time
Transfers: Vote against or withhold from compensation committee members if they fail to submit one-time transfers to shareholders
for approval.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on one-time transfers.
Vote for if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Executive
officers and non-employee directors are excluded from participating;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Stock
options are purchased by third-party financial institutions at a discount to their fair value using option pricing models such
as Black-Scholes or a Binomial Option Valuation or other appropriate financial models; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
is a two-year minimum holding period for sale proceeds (cash or stock) for all participants.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Additionally, management should
provide a clear explanation of why options are being transferred to a third-party institution and whether the events leading up
to a decline in stock price were beyond management's control. A</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">review of the company's historic
stock price volatility should indicate if the options are likely to be back &ldquo;in-the- money&rdquo; over the near term.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Ongoing TSO program: Vote against
equity plan proposals if the details of ongoing TSO programs are not provided to shareholders. Since TSOs will be one of the award
types under a stock plan, the ongoing TSO program, structure and mechanics must be disclosed to shareholders. The specific criteria
to be considered in evaluating these proposals include, but not limited, to the following:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Eligibility;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Vesting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Bid-price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Term
of options;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Cost
of the program and impact of the TSOs on company&rsquo;s total option expense; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Option
repricing policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Amendments to existing plans that
allow for introduction of transferability of stock options should make clear that only options granted post-amendment shall be
transferable.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">119.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Director
Compensation</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>120.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Shareholder Ratification of Director Pay Programs</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on management proposals seeking ratification of non-employee director compensation, based on the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the equity plan under which non-employee director grants are made is on the ballot, whether or not it warrants support; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">An
assessment of the following qualitative factors:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
relative magnitude of director compensation as compared to companies of a similar profile;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of problematic pay practices relating to director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Director
stock ownership guidelines and holding requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Equity
award vesting schedules;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
mix of cash and equity-based compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Meaningful
limits on director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
availability of retirement benefits or perquisites; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
quality of disclosure surrounding director compensation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>121.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt; color: rgb(4,56,166)"><B>Equity Plans for Non-Employee
Directors</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on compensation plans for non-employee directors, based on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
total estimated cost of the company&rsquo;s equity plans relative to industry/market cap peers, measured by the company&rsquo;s
estimated Shareholder Value Transfer (SVT) based on new shares requested plus shares remaining for future grants, plus outstanding
unvested/unexercised grants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s three-year burn rate relative to its industry/market cap peers (in certain circumstances); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of any egregious plan features (such as an option repricing provision or liberal CIC vesting risk).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">On occasion, non-employee director
stock plans will exceed the plan cost or burn-rate benchmarks when combined with employee or executive stock plans. In such cases,
vote case-by-case on the plan taking into consideration the following qualitative factors:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
relative magnitude of director compensation as compared <FONT STYLE="letter-spacing: 0.1pt">to </FONT>companies of a similar profile;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
presence of problematic pay practices relating to director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Director
stock ownership guidelines and holding requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Equity
award vesting schedules;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
mix of cash and equity-based compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Meaningful
limits on director compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
availability of retirement benefits or perquisites; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
quality of disclosure surrounding director compensation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>122.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Non-Employee Director Retirement Plans</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against retirement plans for non-employee directors. Vote for shareholder proposals to eliminate retirement plans for non-employee
directors.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">123.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Shareholder
Proposals on Compensation</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>124.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Bonus Banking/Bonus Banking &ldquo;Plus&rdquo;</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals seeking deferral of a portion of annual bonus pay, with ultimate payout linked to sustained results for
the performance metrics on which the bonus was earned (whether for the named executive officers or a wider group of employees),
taking into account the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s past practices regarding equity and cash compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has a holding period or stock ownership requirements in place, such as a meaningful retention ratio (at least 50 percent
for full tenure); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.45pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has a rigorous claw-back policy in place.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>125.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Compensation Consultants&mdash;Disclosure of Board
or Company&rsquo;s Utilization</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for shareholder proposals seeking disclosure regarding the company, board, or compensation committee&rsquo;s use of compensation
consultants, such as company name, business relationship(s), and fees paid.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>126.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt; color: rgb(4,56,166)"><B>Disclosure/Setting Levels or
Types of Compensation for Executives and Directors</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for shareholder proposals seeking additional disclosure of executive and director pay information, provided the information
requested is relevant to shareholders' needs, would not put the company at a competitive disadvantage relative to its industry,
and is not unduly burdensome to the company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against shareholder
proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation (such as types
of compensation elements or specific metrics) to be <FONT STYLE="letter-spacing: 0.1pt">used </FONT>for executive or directors.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against shareholder
proposals that mandate a minimum amount of stock that directors must own in order to qualify as a director or to remain on the
board.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Vote case-by-case on all other
shareholder proposals regarding executive and director pay, taking into account relevant factors, including but not limited to:
company performance, pay level and design versus peers, history of compensation concerns or pay-for-performance disconnect, and/or
the scope and prescriptive nature of the proposal.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>127.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Golden Coffins/Executive Death Benefits</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals calling for companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate
policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned
salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or
awards made in lieu of compensation.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">This would not apply to any benefit
programs or equity plan proposals for which the broad-based employee population is eligible.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>128.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Hold Equity Past Retirement or for a Significant Period
of Time</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.15pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals asking companies to adopt policies requiring senior executive officers to retain a portion
of net shares acquired through compensation plans. The following factors will be taken into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
percentage/ratio of net shares required to be retained;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
time period required to retain the shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has equity retention, holding period, and/or stock ownership requirements in place and the robustness of such requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has any other policies aimed at mitigating risk taking by executives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Executives'
actual stock ownership and the degree to which it meets or exceeds the proponent&rsquo;s suggested holding period/retention ratio
or the company&rsquo;s existing requirements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Problematic
pay practices, current and past, which may demonstrate a short-term versus long-term focus.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>129.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Pay Disparity</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals calling for an analysis of the pay disparity between corporate executives and other non-executive employees.
The following factors will be considered:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               company&rsquo;s current level of disclosure of its executive compensation setting process, including how the company considers pay disparity;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
any problematic pay practices or pay-for-performance concerns have been identified at the company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
level of shareholder support for the company's pay programs.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals calling
for the company to use the pay disparity analysis or pay ratio in a specific way to set or limit executive pay.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>130.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Pay for Performance/Performance-Based Awards</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals requesting that a significant amount of future long-term incentive compensation awarded to
senior executives shall be performance-based and requesting that the board adopt and disclose challenging performance metrics to
shareholders, based on the following analytical steps:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">First,
vote for shareholder proposals advocating the use of performance-based equity awards, such as performance contingent options or
restricted stock, indexed options or premium-priced options, unless the proposal is overly restrictive or if the company has demonstrated
that it is using a &ldquo;substantial&rdquo; portion of performance-based awards for its top executives. Standard stock options
and performance-accelerated awards do not meet the criteria to be considered as performance-based awards. Further, premium-priced
options should have a meaningful premium to be considered performance-based awards.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Second,
assess the rigor of the company&rsquo;s performance-based equity program. If the bar set for the performance-based program is too
low based on the company&rsquo;s historical or peer group comparison, generally vote for the proposal. Furthermore, if target performance
results in an above target payout, vote for the shareholder proposal due to program&rsquo;s poor design. If the company does not
disclose the performance metric of the performance-based equity program, vote for the shareholder proposal regardless of the outcome
of the first step to the test.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In general, vote for the shareholder
proposal if the company does not meet both of the above two steps.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>131.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Pay for Superior Performance</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals that request the board establish a pay-for- superior performance standard in the company's
executive compensation plan for senior executives. These proposals generally include the following principles:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Set
compensation targets for the plan&rsquo;s annual and long-term incentive pay components at or below the peer group median;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Deliver
a majority of the plan&rsquo;s target long-term compensation through performance-vested, not simply time- vested, equity awards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Provide
the strategic rationale and relative weightings of the financial and non-financial performance metrics or criteria used in the
