<SEC-DOCUMENT>0001140361-20-014291.txt : 20200619
<SEC-HEADER>0001140361-20-014291.hdr.sgml : 20200619
<ACCEPTANCE-DATETIME>20200619125705
ACCESSION NUMBER:		0001140361-20-014291
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200619
DATE AS OF CHANGE:		20200619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TREDEGAR CORP
		CENTRAL INDEX KEY:			0000850429
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				541497771
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10258
		FILM NUMBER:		20975082

	BUSINESS ADDRESS:	
		STREET 1:		1100 BOULDERS PKWY
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23225
		BUSINESS PHONE:		8043301000

	MAIL ADDRESS:	
		STREET 1:		1100 BOULDERS PARKWAY
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TREDEGAR INDUSTRIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
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<FILENAME>form11k.htm
<DESCRIPTION>11-K
<TEXT>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
      <div><br>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 11-K</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">FOR ANNUAL REPORTS OF EMPLOYEE STOCKPURCHASE, SAVINGS</div>
      <div style="text-align: center; font-weight: bold;">AND SIMILAR PLANSPURSUANT TO SECTION 15(d) OF THE</div>
      <div style="text-align: center; font-weight: bold;">SECURITIES EXCHANGE ACT OF 1934</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">(Mark One):</div>
      <div style="text-align: justify;"><font style="font-weight: bold;"> </font><br>
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            <td style="width: 36pt; vertical-align: top;">&#9746;</td>
            <td style="width: auto; vertical-align: top;">
              <div>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
            </td>
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      </table>
      <div style="text-indent: 0pt; margin-left: 36pt;">For the fiscal year ended December 31, 2019</div>
      <div><br>
      </div>
      <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">OR</div>
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            <td style="width: 36pt; vertical-align: top;">&#9744;</td>
            <td style="width: auto; vertical-align: top;">
              <div>TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
            </td>
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      </table>
      <div style="text-indent: 0pt; margin-left: 36pt;">For the transition period from _________ to ______________</div>
      <div><br>
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      <div>Commission file number 1-10258</div>
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            <td style="width: 36pt; vertical-align: top;">A.</td>
            <td style="width: auto; vertical-align: top;">
              <div>Full title of the plan and the address of the plan, if different from that of the issuer named below:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">TREDEGAR CORPORATION</div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">RETIREMENT SAVINGS PLAN</div>
      <div><br>
      </div>
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            <td style="width: 36pt; vertical-align: top;">B.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</div>
            </td>
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      <div style="margin-left: 36pt;">
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              <td style="width: 99.8%; vertical-align: top;">
                <div style="text-align: justify;">Tredegar Corporation</div>
              </td>
            </tr>
            <tr>
              <td style="width: 99.8%; vertical-align: top;">
                <div style="text-align: justify;">1100 Boulders Parkway</div>
              </td>
            </tr>
            <tr>
              <td style="width: 99.8%; vertical-align: top;">
                <div style="text-align: justify;">Richmond, Virginia 23225</div>
              </td>
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        <div> <br>
        </div>
      </div>
      <div> <br>
        <div><br>
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        <br>
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      <div style="text-align: center; font-weight: bold;">REQUIRED INFORMATION</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">See Appendix 1.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">The Plan.</font><font style="font-size: 10pt;">&#160; Pursuant to the requirements of the Securities Exchange Act of 1934, the
          trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>
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              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" rowspan="1" colspan="2">
                <div style="text-align: justify; font-weight: bold;">TREDEGAR CORPORATION</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="vertical-align: top;" rowspan="1" colspan="2">
                <div style="text-align: justify; font-weight: bold;">RETIREMENT SAVINGS PLAN</div>
              </td>
            </tr>
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              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 45%; vertical-align: top;">&#160;</td>
            </tr>
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              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">
                <div style="text-align: justify;">By:</div>
              </td>
              <td style="width: 45%; vertical-align: top; border-bottom: 2px solid black;">
                <div style="text-align: justify;">/s/ Michael J. Schewel</div>
              </td>
            </tr>
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              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: justify;">Michael J. Schewel</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 45%; vertical-align: top;">
                <div style="text-align: justify;">Employee Savings Plan Committee</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">&#160;</td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 45%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div>Date:&#160;&#160; June 19, 2020</div>
              </td>
              <td style="width: 5%; vertical-align: top;">&#160;</td>
              <td style="width: 45%; vertical-align: top;">&#160;</td>
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          <div>
            <div style="text-align: center;">
              <div style="text-align: right; font-weight: bold;"><u>Appendix 1</u></div>
            </div>
            <div style="text-align: center;"> <br>
            </div>
            <div style="text-align: center;">Tredegar Corporation Retirement</div>
            <div style="text-align: center;">Savings Plan<font style="font-variant: small-caps;">&#160;</font></div>
            <div><br>
            </div>
            <div style="text-align: center;">Financial Report</div>
            <div>&#160;</div>
            <div style="text-align: center;">December 31, 2019 and 2018</div>
            <div><br>
            </div>
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            <div style="text-align: center; font-weight: bold;"><a name="TABLEOFCONTENTS"><!--Anchor--></a>TABLE OF CONTENTS</div>
            <div style="text-align: center; font-weight: bold;"> <br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" border="0" id="z7f597068213f4edab2f1974500b6a418" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 4%; vertical-align: top;">&#160;</td>
                    <td style="width: 91%; vertical-align: top;">&#160;</td>
                    <td style="width: 5%; vertical-align: top;">
                      <div style="font-weight: bold;">Page</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top;">&#160;</td>
                    <td style="width: 91%; vertical-align: top;">&#160;</td>
                    <td style="width: 5%; vertical-align: top;">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
                      <div><a href="#INDEPENDENTREGISTERED">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">1</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
                      <div>FINANCIAL STATEMENTS</div>
                    </td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2" rowspan="1">&#160;</td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div><a href="#NetAssets">Statements of Net Assets Available for Benefits</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">2</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div><a href="#ChangesinNetAsset">Statements of Changes in Net Assets Available for Benefits</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">3</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div><a href="#NotestoFinancialStatement">Notes to Financial Statements</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">4-12</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
                      <div>SUPPLEMENTARY INFORMATION</div>
                    </td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
                    <td style="width: 91%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div><a href="#ScheduleHLine4i">Schedule H, Line 4i- Schedule of Assets (Held at End of Year)</a></div>
                    </td>
                    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="text-align: right;">13</div>
                    </td>
                  </tr>

