<SEC-DOCUMENT>0000921895-18-000319.txt : 20180131
<SEC-HEADER>0000921895-18-000319.hdr.sgml : 20180131
<ACCEPTANCE-DATETIME>20180130215613
ACCESSION NUMBER:		0000921895-18-000319
CONFORMED SUBMISSION TYPE:	DEFC14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180131
DATE AS OF CHANGE:		20180130
EFFECTIVENESS DATE:		20180131

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA FUND INC
		CENTRAL INDEX KEY:			0000845379
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05749
		FILM NUMBER:		18560863

	BUSINESS ADDRESS:	
		STREET 1:		TWO AVENUE DE LAFAYETTE
		STREET 2:		PO BOX 5049 (02206-5049)
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		6176622789

	MAIL ADDRESS:	
		STREET 1:		TWO AVENUE DE LAFAYETTE
		STREET 2:		PO BOX 5049 (02206-5049)
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITY OF LONDON INVESTMENT GROUP PLC
		CENTRAL INDEX KEY:			0001018138
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEFC14A

	BUSINESS ADDRESS:	
		STREET 1:		77 GRACECHURCH STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V0AS
		BUSINESS PHONE:		011441717110771

	MAIL ADDRESS:	
		STREET 1:		77 GRACECHURCH STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V0AS

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLLIFF & PARTNERS PLC
		DATE OF NAME CHANGE:	19960705
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFC14A
<SEQUENCE>1
<FILENAME>defc14a11615002_01302018.htm
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>



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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Rule
14a-101)</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9744;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant &#9746;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Preliminary Proxy Statement</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>Definitive Proxy Statement</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Definitive Additional Materials</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Soliciting Material Under Rule 14a-12</TD></TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid">THE CHINA FUND, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Registrant as Specified in Its Charter)</P>

</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top; border-bottom: Black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">CITY OF LONDON INVESTMENT
GROUP PLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">CITY OF LONDON INVESTMENT
MANAGEMENT COMPANY LIMITED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">BARRY
M. OLLIFF</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">RICHARD
A. SILVER</P>



</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: top"><P>(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9746;</TD><TD>No fee required.</TD></TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>