annual and performance-vested long-term incentive components of the plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Establish
                                                                                                                                               performance targets for each plan financial metric relative to the performance of the company&rsquo;s peer companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Limit
payment under the annual and performance-vested long-term incentive components of the plan to when the company&rsquo;s performance
on its selected financial performance metrics exceeds peer group median performance.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Consider the following factors in
evaluating this proposal:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">What
aspects of the company&rsquo;s annual and long-term equity incentive programs are performance driven?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the annual and long-term equity incentive programs are performance driven, are the performance criteria and hurdle rates disclosed
to shareholders or are they benchmarked against a disclosed peer group?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Can
shareholders assess the correlation between pay and performance based on the current disclosure?</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">What
type of industry and stage of business cycle does the company belong to?</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>132.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Pre-Arranged Trading Plans (10b5-1 Plans)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for shareholder proposals calling for certain principles regarding the use of prearranged trading plans (10b5-1 plans) for
executives. These principles include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Adoption,
amendment, or termination of a 10b5-1 Plan must be disclosed within two business days in a Form 8-K;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Amendment
or early termination of a 10b5-1 Plan is allowed only under extraordinary circumstances, as determined by the board;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Ninety
days must elapse between adoption or amendment of a 10b5-1 Plan and initial trading under the plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Reports
on Form 4 must identify transactions made pursuant to a 10b5-1 Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">An
executive may not trade in company stock outside the 10b5-1 Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Trades
under a 10b5-1 Plan must be handled by a broker who does not handle other securities transactions for the executive.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>133.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Prohibit Outside CEOs from Serving on Compensation
Committees</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals seeking a policy to prohibit any outside CEO from serving on a company&rsquo;s compensation committee, unless
the company has demonstrated problematic pay practices that raise concerns about the performance and composition of the committee.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>134.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Recoupment of Incentive or Stock Compensation in Specified
Circumstances</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>General
Recommendation: </B></FONT><B><FONT STYLE="font-size: 11pt; color: #0067B4">: </FONT></B><FONT STYLE="font-size: 10pt">Vote case-by-case
on proposals to recoup incentive cash or stock compensation made to senior executives if it is later determined that the figures
upon which incentive compensation is earned turn out to have been in error, or if the senior executive has breached company policy
or has engaged in misconduct that may be significantly detrimental to the company's financial position or reputation, or if the
senior executive failed to manage or monitor risks that subsequently led to significant financial or reputational harm to the company.
Many companies have adopted policies that permit recoupment in cases where an executive's fraud, misconduct, or negligence significantly
contributed to a restatement of financial results that led to the awarding of unearned incentive compensation. However, such policies
may be narrow given that not all misconduct or negligence may result in significant financial restatements. Misconduct, negligence
or lack of sufficient oversight by senior executives may lead to significant financial loss or reputational damage that may have
long-lasting impact.</FONT></P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">In considering whether to support
such shareholder proposals, ISS will take into consideration the following factors:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the company has adopted a formal recoupment policy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
rigor of the recoupment policy focusing on how and under what circumstances the company may recoup incentive or stock compensation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has chronic restatement history or material financial problems;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company&rsquo;s policy substantially addresses the concerns raised by the proponent;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Disclosure
of recoupment of incentive or stock compensation from senior executives or lack thereof; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Any
other relevant factors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>135.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Severance Agreements for Executives/Golden Parachutes</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for shareholder proposals requiring that golden parachutes or executive severance agreements be submitted for shareholder ratification,
unless the proposal requires shareholder approval <I>prior </I>to entering into employment contracts.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals to
ratify or cancel golden parachutes. An acceptable parachute should include, but is not limited to, the following:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
triggering mechanism should be beyond the control of management;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
amount should not exceed three times base amount (defined as the average annual taxable W-2 compensation during the five years
prior to the year in which the change of control occurs);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Change-in-control
payments should be double-triggered, i.e., (1) after a change in control has taken place, and (2) termination of the executive
as a result of the change in control. Change in control is defined as a change in the company ownership structure.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>136.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Share Buyback Impact on Incentive Program Metrics</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals requesting the company exclude the impact of share buybacks from the calculation of incentive program
metrics, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
frequency and timing of the company's share buybacks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
use of per-share metrics in incentive plans;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
effect of recent buybacks on incentive metric results and payouts; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
there is any indication of metric result manipulation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>137.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt; color: rgb(4,56,166)"><B>Supplemental Executive Retirement
Plans (SERPs)</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12.2pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation:
</B>Generally vote for shareholder proposals requesting to put extraordinary benefits</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">contained in SERP agreements
to a shareholder vote unless the company&rsquo;s executive pension plans do not contain</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">excessive benefits beyond what is
offered under employee-wide plans.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Generally vote for shareholder
proposals requesting to limit the executive benefits provided under the company&rsquo;s supplemental executive retirement plan
(SERP) by limiting covered compensation to a senior executive&rsquo;s annual salary or those pay elements covered for the general
employee population.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>138.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 14pt; color: rgb(4,56,166)"><B>Tax Gross-Up Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals calling for companies to adopt a policy of not poviding tax gross-up payments to executives, except in situations
where gross-ups are provided pursuant to a plan, policy, or arrangement applicable to management employees of the company, such
as a relocation or expatriate tax equalization policy.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>139.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 14pt; color: rgb(4,56,166)"><B>Termination of Employment Prior
to Severance Payment/Eliminating Accelerated Vesting of Unvested Equity</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals seeking a policy requiring termination of employment prior to severance payment and/or eliminating
accelerated vesting of unvested equity.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">The following factors will be considered:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current treatment of equity upon employment termination and/or in change-in-control situations (i.e., vesting is double
triggered and/or pro rata, does it allow for the assumption of equity by acquiring company, the treatment of performance shares,
etc.);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
employment agreements, including potential poor pay practices such as gross-ups embedded in those agreements.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify; color: #242424">Generally vote for
proposals seeking a policy that prohibits automatic acceleration of the vesting of equity awards to senior executives upon a voluntary
termination of employment or in the event of a change in control (except for pro rata vesting considering the time elapsed and
attainment of any related performance goals between the award date and the change in control).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">140.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">Routine/Miscellaneous</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>141.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Adjourn Meeting</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons
to support the proposal.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote for proposals that relate specifically
to soliciting votes for a merger or transaction if supporting that merger or transaction. Vote against proposals if the wording
is too vague or if the proposal includes &quot;other business.&quot;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>142.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Amend Quorum Requirements</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding unless there
are compelling reasons to support the proposal.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>143.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Amend Minor Bylaws</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for bylaw or charter changes that are of a housekeeping nature (updates or corrections).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>144.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Change Company Name</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals to change the corporate name unless there is compelling evidence that the change would adversely impact shareholder
value.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>145.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Change Date, Time, or Location of Annual Meeting</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for management proposals to change the date, time, or location of the annual meeting unless the proposed change is unreasonable.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against shareholder proposals
to change the date, time, or location of the annual meeting unless the current scheduling or location is unreasonable.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>146.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Other Business</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals to approve other business when it appears as a voting item.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">147.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">Social
and Environmental Issues</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">148.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Global
Approach</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Issues covered under the policy include
a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace
and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle
guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long
term.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value.
The following factors will be considered:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the issues presented in the proposal are more appropriately or effectively dealt with through legislation or government regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
there are significant controversies, fines, penalties, or litigation associated with the company's environmental or social practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently
available to shareholders from the company or from other publicly available sources; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">If
the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential
information that could place the company at a competitive disadvantage.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">149.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6; letter-spacing: 0.85pt">Endorsement
</FONT><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6; letter-spacing: 0.45pt">of</FONT>
<FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6; letter-spacing: 0.85pt">Principles</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals seeking a company's endorsement of principles that support a particular public policy position. Endorsing
a set of principles may require a company to take a stand on an issue that is beyond its own control and may limit its flexibility
with respect to future developments.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Management and the board should be
afforded the flexibility to make decisions on specific public policy positions based on their own assessment of the most beneficial
strategies for the company.</P>