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            <div><br>
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              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div>
              <div style="text-align: center; font-weight: bold;">REPORT OF<a name="INDEPENDENTREGISTERED"><!--Anchor--></a> INDEPENDENT REGISTERED</div>
              <div style="text-align: center; font-weight: bold;">PUBLIC ACCOUNTING FIRM</div>
              <div><br>
              </div>
              <div><br>
              </div>
              <div style="text-align: justify; text-indent: -13.7pt; margin-left: 13.7pt;">To the Employee Benefits Administrative Committee, Plan Administrator, and Plan Participants of the Tredegar Corporation Retirement Savings Plan</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-weight: bold;">Opinion on the Financial Statements</div>
              <div><br>
              </div>
              <div style="text-align: justify;">We have audited the accompanying statements of net assets available for benefits of the Tredegar Corporation Retirement Savings Plan (the Plan) as of December 31, 2019 and 2018, the related statements of
                changes in net assets available for benefits for the years then ended, and the related notes to the financial statements (collectively, the financial statements).&#160; In our opinion, the financial statements present fairly, in all material
                respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the
                United States of America.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-weight: bold;">Basis for Opinion</div>
              <div><br>
              </div>
              <div style="text-align: justify;">These financial statements are the responsibility of the Plan&#8217;s management.&#160; Our responsibility is to express an opinion on the Plan&#8217;s financial statements based on our audits.&#160; 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 Plan in accordance with U.S. federal securities laws and the applicable rules and regulations
                of the Securities and Exchange Commission and the PCAOB.</div>
              <div><br>
              </div>
              <div style="text-align: justify;">We conducted our audits in accordance with the standards of the PCAOB.&#160; Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
                free of material misstatement, whether due to fraud or error.&#160; Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that
                respond to those risks.&#160; Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.&#160; 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.&#160; We believe that our audits provide a reasonable basis for our opinion.</div>
              <div><br>
              </div>
              <div style="text-align: justify; font-weight: bold;">Report on Supplemental Information</div>
              <div><br>
              </div>
              <div style="text-align: justify;">The supplemental information in the accompanying schedule of Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2019, has been subjected to audit procedures performed in
                conjunction with the audit of the Plan&#8217;s financial statements.&#160; The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information
                required by the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.&#160; The supplemental information is the responsibility of the Plan&#8217;s management. Our audit
                procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of
                the information presented in the supplemental information.&#160; In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented
                in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.&#160; In our opinion, the supplemental information in the accompanying schedule is fairly
                stated in all material respects in relation to the financial statements as a whole.</div>
              <div><br>
              </div>
              <div>
                <div>/s/ PBMares, LLP</div>
                <div><br>
                </div>
                <div><img width="175" height="35" src="image0.jpg"></div>
                <div><br>
                </div>
                <div>We have served as the Plan&#8217;s auditor since 2002.</div>
                <div><br>
                </div>
                <div>Richmond, Virginia</div>
                <div>June 19, 2020</div>
              </div>
              <div><br>
              </div>
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            </div>
            <div><br>
            </div>
            <div style="text-align: center; font-weight: bold;">FINANCIAL STATEMENTS</div>
            <div style="text-align: center; font-weight: bold;"> <br>
            </div>
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              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
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            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Statements of<a name="NetAssets"><!--Anchor--></a> Net Assets Available for Benefits</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
              <div style="text-align: center;">
                <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
            </div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z5e7cd3176c4c462ebcbda556c4700d3e">