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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9744;</TD><TD>Fee paid previously with preliminary materials:</TD></TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of
its filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Amount previously paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>2018 ANNUAL MEETING
OF STOCKHOLDERS</B><BR>
<B>OF</B><BR>
<FONT STYLE="text-transform: uppercase"><B>THE CHINA FUND, INC.</B></FONT><BR>
<B>_________________________</B><BR>
<BR>
<B>PROXY STATEMENT</B><BR>
<B>OF</B><BR>
<FONT STYLE="text-transform: uppercase"><B>EMERGING MARKETS COUNTRY FUND</B></FONT><BR>
<B>_________________________</B><BR>
<BR>
<B>PLEASE SIGN, DATE AND MAIL THE ENCLOSED <U>BLUE</U> PROXY CARD TODAY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Emerging Markets
Country Fund, a private investment fund organized as a Delaware trust (&ldquo;GBL&rdquo;), City of London Investment Group PLC,
a public limited company incorporated under the laws of England and Wales (&ldquo;CLIG&rdquo;), on behalf of itself, its wholly-owned
subsidiary, City of London Investment Management Company Limited, a private limited company incorporated under the laws of England
and Wales (&ldquo;CLIM&rdquo;), and the other City of London Funds<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1
</SUP></FONT>(collectively, &ldquo;City of London&rdquo; or &ldquo;we&rdquo;) are significant stockholders of The China Fund,
Inc., a Maryland corporation (the &ldquo;Fund&rdquo;), who, together with the other participants in this solicitation, beneficially
own 26.9% of the outstanding shares of common stock, par value $0.01 per share (the &ldquo;Shares&rdquo;), of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are investors
specializing in closed-end funds and, in addition to our investment in the Fund, have investments in other funds that offer emerging
markets exposure. We are also long-term stockholders in the Fund and have been invested in the Fund continuously since 2013, having
first filed a Schedule 13G in the Fund on February 11, 1998. As the largest stockholder in the Fund, owning more than 26.9% of
the outstanding Shares, our interests are fully aligned with the interests of all the Fund&rsquo;s stockholders. We believe that
the Board of Directors of the Fund (the &ldquo;Board&rdquo;) must be reconstituted to ensure that the Board takes the necessary
steps for the Fund&rsquo;s stockholders to realize the maximum value of their investment. We have nominated directors who have
strong, relevant backgrounds and who are committed to fully exploring all opportunities to unlock stockholder value. We are seeking
your support at the annual meeting of stockholders scheduled to be held at State Street Bank and Trust Company, One Lincoln Street,
Boston, Massachusetts 02111, on Tuesday, March 27, 2018 at 12:00 p.m., local time (including any adjournments or postponements
thereof and any meeting which may be called in lieu thereof, the &ldquo;Annual Meeting&rdquo;).<SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt; text-align: justify; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
The term &ldquo;City of London Funds&rdquo; as used herein means each of: (a) the Emerging (BMI) Markets Country Fund (&ldquo;BMI&rdquo;),
a private investment fund organized as a Delaware trust, (b) the Emerging Markets Free Fund (&ldquo;CF&rdquo;), a private investment
fund organized as a Delaware trust, (c) the Emerging Markets Global Fund (&ldquo;CG&rdquo;), a private investment fund organized
as a Delaware business trust, (d) the Emerging Markets Investable Fund (&ldquo;CI&rdquo;), a private investment fund organized
as a Delaware business trust, (e) the Global Emerging Markets Fund (&ldquo;EUREKA&rdquo;), a private investment fund organized
as a Delaware business trust, (f) The Emerging World Fund (&ldquo;EWF&rdquo;), a Dublin, Ireland-listed open-ended investment company,
(g) the Emerging Free Markets Country Fund (&ldquo;FREE&rdquo;), a private investment fund organized as a Delaware business trust,
(h) the Investable Emerging Markets Country Fund (&ldquo;INV&rdquo;), a private investment fund organized as a Delaware business
trust, (i) the EM Plus CEF Fund (&ldquo;PLUS&rdquo;), a private investment fund organized as a Delaware business trust, (j) GBL
and (k) an unaffiliated third-party segregated account over which CLIM exercises discretionary voting and investment authority
(the &ldquo;Segregated Accounts&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Additionally, to
ensure that the Fund is managed properly in the future, we believe it is essential to terminate all investment advisory and management
agreements with Allianz Global Investors U.S. LLC (&ldquo;Allianz&rdquo; or the &ldquo;Manager&rdquo;), which the Board has conceded
has been underperforming, and accordingly, we have submitted a stockholder proposal to that effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are furnishing
this proxy statement and the enclosed <B>BLUE</B> proxy card to stockholders in order to:</P>