<P STYLE="font: 12.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">150.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Animal
Welfare</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>151.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Animal Welfare Policies</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12.2pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation:
</B>Generally vote for proposals seeking a report on a company&rsquo;s animal welfare</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">standards, or animal welfare-related
risks, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has already published a set of animal welfare standards and monitors compliance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s standards are comparable to industry peers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
are no recent significant fines, litigation, or controversies related to the company&rsquo;s and/or its suppliers' treatment of
animals.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>152.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Animal Testing</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals to phase out the use of animals in product testing, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company is conducting animal testing programs that are unnecessary or <FONT STYLE="letter-spacing: 0.1pt">not </FONT>required by
regulation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company is conducting animal testing when suitable alternatives are commonly accepted and used by industry peers; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
are recent, significant fines or litigation related to the company&rsquo;s treatment of animals.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>153.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Animal Slaughter</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals requesting the implementation of Controlled Atmosphere Killing (CAK) methods at company and/or supplier
operations unless such methods are required by legislation or generally accepted as the industry standard.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals requesting
a report on the feasibility of implementing CAK methods at company and/or supplier operations considering the availability of existing
research conducted by the company or industry groups on this topic and any fines or litigation related to current animal processing
procedures at the company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">154.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Consumer
Issues</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>155.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Genetically Modified Ingredients</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals requesting that a company voluntarily label genetically engineered (GE) ingredients in its products. The
labeling of products with GE ingredients is best left to the appropriate regulatory authorities.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals asking
for a report on the feasibility of labeling products containing GE ingredients, taking into account:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
potential impact of such labeling on the company's business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               quality of the company&rsquo;s disclosure on GE product labeling, related voluntary initiatives, and how this disclosure compares with industry
peer disclosure; and</FONT> </TD></TR></TABLE>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Company&rsquo;s
current disclosure on the feasibility of GE product labeling.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals seeking
a report on the social, health, and environmental effects of genetically modified organisms (GMOs). Studies of this sort are better
undertaken by regulators and the scientific community.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Generally vote against proposals
to eliminate GE ingredients from the company's products, or proposals asking for reports outlining the steps necessary to eliminate
GE ingredients from the company&rsquo;s products. Such decisions are more appropriately made by management with consideration of
current regulations.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>156.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Reports on Potentially Controversial Business/Financial
Practices</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on requests for reports on a company&rsquo;s potentially controversial business or financial practices or products,
taking into account:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has adequately disclosed mechanisms in place to prevent abuses;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has adequately disclosed the financial risks of the products/practices in question;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has been subject to violations of related laws or serious controversies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Peer
companies&rsquo; policies/practices in this area.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>157.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Pharmaceutical Pricing, Access to Medicines, and Prescription
Drug Reimportation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals requesting that companies implement specific price restraints on pharmaceutical products unless the company
fails to adhere to legislative guidelines or industry norms in its product pricing practices.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals requesting
that a company report on its product pricing or access to medicine policies, considering:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
potential for reputational, market, and regulatory risk exposure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Existing
disclosure of relevant policies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Deviation
from established industry norms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Relevant
company initiatives to provide research and/or products to disadvantaged consumers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12.15pt Wingdings; margin: 0 2pt 0 0; text-align: justify; color: #01779F"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the proposal focuses on specific products or geographic regions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
potential burden and scope of the requested report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
significant controversies, litigation, or fines at the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Generally vote for proposals
requesting that a company report on the financial and legal impact of its prescription drug reimportation policies unless such
information is already publicly disclosed.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals requesting
that companies adopt specific policies to encourage or constrain prescription drug reimportation. Such matters are more appropriately
the province of legislative activity and may place the company at a competitive disadvantage relative to its peers.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>158.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Product Safety and Toxic/Hazardous Materials</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals requesting that a company report on its policies, initiatives/procedures, and oversight mechanisms related to
toxic/hazardous materials or product safety in its supply chain, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company already discloses similar information through existing reports such as a supplier code of conduct and/or a sustainability
report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has formally committed to the implementation of a toxic/hazardous materials and/or product safety and supply chain reporting
and monitoring program based on industry norms or similar standards within a specified time frame; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has not been recently involved in relevant significant controversies, fines, or litigation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on resolutions requesting
that companies develop a feasibility assessment to phase-out of certain toxic/hazardous materials, or evaluate and disclose the
potential financial and legal risks associated with utilizing certain materials, considering:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               company&rsquo;s current level of disclosure regarding its product safety policies, initiatives, and oversight mechanisms;</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
regulations in the markets in which the company operates; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
significant controversies, litigation, or fines stemming from toxic/hazardous materials at the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against resolutions
requiring that a company reformulate its products.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 27.4pt"><FONT STYLE="font-size: 14pt; color: #00789F"><B>159.</B></FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="color: #0438A6"><B>Tobacco-Related Proposals</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on resolutions regarding the advertisement of tobacco products, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
related fines, controversies, or significant litigation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company complies with relevant laws and regulations on the marketing of tobacco;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 4.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company&rsquo;s advertising restrictions deviate from those of industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company entered into the Master Settlement Agreement, which restricts marketing of tobacco to youth; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
restrictions on marketing to youth extend to foreign countries.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals regarding
second-hand smoke, considering;</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company complies with all laws and regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
degree that voluntary restrictions beyond those mandated by law might hurt the company&rsquo;s competitiveness; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
risk of any health-related liabilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against resolutions
to cease production of tobacco-related products, to avoid selling products to tobacco companies, to spin-off tobacco-related businesses,
or prohibit investment in tobacco equities. Such business decisions are better left to company management or portfolio managers.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals regarding
tobacco product warnings. Such decisions are better left to public health authorities.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">160.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Climate
Change</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>161.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: #0438A6"><B></B></FONT><B> <FONT STYLE="color: rgb(4,56,166); font-size: 14pt">Climate
Change/Greenhouse Gas (GHG) Emissions</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related
to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:</P>