                <tr>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
                    <div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt;"><u>Assets</u></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                    <div style="text-align: center; font-family: &#38;quot;"> 2019</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
                    <div style="text-align: center; font-family: &#38;quot;"> 2018</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Investments, at fair value:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Money market fund</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">642,032</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">516,823</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Mutual funds</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-family: &#38;quot;">113,186,449</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-family: &#38;quot;">94,582,283</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Tredegar Corporation common stock</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">18,201,038</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">14,297,299</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Self-directed brokerage account</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-family: &#38;quot;">3,982,739</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-family: &#38;quot;">2,620,047</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Common collective trust</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">3,526,089</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">3,951,419</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total investments</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">139,538,347</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">115,967,871</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Receivables:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Accrued dividends</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-family: &#38;quot;">97,954</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                    <div style="font-family: &#38;quot;">99,397</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Notes receivable from participants</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div style="font-family: &#38;quot;">3,495,456</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                    <div style="font-family: &#38;quot;">2,922,068</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total receivables</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">3,593,410</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">3,021,465</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Total assets</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">143,131,757</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">118,989,336</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; text-indent: -7.2pt; margin-left: 7.2pt;"><u>Liabilities and Net Assets Available for Benefits</u></div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Excess contribution liability</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">214,131</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Net assets available for benefits</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">$</div>
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                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">143,131,757</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                    <div style="font-family: &#38;quot;">118,775,205</div>
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                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            </table>
            <div><br>
            </div>
            <div style="text-align: center;">See accompanying notes.</div>
            <div style="text-align: center;"> <br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Statements of<a name="ChangesinNetAsset"><!--Anchor--></a> Changes in Net Assets Available for Benefits</div>
            <div>
              <div style="text-align: center;">Years Ended December 31, 2019 and 2018</div>
              <div style="text-align: center;">
                <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"> </div>
            </div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z972f611d05e545638a8dceeba636c8c9">