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<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">Elect City of London&rsquo;s two (2) director nominees, Julian Reid and Richard A. Silver (each
a &ldquo;Nominee&rdquo; and, collectively, the &ldquo;Nominees&rdquo;), to the Board as Class I directors to serve until the 2021
annual meeting of stockholders and until their respective successors are duly elected and qualified;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Terminate all investment advisory and management agreements between the Fund and Allianz; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 57pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Consider and act upon such other business as may properly come before the Annual Meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>If you have
already sent a proxy card furnished by the Fund&rsquo;s management to the Fund, you have every right to change your vote by signing,
dating and returning the enclosed BLUE proxy card or by following the instructions for telephone or Internet voting detailed
thereon. Only your latest dated proxy card counts!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you have any
questions or require any assistance with your vote, please contact Saratoga Proxy Consulting LLC, which is assisting us, at the
address and toll-free numbers listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>Important Notice Regarding
the Availability of Proxy Materials for the Annual Meeting&mdash;This Proxy Statement and our BLUE proxy card are available at
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>www.saratogaproxy.com/CityofLondon</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>IMPORTANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Your vote
is important, no matter how few Shares you own. City of London urges you to sign, date, and return the enclosed BLUE proxy card
today to vote FOR the election of the Nominees and in accordance with City of London&rsquo;s recommendations on the other proposals
on the agenda for the Annual Meeting.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">If
                                         your Shares are registered in your own name, please sign and date the enclosed <B>BLUE
                                         </B>proxy card and return it to City of London, c/o Saratoga Proxy Consulting LLC in
                                         the enclosed postage-paid envelope today.</P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">If
                                         your Shares are held in a brokerage account or bank, you are considered the beneficial
                                         owner of the Shares, and these proxy materials, together with a <B>BLUE </B>voting form,
                                         are being forwarded to you by your broker or bank. As a beneficial owner, you must instruct
                                         your broker, trustee or other representative how to vote. Your broker cannot vote your
                                         Shares on your behalf without your instructions.</P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Depending upon your broker or custodian, you may be able to vote either by toll-free telephone
or by the Internet. Please refer to the enclosed voting form for instructions on how to vote electronically. You may also vote
by signing, dating and returning the enclosed voting form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Since only your
latest dated proxy card will count, we urge you not to return any proxy card you receive from the Fund. Even if you return the
management proxy card marked &ldquo;withhold&rdquo; as a protest against the incumbent directors, it will revoke any proxy card
you may have previously sent to us. Remember, you can vote for our two (2) Nominees only on our <B>BLUE</B> proxy card. So please
make certain that the latest dated proxy card you return is the <B>BLUE</B> proxy card.</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">If <I>you have
        any questions, require assistance in voting your <B>BLUE</B> proxy card,</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>or need additional
        copies of City of London&rsquo;s proxy materials,</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>please contact
        Saratoga at the phone numbers listed below.</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>
        <P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: 0in; color: Red"><IMG SRC="image_logo.jpg" ALT=""><B></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>Stockholders call toll
        free at (888) 368-0379</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>Email: info@saratogaproxy.com</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>&nbsp;&nbsp;</B></P>

<DIV STYLE="margin-right: 0.35in; margin-left: 31.5pt; padding: 12pt 31pt 16pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WE BELIEVE THE BOARD OF DIRECTORS HAS FAILED
TO ACT IN THE BEST INTEREST OF STOCKHOLDERS:</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Exercise of Poor Judgment: </B>Board Failed in its Aggressive
Attempts to Install an Investment Adviser Whose Principal was Sanctioned by the SEC for Wrongdoing as the Fund&rsquo;s Previous
Portfolio Manager </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Poor Investment Performance: </B>Board is Attempting to Protect
a Manager They Tried to Fire Last Summer, Who Has Poor NAV Performance vs. the Benchmark Index</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Excessive
Discount to Net Asset Value Represents Lost Dollars to Every Stockholder: </B>Shares Traded at an Average Discount of 13.7% in
2016 and 10.6% in 2017</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>No &ldquo;Skin in the Game&rdquo;: </B>Board Members Collectively
Own Less than 7,000 Shares and Director Compensation is Entirely Cash-Based</FONT><BR>
<BR>
</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Failure
                                         is Rewarded:</B> <FONT STYLE="font-family: Times New Roman, Times, Serif">Audit Committee
                                         Chair&rsquo;s Compensation Was Increased by 50% Months After Disclosing an Unaccrued
                                         $2 Million Tax Liability on the Last Day of the 2015 Fiscal Year</FONT></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt"><B>Shareholders Deserve a New Direction: </B>City of London&rsquo;s
Highly Qualified Nominees are Committed to Exploring ALL Opportunities to Maximize Value for Stockholders</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE TIME FOR ACTION IS NOW!</B></P>