<P STYLE="font: 14.5pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company already provides current, publicly-available information on the impact that climate change may have on the company
as well as associated company policies and procedures to address related risks and/or opportunities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's level of disclosure compared to industry peers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote for proposals requesting
a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as
well as associated company policies and procedures to address related risks and/or opportunities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's level of disclosure is comparable to that of industry peers; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals that
call for the adoption of GHG reduction goals from products and operations, taking into account:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company provides disclosure of year-over-year GHG emissions performance data;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
company disclosure lags behind industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's actual GHG emissions performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current GHG emission policies, oversight mechanisms, and related initiatives; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>162.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Energy Efficiency</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals requesting that a company report on its energy efficiency policies, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company complies with applicable energy efficiency regulations and laws, and discloses its participation in energy efficiency policies
and programs, including disclosure of benchmark data, targets, and performance measures; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
proponent requests adoption of specific energy efficiency goals within specific timelines.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>163.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Renewable Energy</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for requests for reports on the feasibility of developing renewable energy resources unless the report would be duplicative
of existing disclosure or irrelevant to the company&rsquo;s line of business.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals requesting
that the company invest in renewable energy resources. Such</P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">decisions are best left to
management&rsquo;s evaluation of the feasibility and financial impact that such programs may</P>

<P STYLE="font: 10pt/12.15pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">have on the company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals that
call for the adoption of renewable energy goals, taking into account:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope and structure of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current level of disclosure on renewable energy use and GHG emissions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's disclosure of policies, practices, and oversight implemented to manage GHG emissions and mitigate climate change risks.</FONT></TD></TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">164.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Diversity</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>165.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Board Diversity</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for requests for reports on a company's efforts to diversify the board, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               gender and racial minority representation of the company&rsquo;s board is reasonably inclusive in relation to companies of similar size
and business; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
board already reports on its nominating procedures and gender and racial minority initiatives on <FONT STYLE="letter-spacing: 0.15pt">the
</FONT>board and within the company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals asking
a company to increase the gender and racial minority representation on its board, taking into account:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
degree of existing gender and racial minority diversity on the company&rsquo;s board and among its executive officers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
level of gender and racial minority representation that exists at the company&rsquo;s industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s established process for addressing gender and racial minority board representation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the proposal includes an overly prescriptive request to amend nominating committee charter language;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
independence of the company&rsquo;s nominating committee;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company uses an outside search firm to identify potential director nominees; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has had recent controversies, fines, or litigation regarding equal employment practices.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>166.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Equality of Opportunity</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals requesting a company disclose its diversity policies or initiatives, or proposals requesting disclosure of a
company&rsquo;s comprehensive workforce diversity data, including requests for EEO-1 data, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company publicly discloses equal opportunity policies and initiatives in a comprehensive manner;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company already publicly discloses comprehensive workforce diversity data; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has no recent significant EEO-related violations or litigation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals seeking
information on the diversity efforts of suppliers and service providers. Such requests may pose a significant burden on the company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>167.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Gender Identity, Sexual Orientation, and Domestic
Partner Benefits</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals seeking to amend a company&rsquo;s EEO statement or diversity policies to prohibit discrimination based on sexual
orientation and/or gender identity, unless the change would be unduly burdensome.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote against proposals to
extend company benefits to, or eliminate benefits from, domestic partners. Decisions regarding benefits should be left to the discretion
of the company.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>168.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Gender, Race, or Ethnicity Pay Gap</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12.2pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation:
</B>Generally vote case-by-case on requests for reports on a company's pay data by</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">gender, race, or ethnicity, or a report
on a company&rsquo;s policies and goals to reduce any gender, race, or ethnicity</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">pay gap, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation
philosophy on fair and equitable compensation practices;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has been the subject of recent controversy, litigation, or regulatory actions related to gender, race, or ethnicity
pay gap issues; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company's reporting regarding gender, race, or ethnicity pay gap policies or initiatives is lagging its peers.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">169.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Environment
and Sustainability</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>170.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Facility and Workplace Safety</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on requests for workplace safety reports, including reports on accident risk reduction efforts, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s current level of disclosure of its workplace health and safety performance data, health and safety management policies,
initiatives, and oversight mechanisms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               nature of the company&rsquo;s business, specifically regarding company and employee exposure to health and safety risks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
significant controversies, fines, or violations related to workplace health and safety; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's workplace health and safety performance relative to industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on resolutions requesting
that a company report on safety and/or security risks associated with its operations and/or facilities, considering:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s compliance with applicable regulations and guidelines;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               company&rsquo;s current level of disclosure regarding its security and safety policies, procedures, and compliance monitoring; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               existence of recent, significant violations, fines, or controversy regarding the safety and security of the company&rsquo;s operations and/or
facilities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>171.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>General Environmental Proposals and Community Impact
Assessments</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on requests for reports on policies and/or the potential (community) social and/or environmental impact of company
operations, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
disclosure of applicable policies and risk assessment report(s) and risk management procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
impact of regulatory non-compliance, litigation, remediation, or reputational loss that may be associated with failure to manage
the company&rsquo;s operations in question, including the management of relevant community and stakeholder relations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
nature, purpose, and scope of the company&rsquo;s operations in the specific region(s);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
degree to which company policies and procedures are consistent with industry norms; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope of the resolution.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>172.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Hydraulic Fracturing</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals requesting greater disclosure of a company's (natural gas) hydraulic fracturing operations, including measures
the company has taken to manage and mitigate the potential community and environmental impacts of those operations, considering:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current level of disclosure of relevant policies and oversight mechanisms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current level of such disclosure relative to its industry peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Potential
relevant local, state, or national regulatory developments; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Controversies,
fines, or litigation related to the company's hydraulic fracturing operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>173.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Operations in Protected Areas</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for requests for reports on potential environmental damage as a result of company operations in protected regions, unless:</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Operations
in the specified regions are not permitted by current laws or regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company does not currently have operations or plans to develop operations in these protected regions; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s disclosure of its operations and environmental policies in these regions is comparable to industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>174.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Recycling</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to report on an existing recycling program, or adopt a new recycling program, taking into account:</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
nature of the company&rsquo;s business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
current level of disclosure of the company's existing related programs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
timetable and methods of program implementation prescribed by the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s ability to address the issues raised in the proposal; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">How
the company's recycling programs compare to similar programs of its industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>175.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Sustainability Reporting</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals requesting that a company report on its policies, initiatives, and oversight mechanisms related to social, economic,
and environmental sustainability, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company already discloses similar information through existing reports or policies such as an environment, health, and safety (EHS)
report; a comprehensive code of corporate conduct; and/or a diversity report; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has formally committed to the implementation of a reporting program based on Global Reporting Initiative (GRI) guidelines
or a similar standard within a specified time frame.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>176.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Water Issues</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals requesting a company report on, or adopt a new policy on, water-related risks and concerns, taking into
account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current disclosure of relevant policies, initiatives, oversight mechanisms, and water usage metrics;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
or not the company's existing water-related policies and practices are consistent with relevant internationally recognized standards
and national/local regulations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
potential financial impact or risk to the company associated with water-related concerns or issues; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent,
significant company controversies, fines, or litigation regarding water use by the company and its suppliers.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">177.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">General
Corporate Issues</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>178.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0438A6"><B>Charitable Contributions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals restricting a company from making charitable contributions. Charitable contributions are generally useful for
assisting worthwhile causes and for creating goodwill in the community. In the absence of bad faith, self-dealing, or gross negligence,
management should determine which, and if, contributions are in the best interests of the company.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>179.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Data Security, Privacy, and Internet Issues</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals requesting the disclosure or implementation of data security, privacy, or information access and management
policies and procedures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
level of disclosure of company policies and procedures relating to data security, privacy, freedom of speech, information access
and management, and Internet censorship;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Engagement
in dialogue with governments or relevant groups with respect to data security, privacy, or the free flow of information on the
Internet;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope of business involvement and of investment in countries whose governments censor or monitor the Internet and other telecommunications;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Applicable
market-specific laws or regulations that may be imposed on the company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Controversies,
fines, or litigation related to data security, privacy, freedom of speech, or Internet censorship.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>180.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Environmental, Social, and Governance (ESG) Compensation-Related
Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to link, or report on linking, executive compensation to sustainability (environmental and social) criteria,
considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope and prescriptive nature of the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has significant and/or persistent controversies or regulatory violations regarding social and/or environmental issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has management systems and oversight mechanisms in place regarding its social and environmental performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
degree to which industry peers have incorporated similar non-financial performance criteria in their executive compensation practices;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's current level of disclosure regarding its environmental and social performance.</FONT></TD></TR></TABLE>

<P STYLE="font: 9.5pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">181.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Human
Rights, Labor Issues, and International Operations</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>182.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Human Rights Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals requesting a report on company or company supplier labor and/or human rights standards and policies unless such
information is already publicly disclosed.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals to
implement company or company supplier labor and/or human rights standards and policies, considering:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
degree to which existing relevant policies and practices are disclosed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
or not existing relevant policies are consistent with internationally recognized standards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
company facilities and those of its suppliers are monitored and how;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.2pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Company
participation in fair labor organizations or other internationally recognized human rights initiatives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Scope
and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent,
significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
scope of the request; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Deviation
from industry sector peer company standards and practices.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote case-by-case on proposals requesting
that a company conduct an assessment of the human rights risks in its operations or in its supply chain, or report on its human
rights risk assessment process, considering:</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
degree to which existing relevant policies and practices are disclosed, including information on the implementation of these policies
and any related oversight mechanisms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               company&rsquo;s industry and whether the company or its suppliers operate in countries or areas where there is a history of human rights
concerns;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
significant controversies, fines, or litigation regarding human rights involving the company or its suppliers, and whether the
company has taken remedial steps; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the proposal is unduly burdensome or overly prescriptive.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>183.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Operations in High Risk Markets</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on requests for a report on a company&rsquo;s potential financial and reputational risks associated with operations
in &ldquo;high-risk&rdquo; markets, such as a terrorism-sponsoring state or politically/socially unstable region, taking into account:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
nature, purpose, and scope of the operations and business involved that could be affected by social or political disruption;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
disclosure of applicable risk assessment(s) and risk management procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Compliance
with U.S. sanctions and laws;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Consideration
of other international policies, standards, and laws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the company has been recently involved in recent, significant controversies, fines, or litigation related to its operations in
&quot;high-risk&quot; markets.</FONT></TD></TR></TABLE>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>184.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Outsourcing/Offshoring</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals calling for companies to report on the risks associated with outsourcing/plant closures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Controversies
surrounding operations in the relevant market(s);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
value of the requested report to shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               company&rsquo;s current level of disclosure of relevant information on outsourcing and plant closure procedures; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s existing human rights standards relative to industry peers.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>185.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Weapons and Military Sales</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against reports on foreign military sales or offsets. Such disclosures may involve sensitive and confidential information. Moreover,
companies must comply with government controls and reporting on foreign military sales.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Generally vote against proposals
asking a company to cease production or report on the risks associated with the use of depleted uranium munitions or nuclear weapons
components and delivery systems, including disengaging from current and proposed contracts. Such contracts are monitored by government
agencies, serve multiple military and non-military uses, and withdrawal from these contracts could have a negative impact on the</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">company&rsquo;s business.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #00789F">186.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; color: #0339A6">Political
Activities</FONT></TD>
</TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>187.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Lobbying</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals requesting information on a company&rsquo;s lobbying</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">(including direct, indirect,
and grassroots lobbying) activities, policies, or procedures, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company&rsquo;s current disclosure of relevant lobbying policies, and management and board oversight;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
                                                                                                                                               company&rsquo;s disclosure regarding trade associations or other groups that it supports, or is a member of, that engage in lobbying activities;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
significant controversies, fines, or litigation regarding the company&rsquo;s lobbying-related activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>188.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Political Contributions</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote for proposals requesting greater disclosure of a company's political contributions and trade association spending policies
and activities, considering:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's policies, and management and board oversight related to its direct political contributions and payments to trade associations
or other groups that may be used for political purposes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company's disclosure regarding its support of, and participation in, trade associations or other groups that may make political
contributions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Recent
significant controversies, fines, or litigation related to the company's political contributions or political activities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against proposals barring a company
from making political contributions. Businesses are affected by legislation at the federal, state, and local level; barring political
contributions can put the company at a competitive disadvantage.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Vote against proposals to publish
in newspapers and other media a company's political contributions. Such publications could present significant cost to the company
without providing commensurate value to shareholders.</P>