                <tr>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
                    <div style="text-align: center;"> 2019</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-bottom: #000000 solid 2px;" colspan="2">
                    <div style="text-align: center;"> 2018</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Additions to net assets attributed to:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom;">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Investment income:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 25.2pt;">Interest and dividends</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>3,431,011</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                    <div>5,485,202</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                    <div>
                      <div style="text-indent: -9pt; margin-left: 27pt;">Net appreciation (depreciation) in fair value of investments</div>
                    </div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                    <div>24,062,080</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                    <div>(15,369,866</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total investment gain (loss)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                    <div>27,493,091</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                    <div>(9,884,664</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Interest income on notes receivable from participants</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                    <div>176,727</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
                    <div>146,947</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Contributions:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Participants</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div>6,597,576</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div>5,999,836</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Employer</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                    <div>3,955,202</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                    <div>3,697,052</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Rollovers</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>695,924</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>753,244</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total contributions</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>11,248,702</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>10,450,132</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Other income</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>19,321</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>-</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total additions</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>38,937,841</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>712,415</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Deductions from net assets attributed to:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Administrative expenses</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                    <div>184,365</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                    <div>186,394</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Benefits paid to participating employees</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>14,396,924</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>20,271,593</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Total deductions</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>14,581,289</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>20,457,987</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 34.2pt;">Net increase (decrease)</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div>24,356,552</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div>(19,745,572</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
                    <div>)</div>
                  </td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Net assets available for benefits:</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">Beginning of year</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>118,775,205</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>138,520,777</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
                    <div style="margin-left: 9pt">&#160;</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                </tr>
                <tr>
                  <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 16.2pt;">End of year</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>143,131,757</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>$</div>
                  </td>
                  <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
                    <div>118,775,205</div>
                  </td>
                  <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: center;">See accompanying notes.</div>
            <div style="text-align: center;"> <br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;"><a name="NotestoFinancialStatement"><!--Anchor--></a>Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div> <br>
            </div>
            <table cellspacing="0" cellpadding="0" id="zc29dc4bf779a431fa460a01f6dbe0499" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 1.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">DESCRIPTION OF PLAN</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;">General</div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;"> <br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Tredegar Corporation and subsidiaries (collectively &#8220;Tredegar&#8221; or &#8220;the Company&#8221; or &#8220;Plan Sponsor&#8221;), which is primarily engaged in the manufacturing of aluminum extrusions, polyethylene films
              and polyester films, is a Virginia corporation.&#160; The Tredegar Corporation Retirement Savings Plan (&#8220;Plan&#8221;) was adopted by the Board of Directors of Tredegar (&#8220;the Board&#8221;) on June 14, 1989 and the Plan was effective as of July 1, 1989.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan is subject to Titles I, II and III and is exempt from Title IV of the Employee Retirement Income Security Act of 1974 (ERISA). Title IV of ERISA provides for federally sponsored
              insurance for plans that terminate with unfunded benefits.&#160; No such insurance is provided to participants in this Plan; however, because the benefits that participants are entitled to receive are always equal to the value of their account
              balances, the Plan is always fully funded.&#160; The value of a participant&#8217;s account may change from time to time.&#160; Each participant assumes the risk of fluctuations in the value of his or her account.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan is a defined contribution plan.&#160; Information regarding plan benefits and vesting is provided in the Plan and related documents, which are available at Tredegar&#8217;s main office at 1100
              Boulders Parkway, Richmond, Virginia.&#160; Effective January 1, 2019, the Plan was amended to make the Plan a safe harbor 401(k) plan and eliminate after-tax contributions.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan is administered by the Company. Plan assets were held by Great-West Trust Company, LLC through April 30, 2018. Effective May 1, 2018, Plan assets were transferred to Fidelity
              Management Trust Company (&#8220;Fidelity&#8221;), the new trustee of the Plan.</div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z2f66bd736aaf4ebe82f4948c2a8c4873" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 2.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;">Basis of Accounting</div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;"> <br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The financial statements of the Plan are prepared on the accrual basis of accounting.</div>
            <div><br>
            </div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;">Use of Estimates</div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;"> <br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) requires management to make estimates and
              assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities.&#160; Actual results may differ from those estimates.</div>
            <div style="text-align: justify; margin-left: 72pt;"> <br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="zf06dedf1a2ae4978b802910dea6798fe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 2.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;">Investment Valuation and Income Recognition</div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;"> <br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; color: rgb(37, 37, 37);">Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
              between market participants at the measurement date. See Note 4 for discussion of fair value measurements.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; color: rgb(37, 37, 37);">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
              Net appreciation (depreciation) includes the Plan&#8217;s realized and unrealized gains and losses on investments bought and sold as well as held during the year.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; font-style: italic; font-weight: bold;">Notes Receivable from Participants</div>
            <div style="text-align: justify; margin-left: 72pt; font-style: italic; font-weight: bold;"> <br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.&#160; Interest income is recorded on the accrual basis. <font style="font-weight: bold; color: rgb(37, 37, 37);">&#160;</font><font style="color: rgb(37, 37, 37);">No allowance for credit losses has been recorded as of December 31, 2019 or 2018. If a participant ceases to make loan repayments and the plan
                administrator deems the participant loan to be in default, the </font>participant loan balance is reduced and a benefit payment is recorded.</div>
            <div><br>
            </div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;">Payment of Benefits</div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;"> <br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Benefits are recorded when paid.</div>
            <div><br>
            </div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;">Administrative Expenses</div>
            <div style="margin-left: 72pt; font-style: italic; font-weight: bold;"> <br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan is responsible for all trustee and investment management fees. Participants are charged a pro-rated per-participant fee. For the periods January 1, 2018 to April 30, 2018 and May 1,
              2018 to December 31, 2019, the per participant fee was $77.00 (0.12%) and $82.00 (0.12%), respectively. To cover additional expenses, in 2018, participants were also charged 0.04% of annual plan-related expenses.&#160; There were no additional
              charges in 2019. Tredegar also pays for other administrative expenses up to an annual limit of $75,000. Any expenses in excess of this limit are paid by the Plan.</div>
            <div><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z3b57e3e261704c2085344d8c35245d85" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 3.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">CONTRIBUTIONS AND INVESTMENT OPTIONS</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">A participant may contribute a percentage of his or her eligible base pay (as defined) ranging from a minimum of 0.5% (one-half of one percent) to 75%.&#160; Effective May 1, 2018 and January 1,
              2019, the minimum pre-tax elections is 0.5% and 1%, respectively.&#160; The 2019 and 2018 Tredegar matching contribution was $1.00 for every $1.00 a participant contributed up to 5% each payroll period.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">With the exception of participants covered under certain collective bargaining agreements, employees are automatically enrolled in the Plan with a pre-tax contribution equal to 3% of base pay
              invested in the age appropriate target fund and automatically increased in the succeeding plan year until the contribution level is equal to 5% of base pay.&#160; Employees have the choice to waive automatic enrollment as well as automatic
              increase and contribute more or less in their choice of investment funds.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Participants direct the investment of their contributions into various investment options offered by the Plan.&#160; The Plan currently offers twenty-three (23) mutual funds, one (1) common
              collective trust, one (1) money market fund and a self-directed brokerage window as investment options to participants. Investments also include the Tredegar Stock Fund, in which new investments are prohibited.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">All employer matching contributions are allocated according to the participant&#8217;s investment direction. If no selection is made, 100% is allocated to the applicable target date fund; the
              Plan&#8217;s default funds, based on the participant&#8217;s age and an estimated retirement age of 65. The Plan Sponsor may also make an additional discretionary match, to be determined by the Board.&#160; There were no such discretionary contributions for
              the years ended December 31, 2019 and 2018, respectively.</div>
            <div><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z534d9c75dbc04171a76930b276a3cf76" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 4.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">FAIR VALUE MEASUREMENTS</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) 820, <font style="font-style: italic;">Fair Value Measurement,</font> provides the framework for
              measuring fair value.&#160; That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.&#160; The hierarchy gives the highest priority to unadjusted quoted prices in active markets for
              identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).&#160; The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">Level 1</font><font style="font-size: 10pt;"> Inputs to the valuation methodology are unadjusted quoted prices for identical
                assets or liabilities in active markets that the Plan has the ability to access.</font></div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">Level 2</font><font style="font-size: 10pt;"> Inputs to the valuation methodology include:</font></div>
            <div>&#160;</div>
            <table cellspacing="0" cellpadding="0" id="z11fd65181e2e43c8ab0e0492574d9264" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 90pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>quoted prices for similar assets or liabilities in active markets;</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="zabc3e646f362444087da641c6ad8dfe2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 90pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>quoted prices for identical or similar assets or liabilities in inactive markets;</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="z267410a8a4284ab796a68b85c69677fe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 90pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>inputs other than quoted prices that are observable for the asset or liability;</div>
                  </td>
                </tr>