<P STYLE="font: 11.5pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>189.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Political Ties</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against proposals asking a company to affirm political nonpartisanship in the workplace, so long as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">There
                                                                                                                                               are no recent, significant controversies, fines, or litigation regarding the company&rsquo;s political contributions or trade
association spending; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are
strictly voluntary and prohibit coercion.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 2.95pt 2pt 0 0; text-align: justify">Vote against proposals asking
for a list of company executives, directors, consultants, legal counsels, lobbyists, or investment bankers that have prior government
service and whether such service had a bearing on the business of the company. Such a list would be burdensome to prepare without
providing any meaningful information to shareholders.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; color: #00789F; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">190.</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 14pt Calibri, Helvetica, Sans-Serif">Mutual
Fund Proxies</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>191.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Election of Directors</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on the election of directors and trustees, following the same guidelines for uncontested directors for public company
shareholder meetings. However, mutual fund boards do not usually have compensation committees, so do not withhold for the lack
of this committee.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>192.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Converting Closed-end Fund to Open-end Fund</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/12.2pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation:
</B>Vote case-by-case on conversion proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Past
performance as a closed-end fund;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Market
in which the fund invests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Measures
taken by the board to address the discount; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Past
shareholder activism, board activity, and votes on related proposals.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>193.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Proxy Contests</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proxy contests, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Past
performance relative to its peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Market
in which the fund invests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Measures
taken by the board to address the issues;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Past
shareholder activism, board activity, and votes on related proposals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Strategy
of the incumbents versus the dissidents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Independence
of directors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Experience
and skills of director candidates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Governance
profile of the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Evidence
of management entrenchment.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>194.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Investment Advisory Agreements</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on investment advisory agreements, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Proposed
and current fee schedules;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fund
category/investment objective;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Performance
benchmarks;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Share
price performance as compared with peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Resulting
fees relative to peers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Assignments
(where the advisor undergoes a change of control).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>195.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Approving New Classes or Series of Shares</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for the establishment of new classes or series of shares.</P>

<P STYLE="font: 13.5pt Calibri, Helvetica, Sans-Serif; margin: 0.3pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>196.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Preferred Stock Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on the authorization for or increase in preferred shares, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Stated
specific financing purpose;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Possible
dilution for common shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Whether
the shares can be used for antitakeover purposes.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>197.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>1940 Act Policies</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on policies under the Investment Advisor Act of 1940, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Potential
competitiveness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Regulatory
developments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
and potential returns; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
and potential risk.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">Generally vote for these amendments
as long as the proposed changes do not fundamentally alter the investment focus of the fund and do comply with the current SEC
interpretation.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>198.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Changing a Fundamental Restriction to a Nonfundamental
Restriction</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to change a fundamental restriction to a non- fundamental restriction, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
fund's target investments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
reasons given by the fund for the change; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
projected impact of the change on the portfolio.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>199.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Change Fundamental Investment Objective to Nonfundamental</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
against proposals to change a fund&rsquo;s fundamental investment objective to non- fundamental.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>200.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Name Change Proposals</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on name change proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Political/economic
changes in the target market;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Consolidation
in the target market; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
asset composition.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.4pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>201.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Change in Fund's Subclassification</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on changes in a fund's sub-classification, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Potential
competitiveness;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Current
and potential returns;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Risk
of concentration;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Consolidation
in target industry.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>202.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Business Development Companies&mdash;Authorization
to Sell Shares of Common Stock at a Price below Net Asset Value</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for proposals authorizing the board to issue shares below Net Asset Value (NAV) if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
proposal to allow share issuances below NAV has an expiration date no more than one year from the date shareholders approve the
underlying proposal, as required under the Investment Company Act of 1940;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
sale is deemed to be in the best interests of shareholders by (1) a majority of the company's independent directors and (2) a majority
of the company's directors who have no financial interest in the issuance; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
company has demonstrated responsible past use of share issuances by either:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Outperforming
peers in its 8-digit GICS group as measured by one- and three-year median TSRs; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Providing
disclosure that its past share issuances were priced at levels that resulted in only small or moderate discounts to NAV and economic
dilution to existing non-participating shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>203.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Disposition of Assets/Termination/Liquidation</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to dispose of assets, to terminate or liquidate, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Strategies
employed to salvage the company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
fund&rsquo;s past performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
terms of the liquidation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>204.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Changes to the Charter Document</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on changes to the charter document, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
degree of change implied by the proposal;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
efficiencies that could result;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
state of incorporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Regulatory
standards and implications.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.05pt 2pt 0 0; text-align: justify">Vote against any of the following
changes:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Removal
of shareholder approval requirement to reorganize or terminate the trust or any of its series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Removal
of shareholder approval requirement for amendments to the new declaration of trust;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Removal
of shareholder approval requirement to amend the fund's management contract, allowing the contract to be modified by the investment
manager and the trust management, as permitted by the 1940 Act;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Allow
the trustees to impose other fees in addition to sales charges on investment in a fund, such as deferred sales charges and redemption
fees that may be imposed upon redemption of a fund's shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Removal
of shareholder approval requirement to engage in and terminate subadvisory arrangements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Removal
of shareholder approval requirement to change the domicile of the fund.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>205.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Changing the Domicile of a Fund</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on re-incorporations, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Regulations
of both states;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Required
fundamental policies of both states;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
increased flexibility available.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><FONT STYLE="color: #0438A6"><B>Authorizing
the Board to Hire and Terminate Subadvisers Without Shareholder Approval </B></FONT><B><FONT STYLE="font-size: 10pt">General Recommendation:
</FONT></B><FONT STYLE="font-size: 10pt">Vote against proposals authorizing the board to hire or terminate subadvisers without
shareholder approval if the investment adviser currently employs only one subadviser.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>206.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Distribution Agreements</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on distribution agreement proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Fees
charged to comparably sized funds with similar objectives;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
proposed distributor&rsquo;s reputation and past performance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
competitiveness of the fund in the industry;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
terms of the agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.5pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>207.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Master-Feeder Structure</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
for the establishment of a master-feeder structure.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>208.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Mergers</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on merger proposals, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 8.75pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Resulting
fee structure;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Performance
of both funds;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Continuity
of management personnel;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Changes
in corporate governance and their impact on shareholder rights.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify; color: #0339A6">Shareholder Proposals
for Mutual Funds</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>209.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Establish Director Ownership Requirement</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Generally
vote against shareholder proposals that mandate a specific minimum amount of stock that directors must own in order to qualify
as a director or to remain on the board.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.45pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>210.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Reimburse Shareholder for Expenses Incurred</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0.1pt 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on shareholder proposals to reimburse proxy solicitation expenses. When supporting the dissidents, vote for the reimbursement
of the proxy solicitation expenses.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0.55pt 2pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14.65pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-size: 14pt; color: #00789F"><B>211.</B></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: rgb(4,56,166); font-size: 14pt"><B>Terminate the Investment Advisor</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 2pt 0 0; text-align: justify"><B>General Recommendation: </B>Vote
case-by-case on proposals to terminate the investment advisor, considering the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Performance
of the fund&rsquo;s Net Asset Value (NAV);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12.15pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
fund&rsquo;s history of shareholder relations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Wingdings; color: #01779F">&#167;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2pt"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">The
performance of other funds under the advisor&rsquo;s management.</FONT></TD></TR></TABLE>