            </table>
            <table cellspacing="0" cellpadding="0" id="za3a16997f6e74d19af00835737f800b0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 90pt;"><br>
                  </td>
                  <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>inputs that are derived principally from or corroborated by observable market data by correlation or other means.</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">Level 3</font><font style="font-size: 10pt;"> Inputs to the valuation methodology are unobservable and significant to the
                fair value measurement.</font></div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The asset or liability&#8217;s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation
              techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2019 and 2018.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-right: 13.5pt; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Money market fund: </font><font style="font-size: 10pt;">Valued at market price, which is equivalent
                to $1 per unit.</font></div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Mutual funds</font><font style="font-size: 10pt;">:&#160; Valued at the daily closing price as reported by the fund. Mutual
                funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission (&#8220;SEC&#8221;).&#160; These funds are required to publish their daily net asset value (&#8220;NAV&#8221;) and to transact at that price.&#160; The mutual
                funds held by the Plan are deemed to be actively traded.</font></div>
            <div style="text-align: justify; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt;"> <br>
              </font></div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z969f52f669a344b6843af5520fc9fa2b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 4.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">FAIR VALUE MEASUREMENTS, Continued</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Common stock</font><font style="font-size: 10pt;">: Valued at closing price reported on the active market on which the
                individual securities are traded.</font></div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-right: 13.5pt; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Self-directed brokerage account: </font><font style="font-size: 10pt;">Valued at the closing price
                reported on the active market on which the individual securities are traded.</font></div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-right: 13.5pt; margin-left: 72pt; font-size: 12pt;"><font style="font-size: 10pt; font-style: italic;">Common/collective trust: </font><font style="font-size: 10pt;">A fund that is composed primarily of
                fully benefit-responsive investment contracts that is valued at the NAV of units of a bank collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of
                the underlying investments held by the funds less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.</font></div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-right: 13.5pt; margin-left: 72pt;">The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore,
              although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a
              different fair value measurement at the reporting date.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-right: 13.5pt; margin-left: 72pt;">The following tables summarize financial assets measured at fair value on a recurring basis, segregated by the level of the valuation inputs within the fair value
              hierarchy utilized to measure fair value, as of December 31, 2019 and 2018, respectively:</div>
            <div><br>
            </div>
            <div style="margin-left: 72pt;">
              <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z77880e64db3e4afb89138ae366f58aac">

                  <tr>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="8">
                      <div style="text-align: center; font-family: &#38;quot;">Assets Measured at Fair Value on a Recurring Basis at December 31, 2019</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 66%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-family: &#38;quot;"> Level 1</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-family: &#38;quot;"> Total</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Money market fund</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">642,032</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">642,032</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Mutual funds</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">113,186,449</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">113,186,449</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Common stock</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">18,201,038</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">18,201,038</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Self-directed brokerage account</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">3,982,739</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">3,982,739</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total assets in the fair value hierarchy</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">136,012,258</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">136,012,258</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Investments measured at NAV</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">3,526,089</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total investments at fair value</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">139,538,347</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>