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

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

</SUP></I></B></FONT></TD></TR>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8. Portfolio Managers of Closed-End Management Investment
Companies.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>(a)(1)&#9;Identification of Portfolio
Manager(s) or Management Team Members and Description of &#9;Role of Portfolio Manager(s) or Management Team Members</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><B>Information provided as of December 31, 2019</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">Chartwell Investment Partners,
LLC (&ldquo;Chartwell&rdquo;), a wholly owned subsidiary of TriState Capital Holdings, Inc., is a research based equity and fixed-income
manager with a disciplined, team-oriented investment process. The Chartwell Portfolio Management Team consists of the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Douglas W. Kugler, CFA</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Principal, Senior Portfolio
Manager</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">Mr. Kugler is a portfolio manager
on Chartwell&rsquo;s large-cap equity portfolio management team and has 22 years of investment industry experience. His areas of
focus include the Consumer Discretionary, Industrials, Materials and Technology sectors of the market. He has been a portfolio
manager for the Fund since 2007. From 1993 to 2003, he held several positions at Morgan Stanley Investment Management (Miller Anderson
&amp; Sherrerd) the last of which was Senior Associate and Analyst for the Large Cap Value team. Mr. Kugler is a member of the
CFA (Chartered Financial Analysts) Institute and the CFA Society of Philadelphia. He holds the Chartered Financial Analyst designation.
Mr. Kugler earned a Bachelor&rsquo;s degree in Accounting from the University of Delaware.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Peter M. Schofield, CFA</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20"><B>Principal, Senior Portfolio
Manager</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">Mr. Schofield is a Senior Portfolio
Manager on Chartwell&rsquo;s large-cap equity portfolio management team and has 34 years of investment industry experience. His
areas of focus include Consumer Staples, Health Care and Information Technology. From 2005 to 2010, he was a Co-Chief Investment
Officer at Knott Capital. From 1996 to 2005, he was a Portfolio Manager at Sovereign Asset Management. Prior to Sovereign Asset
Management, he was a portfolio manager at Geewax, Terker &amp; Company. Mr. Schofield holds the Chartered Financial Analyst designation
and is a member of the CFA (Chartered Financial Analysts) Institute and the CFA Society of Philadelphia. Mr. Schofield earned a
Bachelor&rsquo;s degree in History from the University of Pennsylvania.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">The investment team for the
First Trust Enhanced Equity Income Fund consists of two portfolio managers with an average of 28 years of investment experience.
All team members conduct fundamental research and meet with company management. Purchase and sale decisions are made by the portfolio
managers, however final decision making responsibility rests with Mr. Kugler. In addition, while each portfolio manager may be
consulted on any options transactions, Mr. Kugler has full responsibility for decisions regarding options investments.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(2)</TD><TD>Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Information provided as of December 31, 2019</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Other Accounts Managed by Portfolio Manager(s) or Management
Team Member</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Name of Portfolio Manager or Team Member</U></FONT></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Type of Accounts*</U></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Total # of Accounts Managed</U></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Total Assets</U></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U># of Accounts Managed for which Advisory Fee is Based on Performance</U></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><U>Total Assets for which Advisory Fee is Based on Performance</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">1.&nbsp;&nbsp;Douglas W. Kugler</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Registered Investment Companies:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Pooled Investment Vehicles:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Accounts:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$500.3 Mil</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">2.&nbsp;&nbsp;Peter M. Schofield</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Registered Investment Companies:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$45.1 Mil</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Pooled Investment Vehicles:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Other Accounts:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$500.3 Mil</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>Potential Conflicts of Interests</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">The portfolio managers manage other accounts for Chartwell
including institutional portfolios of similar investment styles. None of these portfolio managers manage any hedge funds nor any
accounts with performance-based fees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">When registered funds and investment accounts are managed
side-by-side, firm personnel must strictly follow the policies and procedures outlined in our Trade Allocation Policy to ensure
that accounts are treated in a fair and equitable manner, and that no client or account is favored over another. When registered
funds and investment accounts are trading under the same investment product, and thus trading the same securities, shares are allocated
on a pro-rata basis based on market value, and all portfolios obtain the same average price.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">On a monthly basis, Jon Caffey, a member of Chartwell&rsquo;s
Compliance Group, oversees the performance calculation process handled in Operations, and completes a spreadsheet of monthly portfolio
returns by client. Caffey provides this spreadsheet to the CEO, CCO and various investment personnel for their review. Any performance
dispersion noted by anyone on the distribution list is investigated by Caffey by reviewing the underlying transactional detail,
holdings &amp; security weightings by portfolio. This monthly process ensures that all portfolios that are managed under the same
investment product are treated fairly and traded in accordance with firm policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B>(a)(3) &#9;Compensation Structure of Portfolio Manager(s)
or Management Team Members</B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><B>Information provided as of December 31, 2019</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">The compensation paid to
a Chartwell portfolio manager and analyst consists of base salary, annual bonus, ownership distribution, and an annual profit-sharing
contribution to the firm&rsquo;s retirement plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">A portfolio manager&rsquo;s
and analyst&rsquo;s base salary is determined by Chartwell&rsquo;s Compensation Committee and is reviewed at least annually. A
portfolio manager&rsquo;s and analyst&rsquo;s experience, historical performance, and role in firm or product team management are
the primary considerations in determining the base salary. Industry benchmarking is utilized by the Compensation Committee on an
annual basis.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">Annual bonuses are determined
by the Compensation Committee based on a number of factors. The primary factor is a performance-based compensation schedule that
is applied to all accounts managed by a portfolio manager within a particular investment product and is not specific to any one
account. The bonus is calibrated based on the gross composite performance of such accounts versus the appropriate benchmark and
peer group rankings. Portfolio construction, sector and security weighting, and performance are reviewed by the Compliance Committee
and Compensation Committee to prevent a manager from taking undue risks. Additional factors used to determine the annual bonus
include the portfolio manager&rsquo;s contribution as an analyst, product team management, and contribution to the strategic planning
and development of the investment group as well as the firm. For employee retention purposes, if an individual employee&rsquo;s
bonus exceeds $50,000 for a given year, an amount equal to 25% of the bonus is deferred and paid 3 years after the initial pay
date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The performance of the fund does factor in to a each portfolio
manager&rsquo;s compensation. Chartwell considers the one (1) and three (3) year performance of the fund compared to a combination
of either the S&amp;P 500 or BXM benchmarks and the fund&rsquo;s performance compared to its&rsquo; peer group in consideration
of each portfolio manager&rsquo;s compensation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Chartwell also provides a profit sharing and 401(k) plan
for all employees. The annual profit sharing contribution and/or matching contribution from Chartwell is discretionary and based
solely on the profitability of the firm.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">(a)(4)&#9;Disclosure of Securities Ownership</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Information provided as of December 31, 2019:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Name of Portfolio Manager or Team Member</U></P></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 46%; padding-right: -0.9pt; text-indent: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><U>Dollar Range of Fund Shares Beneficially Owned </U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 12.6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">Douglas W. Kugler</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; padding-left: 50.3pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">$50,001-100,000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">Peter M. Schofield</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; text-indent: 1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 3pt; padding-left: 50.3pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">$0</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-indent: -40.5pt"><B>Item 9. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant&rsquo;s board of directors, where those changes were implemented after the
registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as
required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 11. Controls and Procedures.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(a)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The registrant&rsquo;s principal executive and principal financial officers, or persons
performing similar functions, have concluded that the registrant&rsquo;s disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) (17 CFR 270.30a-3(c))) are effective,
as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on
their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">There were no changes in the registrant&rsquo;s internal control over financial reporting
(as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that
has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 12. Exhibits.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left; vertical-align: top">(a)(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Code of ethics, or any amendment thereto, that is the subject of disclosure required
by Item 2 &#9;is attached hereto.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(a)(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act of 2002 are attached hereto.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(a)(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; vertical-align: top; width: 35pt">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the
Sarbanes-&#9;Oxley Act of 2002 are attached hereto.</TD>
</TR></TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>&nbsp;</B></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B><BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 7%; text-align: right">(registrant)</TD><TD STYLE="width: 3%"></TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: top; width: 80%">First Trust Enhanced Equity Income Fund</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR>
<TD STYLE="width: 27%; text-align: left; vertical-align: top">By (Signature and Title)*</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: left; width: 60%; vertical-align: top; border-bottom: Black 1pt solid">/s/
James M. Dykas</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR>     <TR>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">James M. Dykas, President and Chief Executive Officer <BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 15pt; text-align: right">Date</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><U>March 4, 2020</U></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>










<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf
of the registrant and in the capacities and on the dates indicated.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR>
<TD STYLE="text-align: left; vertical-align: top; width: 27%">By (Signature and Title)*</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top; width: 60%">/s/
James M. Dykas</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">James M. Dykas, President and Chief Executive Officer <BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">Date</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><U>March 4, 2020</U></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR>
<TD STYLE="text-align: left; vertical-align: top; width: 27%">By (Signature and Title)*</TD><TD STYLE="width: 3%">&nbsp;</TD><TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: top; width: 60%">/s/
Donald P. Swade</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
</TR>
<TR>
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; vertical-align: top">Donald P. Swade, Treasurer, Chief Financial Officer <BR>
and Chief Accounting Officer <BR>
(principal financial officer)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">Date</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><U>March 4, 2020</U></TD>
</TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">* Print the name and title of each signing officer under his or
her signature.</P>





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
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<P STYLE="text-align: center; font-weight: bold; font-size: 11pt; margin-bottom: 18pt">SENIOR FINANCIAL OFFICER<BR>
CODE OF CONDUCT</P>

<P STYLE="font-weight: bold">I. Introduction</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">This code of conduct is being
adopted by the investment companies advised by First Trust Advisors L.P., from time to time, (the "FUNDS"). The reputation and
integrity of the Funds are valuable assets that are vital to the Funds' success. Each officer of the Funds, and officers and employees
of the investment adviser to the Funds who work on Fund matters, including each of the Funds' senior financial officers ("SFOS"),
is responsible for conducting each Fund's business in a manner that demonstrates a commitment to the highest standards of integrity.
SFOs include the Principal Executive Officer (who is the President), the Controller (who is the principal accounting officer),
and the Treasurer (who is the principal financial officer), and any person who performs a similar function.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds, First Trust Advisors
L.P. and First Trust Portfolios have adopted Codes of Ethics under Rule 17j-1 under the Investment Company Act of 1940 (the "RULE
17J-1 CODE"). These Codes of Ethics are designed to prevent certain conflicts of interest that may arise when officers, employees,
or directors of the Funds and the foregoing entities know about present or future Fund transactions and/or have the power to influence
those transactions, and engage in transactions with respect to those same securities in their personal account(s) or otherwise
take advantage of their position and knowledge with respect to those securities. In an effort to prevent these conflicts and in
accordance with Rule 17j-1, the Funds adopted their Rule 17j-1 Code to prohibit transactions and conduct that create conflicts
of interest, and to establish compliance procedures.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Sarbanes-Oxley Act of
2002 was designed to address corporate malfeasance and to help assure investors that the companies in which they invest are accurately
and completely disclosing financial information. Under Section 406 of the Act, all public companies (including the Funds) must
either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to prevent future situations (such
as occurred in well-reported situations involving such companies as Enron and WorldCom) where a company creates an environment
in which employees are afraid to express their opinions or to question unethical and potentially illegal business practices.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds have chosen to
adopt a senior financial officer Code of Conduct to encourage their SFOs, and other Fund officers and employees of First Trust
Advisors or First Trust Portfolios to act ethically and to question potentially unethical or illegal practices, and to strive
to ensure that the Funds' financial disclosures are complete, accurate, and understandable.</P>

<P></P>

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<P></P>

<P STYLE="font-weight: bold">II. Purposes of This Code of Conduct</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The purposes of this Code
are:</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">A. To promote honest and
ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">B. To promote full, fair,
accurate, timely, and understandable disclosure in reports and documents that the Funds file with, or submits to, the SEC and
in other public communications the Funds make;</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">C. To promote compliance
with applicable governmental laws, rules and regulations;</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">D. To encourage the prompt
internal reporting to an appropriate person of violations of the Code; and</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">E. To establish accountability
for adherence to the Code.</P>

<P STYLE="font-weight: bold">III. Questions About This Code</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds' Boards of Trustees
have designated W. Scott Jardine or other appropriate officer designated by the President of the respective Funds to be the Compliance
Coordinator for the implementation and administration of the Code.</P>

<P STYLE="font-weight: bold">IV. Handling of Financial Information</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">The Funds have adopted guidelines
under which its SFOs perform their duties. However, the Funds expect that all officers or employees of the adviser or distributor
who participate in the preparation of any part of any Fund's financial statements follow these guidelines with respect to each
Fund:</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">A. Act with honesty and
integrity and avoid violations of this Code, including actual or apparent conflicts of interest with the Fund in personal and
professional relationships.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">B. Disclose to the Fund's
Compliance Coordinator any material transaction or relationship that reasonably could be expected to give rise to any violations
of the Code, including actual or apparent conflicts of interest with the Fund. You should disclose these transactions or relationships
whether you are involved or have only observed the transaction or relationship. If it is not possible to disclose the matter to
the Compliance Coordinator, it should be disclosed to the Fund's Principal Financial Officer or Principal Executive Officer.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify"></P>

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<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">C. Provide information
to the Fund's other officers and appropriate employees of service providers (adviser, administrator, outside auditor, outside
counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">D. Endeavor to ensure
full, fair, timely, accurate, and understandable disclosure in the Fund's periodic reports.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">E. Comply with the federal
securities laws and other applicable laws and rules, such as the Internal Revenue Code.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">F. Act in good faith,
responsibly, and with due care, competence and diligence, without misrepresenting material facts or allowing your independent
judgment to be subordinated.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">G. Respect the confidentiality
of information acquired in the course of your work except when you have Fund approval to disclose it or where disclosure is otherwise
legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">H. Share and maintain
skills important and relevant to the Fund's needs.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">I. Proactively promote
ethical behavior among peers in your work environment.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">J. Responsibly use and
control all assets and resources employed or entrusted to you.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 20pt; text-indent: 20pt; text-align: justify">K. Record or participate
in the recording of entries in the Fund's books and records that are accurate to the best of your knowledge.</P>

<P STYLE="font-weight: bold">V. Waivers of This Code</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">SFOs and other parties subject
to this Code may request a waiver of a provision of this Code (or certain provisions of the Fund's Rule 17j-1 Code) by submitting
their request in writing to the Compliance Coordinator for appropriate review. An executive officer of the Fund or the Audit Committee
will decide whether to grant a waiver. All waivers of this Code must be disclosed to the Fund's shareholders to the extent required
by SEC rules. A good faith interpretation of the provisions of this Code, however, shall not constitute a waiver.</P>

<P STYLE="font-weight: bold">VI. Annual Certification</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">Each SFO will be asked to
certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.</P>

<P></P>

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<P></P>

<P STYLE="font-weight: bold">VII. Reporting Suspected Violations</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">A. SFOs or other officers
of the Funds or employees of the First Trust group who work on Fund matters who observe, learn of, or, in good faith, suspect
a violation of the Code MUST immediately report the violation to the Compliance Coordinator, another member of the Funds' or First
Trust's senior management, or to the Audit Committee of the Fund Board. An example of a possible Code violation is the preparation
and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">B. Because service providers
such as an administrator, outside accounting firm, and custodian provide much of the work relating to the Funds' financial statements,
you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct.
You should report these actions to the Compliance Coordinator even if you know, or think, that the service provider has its own
code of ethics for its SFOs or employees.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">C. SFOs or other officers
or employees who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported
violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.</P>