              </table>
            </div>
            <div style="clear: both;"><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z554f0fb237e84fc3984a90a3537778f9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 4.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">FAIR VALUE MEASUREMENTS, Continued</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="margin-left: 72pt;">
              <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z546eceed90e742aeb33308d99e81794e">

                  <tr>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="8">
                      <div style="text-align: center; font-family: &#38;quot;">Assets Measured at Fair Value on a Recurring Basis at December 31, 2018</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="2">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 66%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-family: &#38;quot;"> Level 1</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-family: &#38;quot;"> Total</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Money market fund</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">516,823</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">516,823</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Mutual funds</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">94,582,283</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">94,582,283</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Common stock</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">14,297,299</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">14,297,299</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Self-directed brokerage account</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">2,620,047</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">2,620,047</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total assets in the fair value hierarchy</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">112,016,452</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">112,016,452</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Investments measured at NAV</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                      <div style="font-family: &#38;quot;">3,951,419</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: middle; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total investments at fair value</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">115,967,871</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>

              </table>
            </div>
            <div style="clear: both;"><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan did not hold any Level 2 or Level 3 investments as of December 31, 2019 and 2018.</div>
            <div><br>
            </div>
            <div style="margin-left: 72pt; font-weight: bold;">Fair Value of Investments in Entities that Use NAV</div>
            <div><br>
            </div>
            <div style="margin-left: 72pt;">The following tables summarize investments measured at fair value based on NAV per share at December 31, 2019 and 2018, respectively.</div>
            <div><br>
            </div>
            <div style="margin-left: 72pt;">
              <table cellspacing="0" cellpadding="0" border="0" align="left" id="z57b3ea81167f40559e19b0031d6ce807" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                  <tr>
                    <td style="width: 42%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">December 31, 2019</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Fair Value</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Unfunded <br>
                        Commitments</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Redemption </div>
                      <div style="text-align: center; color: #000000;">Frequency</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Redemption </div>
                      <div style="text-align: center; color: #000000;">Notice Period</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42%; vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Common Collective Trust - Galliard Retirement Income Fund 45 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">&#160;$&#160; &#160; &#160;&#160; 3,526,089</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">N/A</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">&#160;Daily or monthly</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">None or 5 days</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="clear: both;"><br>
            </div>
            <div style="margin-left: 72pt;">
              <table cellspacing="0" cellpadding="0" border="0" align="left" id="z4854e81580774fa9b79bccfc2f353735" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

                  <tr>
                    <td style="width: 42%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">December 31, 2018</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Fair Value</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Unfunded </div>
                      <div style="text-align: center; color: #000000;">Commitments</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Redemption </div>
                      <div style="text-align: center; color: #000000;">Frequency</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">Redemption </div>
                      <div style="text-align: center; color: #000000;">Notice Period</div>
                    </td>
                  </tr>
                  <tr>
                    <td style="width: 42%; vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Common Collective Trust - Galliard Retirement Income Fund 45 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">&#160;$&#160; &#160; &#160;&#160; 3,951,419</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">N/A</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: center;">&#160;Daily or monthly</div>
                    </td>
                    <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                      <div style="text-align: center; color: #000000;">None or 5 days</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="clear: both;"><br>
            </div>
            <div style="margin-right: 13.5pt; margin-left: 72pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">Galliard Retirement Income Fund is an open-end fund incorporated in the United States that will be invested in the Galliard Managed
                Income Fund.&#160; This fund seeks to provide safety of principal, adequate liquidity and competitive yield with low return volatility.</sup></div>
            <div style="margin-right: 13.5pt; margin-left: 72pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
              </sup></div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z0ac11be849c84d159b1a475a42ae647c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE&#160; 5.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">FORFEITURES</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Employees who leave Tredegar before becoming fully vested in Tredegar contributions forfeit the value of the nonvested portion of the Tredegar contribution account.&#160; At December 31, 2019,
              forfeited nonvested accounts available to reduce future administrative expenses totaled $6,115.&#160; At December 31, 2018, forfeited nonvested accounts available to reduce future employer contributions totaled $7,453.&#160; Employee forfeitures were
              $0 during 2019 and $548 during 2018.&#160; In 2019 and 2018, employer contributions were reduced by $0 and $28,914, respectively, from forfeited nonvested accounts, and $27,259 and $53,133, respectively, were offset to administrative expenses.</div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z54acad20a5564410a81f5e6995d6771b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 6.</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="font-weight: bold;">RELATED PARTY AND PARTY IN INTEREST TRANSACTIONS</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; color: rgb(37, 37, 37);">Certain fees incurred by the Plan for the investment management services are included in net appreciation (depreciation) in fair value of the investment, as they are
              paid through revenue sharing, rather than a direct payment.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt; color: rgb(37, 37, 37);">Certain Plan investments are shares of stock in Tredegar.&#160; Tredegar is the Plan Sponsor as defined by the Plan and, therefore, these transactions qualify as related
              party transactions.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan also issues loans to participants, which are secured by the vested balances in the participant&#8217;s accounts.</div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z6cdb13b721aa4d3f993335db18af2c1e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 7.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">INCOME TAX STATUS</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan received its latest determination letter on February 28, 2018, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable
              requirements of the Internal Revenue Code (&#8220;IRC&#8221;).&#160; The Plan has been amended since receiving the determination letter.&#160; However, the Plan administrator and the Plan&#8217;s tax counsel believe that the Plan is designed and is currently being
              operated in compliance with the applicable requirements of the IRC.&#160; Therefore, no provision for income taxes has been included in the Plan&#8217;s financial statements.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">U.S. GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that more likely than
              not would not be sustained upon examination by the taxing authorities.&#160; The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any periods.</div>
            <div style="text-align: justify; margin-left: 72pt;"> <br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z6831a2e72fd24639b84fcd0982e3cdff" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 8.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">RISKS AND UNCERTAINTIES</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks.&#160; Due to the level of risk associated
              with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants&#8217; account balances and the
              amounts reported in the statements of net assets available for benefits.</div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="zac7a3095e785417e8abe816e11c6e9de" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 9.</td>
                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="font-weight: bold;">RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="margin-left: 72pt;">
              <table cellspacing="0" cellpadding="0" border="0" align="left" style="width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;" id="z347330a938d541818786c83805137464">