<P STYLE="font-weight: bold">VIII. Violations of The Code</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">A. Dishonest, unethical or
illegal conduct will constitute a violation of this Code, regardless of whether this Code specifically refers to that particular
conduct. A violation of this Code may result in disciplinary action, up to and including termination of employment. A variety
of laws apply to the Funds and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state
laws relating to duties owed by Fund directors and officers, and criminal laws. The federal securities laws generally prohibit
the Funds from making material misstatements in its prospectus and other documents filed with the SEC, or from omitting to state
a material fact. These material misstatements and omissions include financial statements that are misleading or omit materials
facts.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">B. Examples of criminal violations
of the law include stealing, embezzling, misapplying corporate or bank funds, making a payment for an expressed purpose on a Fund's
behalf to an individual who intends to use it for a different purpose; or making payments, whether corporate or personal, of cash
or other items of value that are intended to influence the judgment or actions of political candidates, government officials or
businesses in connection with any of the Funds' activities. The Funds must and will report all suspected criminal violations to
the appropriate authorities for possible prosecution, and will investigate, address and report, as appropriate, non-criminal violations.</P>

<P STYLE="margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 20pt; text-align: justify">&nbsp;</P>

<P>Amended: June 1, 2009</P>

<P>&nbsp;</P>

<P>&nbsp;</P>


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

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>certs_302.htm
<DESCRIPTION>SECTION 302 CERTIFICATIONS
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the <BR>
Sarbanes-Oxley Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">I, James M. Dykas, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of First Trust Enhanced Equity Income Fund;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 4, 2020</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ James M. Dykas</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">James M. Dykas, President and Chief Executive Officer<BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Certification Pursuant to Rule 30a-2(a)
under the 1940 Act and Section 302 of the <BR>
Sarbanes-Oxley Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">I, Donald P. Swade, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of First Trust Enhanced Equity Income Fund;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and</TD></TR></TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 4, 2020</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ Donald P. Swade</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Donald P. Swade, Treasurer, Chief Financial Officer <BR>
and
Chief Accounting Officer<BR>
(principal financial officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>



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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>certs_906.htm
<DESCRIPTION>SECTION 906 CERTIFICATIONS
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Certification Pursuant to Rule 30a-2(b) under
the 1940 Act and Section 906 of the <BR>
Sarbanes-Oxley Act</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, James M. Dykas, President and Chief Executive
Officer of First Trust Enhanced Equity Income Fund (the &ldquo;Registrant&rdquo;), certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 4, 2020</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ James M. Dykas</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">James M. Dykas, President and Chief Executive Officer<BR>
(principal executive officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Donald P. Swade, Treasurer, Chief Financial
Officer and Chief Accounting Officer of First Trust Enhanced Equity Income Fund (the &ldquo;Registrant&rdquo;), certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify">The Form N-CSR of the Registrant (the &ldquo;Report&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%; margin-bottom: 36pt; margin-top: 12pt">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">Date:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center; padding-left: 0; vertical-align: middle; width: 20%">March 4, 2020</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; padding-left: 10pt; width: 55%">/s/ Donald P. Swade</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Donald P. Swade, Treasurer, Chief Financial Officer <BR>
and
Chief Accounting Officer<BR>
(principal financial officer)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



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

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

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

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>exh99a.htm
<DESCRIPTION>QUARTERLY DISTRIBUTIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; text-decoration: underline; margin-top: 0pt; margin-bottom: 0pt">Notice Regarding Your Quarterly Distribution</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Enhanced Equity Income Fund (FFA)</P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The closed-end fund listed above ("the Fund") has declared a distribution payable on September 30, 2019, to shareholders of
record as of September 23, 2019, with an ex-dividend date of September 20, 2019. This Notice is meant to provide you information
about the sources of your Fund&rsquo;s distributions. You should not draw any conclusions about the Fund's investment performance
from the amount of its distribution or from the terms of its Managed Distribution Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this
fiscal year to date for the Fund from the following sources: net investment income (&ldquo;NII&rdquo;); net realized short-term
capital gains (&ldquo;STCG&rdquo;); net realized long-term capital gains (&ldquo;LTCG&rdquo;); and return of capital (&ldquo;ROC&rdquo;).
These estimates are based upon information projected through September 30, 2019, are calculated based on a generally accepted
accounting principles (&ldquo;GAAP&rdquo;) basis and include the prior fiscal year-end undistributed net investment income.
The amounts and sources of distributions are expressed per common share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annualized</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">5 Year Avg.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Current Dist. Rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annual Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA&nbsp;(5)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.28500</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.05768</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.22732</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">20.24%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">79.76%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">7.17%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">6.92%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Total Cumulative</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Distributions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal YTD Distributions&nbsp;(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA&nbsp;(5)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.85500</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.17305</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.68195</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">20.24%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">79.76%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">5.37%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">18.79%</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Includes the most recent quarterly distribution paid on September 30, 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your
distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you
invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment
performance and should not be confused with &ldquo;yield&rdquo; or &ldquo;income.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Based on Net Asset Value (&ldquo;NAV&rdquo;) as of August 31, 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(4)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Total Returns are through August 31, 2019.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right; width: 15pt">(5)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><P>The Fund anticipates that, due to the tax treatment of cash distributions made by Master Limited Partnerships in which the
Fund invests, a portion of distributions the Fund makes to Common Shareholders may consist of a tax-deferred return of capital.</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&rsquo;s investment
experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send
you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
You should not use this Notice as a substitute for your Form 1099-DIV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">_____________________________________&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Advisors L.P. Contact:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Don Swade (630) 765-8661 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>6
<FILENAME>exh99b.htm
<DESCRIPTION>QUARTERLY DISTRIBUTIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; text-decoration: underline; margin-top: 0pt; margin-bottom: 0pt">Notice Regarding Your Quarterly Distribution</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Enhanced Equity Income Fund (FFA)</P>

<P STYLE="text-align: center; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The closed-end fund listed above (the "Fund") has declared a distribution payable on December 31, 2019, to shareholders of
record as of December 23, 2019, with an ex-dividend date of December 20, 2019. This Notice is meant to provide you information
about the sources of your Fund's distributions. You should not draw any conclusions about the Fund's investment performance
from the amount of its distribution or from the terms of its Managed Distribution Plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this
fiscal year to date for the Fund from the following sources: net investment income ("NII"); net realized short-term capital
gains ("STCG"); net realized long-term capital gains ("LTCG"); and return of capital ("ROC"). These estimates are based upon
information projected through December 31, 2019, are calculated based on a generally accepted accounting principles ("GAAP")
basis and include the prior fiscal year-end undistributed net investment income. The amounts and sources of distributions
are expressed per common share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annualized</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">5 Year Avg.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Current Dist. Rate</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Annual Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Current Distribution</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.28500</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.05264</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.02502</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.20734</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">18.47%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">8.78%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">72.75%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">6.87%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">7.89%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
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    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Cumulative</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Total Cumulative</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cumulative Distributions Fiscal YTD (%)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Distributions</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">Fiscal YTD Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Ticker</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fund Cusip</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal Year End</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fiscal YTD Distributions&nbsp;(1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NII</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">STCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">LTCG</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">ROC&nbsp;(2)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">as a % of NAV&nbsp;(3)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Return on NAV&nbsp;(4)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; text-align: center">FFA</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">337318109</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">12/31/2019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$1.14000</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.21056</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.10009</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">$0.82935</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">18.47%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">8.78%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">72.75%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">&mdash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">6.87%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center">26.11%</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Includes the most recent quarterly distribution paid on December 31, 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(2)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your
distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you
invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment
performance and should not be confused with "yield" or "income."</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(3)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Based on Net Asset Value ("NAV") as of November 30, 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">(4)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Total Returns are through November 30, 2019.</TD>
</TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment
experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send
you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
You should not use this Notice as a substitute for your Form 1099-DIV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">_____________________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">First Trust Advisors L.P. Contact:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Don Swade (630) 765-8661 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</P>




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$H __V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