                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 66%;">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-family: &#38;quot;"> 2019</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                      <div style="text-align: center; font-family: &#38;quot;"> 2018</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Net assets available for benefits per financial statements</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">143,131,757</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">118,775,205</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Adjustment for deemed distributed loans current year</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="font-family: &#38;quot;">(35,372</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">
                      <div style="font-family: &#38;quot;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                      <div style="font-family: &#38;quot;">(21,290</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1">)</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Net assets available for benefits per the Form 5500</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">143,096,385</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">118,753,915</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total additions per financial statements</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">38,937,841</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">712,415</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Adjustment for corrective distributions current year</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">214,131</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total income per Form 5500</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">38,937,841</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">926,546</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total deductions per financial statement</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">14,581,289</div>
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                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">20,457,987</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Adjustment for corrective distributions current year</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">-</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">214,131</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Adjustment for deemed distributed loans prior year</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">14,082</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">8,055</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Total expenses per form 5500</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">14,595,371</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">20,680,173</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Net increase (decrease) per financial statements</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">24,356,552</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">(19,745,572</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Adjustment for deemed distributed loans prior year</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">(14,082</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">)</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">(8,055</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">)</div>
                    </td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
                  </tr>
                  <tr>
                    <td valign="bottom" style="vertical-align: bottom; width: 66%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
                      <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-family: &#38;quot;">Net income (loss) per Form 5500</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">24,342,470</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
                    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">$</div>
                    </td>
                    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">(19,753,627</div>
                    </td>
                    <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">
                      <div style="font-family: &#38;quot;">)</div>
                    </td>
                  </tr>

              </table>
            </div>
            <div style="clear: both;"><br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;">Notes to Financial Statements</div>
            <div>
              <div style="text-align: center;">December 31, 2019 and 2018</div>
            </div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z232c3de6a460417ab44e3cf3807cacb4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 10.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">PLAN TERMINATION</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">Although it has not expressed any intent to do so, Tredegar has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of
              ERISA.&#160; In the event of Plan termination, participants would become 100% vested in their employer contributions.</div>
            <div><br>
            </div>
            <table cellspacing="0" cellpadding="0" id="z70ada2cbd62746beb307625e383345a2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

                <tr>
                  <td style="width: 72pt; vertical-align: top; font-weight: bold;">NOTE 11.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">SUBSEQUENT EVENTS</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">The Plan has evaluated all events through June 19, 2020, the date the financial statements were issued and has determined that the events discussed below require disclosure pursuant to the
              FASB ASC.</div>
            <div><br>
            </div>
            <div style="text-align: justify; margin-left: 72pt;">In March 2020, COVID-19 was declared a worldwide health pandemic and has had a significant impact on the national and global economy.&#160; The ultimate impact of COVID-19 on the Plan&#8217;s financial
              statements is unknown at this time. However, the Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;) was signed into law on March 27, 2020, which provides relief to Plan participants who have been affected by the COVID-19
              pandemic as specified in the CARES Act.&#160; Management elected to implement certain provisions of the CARES Act and will execute a formal Plan amendment within the timeframe required by law. There are no other subsequent events to be reported in
              the accompanying financial statements.</div>
            <div style="text-align: justify; margin-left: 72pt;"> <br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">SUPPLEMENTARY INFORMATION</div>
            <div style="text-align: center; font-weight: bold;"> <br>
            </div>
            <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
              <div id="DSPFPageBreak" style="page-break-after:always;">
                <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
              <div style="width: 100%;" id="DSPFPageHeader"><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-style: italic; font-size: 8pt;">Table of Contents</font></a></div>
            </div>
            <div style="text-align: center; font-weight: bold;">TREDEGAR CORPORATION RETIREMENT SAVINGS PLAN</div>
            <div style="text-align: center;"><a name="ScheduleHLine4i"><!--Anchor--></a>Schedule H, Line 4i &#8211; Schedule of Assets (Held at End of Year)</div>
            <div style="text-align: center;">December 31, 2019</div>
            <div>
              <div style="text-align: center;">EIN:&#160; 54-1497771&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;PN:&#160; 002</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">DFA Emerging Markets I</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Metropolitan West Total Return Bond M</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Templeton Global Bond ADV</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;449,949</div>
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Extended Market IDX ADM</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Inflation-Protected Secs ADM</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;434,041</div>
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Institutional Index Fund</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
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                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard REIT Index - Admiral</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Target Retirement Income</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Target Retirement 2015</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
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                    <div style="color: rgb(0, 0, 0);">Vanguard Target Retirement 2020</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                <tr>
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                <tr>
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                <tr>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
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                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Target Retirement 2060</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,365,786</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Total Bond Market Index ADM</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,469,191</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Vanguard Total Intl Stock Index Admiral</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Mutual Funds</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;550,749</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Galliard Retirement Income Fund 45</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Collective/Common Trust</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,526,089</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div>*</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Tredegar Company Stock</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="color: rgb(0, 0, 0);">Employer Stock</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;18,201,038</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div>*</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Various</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="color: rgb(0, 0, 0);">Self Directed Brokerage Account</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center;">&#160;**</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,982,739</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                    <div>*</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                    <div style="color: rgb(0, 0, 0);">Participant loans</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                    <div>536 loans, 4.25% - 6.50%</div>
                  </td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
                    <div style="text-align: center;">&#160;$-0-</div>
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                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px;" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid black;" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(255, 255, 255); border-bottom: 2px solid black;">
                    <div style="text-align: right;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,495,456</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 4.93%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1">&#160;</td>
                  <td style="width: 35%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1">&#160;</td>
                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1">&#160;</td>
                  <td style="width: 1%; vertical-align: middle; background-color: rgb(204, 238, 255); border-bottom: 4px double black;" colspan="1">$<br>
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                  <td style="width: 10%; vertical-align: middle; background-color: rgb(204, 238, 255); border-bottom: 4px double black;">
                    <div style="text-align: right;">&#160;143,033,803</div>
                  </td>
                </tr>

            </table>
            <div><br>
            </div>
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

                  <tr>
                    <td style="width: 4.93%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                      <div>*</div>
                    </td>
                    <td style="width: 36.75%; vertical-align: middle; background-color: rgb(255, 255, 255);">
                      <div style="color: rgb(0, 0, 0);">party-in-interest</div>
                    </td>
                    <td style="width: 28.8%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td style="width: 12.35%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td style="width: 17.17%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>
                  <tr>
                    <td style="width: 4.93%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
                      <div>**</div>
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                    <td style="width: 65.56%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">
                      <div>Cost omitted for participant directed investments</div>
                    </td>
                    <td style="width: 12.35%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                    <td style="width: 17.17%; vertical-align: middle; background-color: rgb(255, 255, 255);">&#160;</td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <div style="text-align: center;">See report of independent registered public accounting firm</div>
          </div>
          <div><br>
            <br>
          </div>
          <div style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ex23_1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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    <div style="text-align: right;"><u><font style="font-weight: bold;">Exhibit 23.1</font></u><br>
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    <div><font style="font-weight: bold;"> <br>
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      <div style="text-align: center; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED</div>
      <div style="text-align: center; font-weight: bold;">PUBLIC ACCOUNTING FIRM</div>
      <div><br>
      </div>
      <div style="text-align: justify;">We consent to the incorporation by reference in Registration Statements (File Nos. 033-64647, 333-66562 and 333-120132) on Form S-8 of Tredegar Corporation
        of our report dated June 19, 2020, relating to our audit of the financial statements and supplemental schedule of Tredegar Corporation Retirement Savings Plan, which appears in this Annual Report on Form 11-K of Tredegar Corporation Retirement
        Savings Plan for the year ended December 31, 2019.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">/s/ PBMares, LLP</div>
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      <div style="text-align: justify;"><img width="175" height="35" src="image0.jpg"></div>
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      <div style="text-align: justify;">Richmond, Virginia</div>
      <div style="text-align: justify;">June 19, 2020</div>
      <div style="text-align: justify;"> <br>
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      <div style="text-align: justify;"> <br>
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<TYPE>GRAPHIC
<SEQUENCE>3
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