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

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>REASONS FOR OUR
SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 31.7pt">City of London
is the Fund&rsquo;s largest stockholder, representing approximately 26.9% of the outstanding Shares, and has attempted to engage
with the Board for several years to improve the Fund&rsquo;s performance and the quality of the Board&rsquo;s corporate governance,
which can be readily observed in the many letters we have written to the Board, and which have been included as exhibits to City
of London&rsquo;s Schedule 13D and amendments thereto filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
We are seeking the election of our Nominees to the Board because, despite our attempts to foster a constructive dialogue with
the Board, we believe the Board is indifferent to the legitimate concerns of its stockholders and must be immediately reconstituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>The Fund has
a History of Poor Performance and Persistently Wide Discount to NAV</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shares of the
Fund have consistently traded at a discount to their net asset value (&ldquo;NAV&rdquo;). We believe that the fair value of a
share of common stock of a closed-end fund should be its NAV or a value very close to it. When the discount in the shares of a
closed-end fund is excessive, as is the case with the Fund, a stockholder who sells his or her shares is forced to leave behind
a substantial portion of the value underlying the shares at the time of the sale. As shown in the table below, the average discount
per Share of the Fund has widened each year from 9.1% in 2012 to 13.7% in 2016. The discount narrowed in 2017 to an average of
10.6%, which we believe was as a result of the anticipation of our proxy solicitation.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="6" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt">Average
    Discount to Net Asset Value per Share<SUP>2</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 21%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>2012</U></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2013</FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>2014</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>2015</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>2016</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>2017</U></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9.1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11.1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13.0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center; text-indent: 0in">10.6<FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
</TABLE>



&nbsp;

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We believe the
Board and the Fund&rsquo;s investment manager Allianz Global Investors U.S. LLC (&ldquo;Allianz&rdquo;) are responsible for the
persistent discount in the Shares and the Shares&rsquo; underperformance relative to the Fund&rsquo;s benchmark, the MSCI Golden
Dragon Index (the &ldquo;Benchmark&rdquo;). The Shares have trailed this Benchmark by 15% since April 2012,<SUP>2</SUP> when an
affiliate of Allianz was first installed as the Fund&rsquo;s investment manager. Furthermore, the Fund continues to trail the
Index for the year-to-date and three-year periods ended December 31, 2017, by approximately 6.3% and 8.6%, respectively.<SUP>3
</SUP>Indeed, the Board conceded in its semi-annual report to stockholders, dated April 30, 2017, that the Fund &ldquo;underperformed
the MSCI Golden Dragon Index for the one-, three-, and five-year periods ended December 31, 2016.&rdquo; Nonetheless, in the very
next sentence, the Board reached a puzzling conclusion &ndash; &ldquo;Despite [the] general underperformance,&rdquo; of the Fund,
the Fund&rsquo;s performance was &ldquo;adequate.&rdquo; The Board points to the fact that stockholders received a 37.9% return
on NAV on an absolute basis in 2017. Investments are not made in a vacuum, and the return for a hypothetical investment in the
Benchmark for 2017 was 44.2%.<SUP>3</SUP> An investment in the Fund returned 6.3% less than a hypothetical investment in the Benchmark.
The conclusion is clear &ndash; Allianz underperformed. <B><I>We question whether the Fund&rsquo;s stockholders agree with the
Board&rsquo;s determination that the Fund&rsquo;s performance and that of its investment manager are &ldquo;adequate.&rdquo;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center
"><B><I>Termination
of the Investment Manager is Not as Dire as the Board Depicts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It is the Board's
duty to assess the Fund's investment manager.&nbsp; If Allianz is terminated, the Board must simply do its job and find another
manager.&nbsp;&nbsp;The Fund can hire an interim manager, including Allianz,&nbsp;to manage the Fund until it can find a suitable
replacement, for up to 150 days.&nbsp;&nbsp;As the Fund&rsquo;s largest stockholder we are confident our investment will not be
put at risk and the Board, by acting reasonably and in the best interests of stockholders, will be able to find a superior investment
manager to replace Allianz.&nbsp; The Board's&nbsp;alarmist&nbsp;claims of the risk that the Fund will be without an investment
manager are greatly overblown, as is their hyperbole about what City of London's undisclosed intentions are with respect to the
Fund.&nbsp;&nbsp;Our goal is simple - to elect a Board that is committed to maximizing value for its stockholders after carefully
reviewing all strategic alternatives.&nbsp; &nbsp;We are confident that our Nominees, if elected, will be able to identify outstanding
replacement investment managers to the other members of the Board for their consideration, and a responsible Board, exercising
their fiduciary obligations should be able to prevent a situation where the Fund does not have an investment manager.&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2
</SUP></FONT>Source: Bloomberg L.P.</P>

<P STYLE="margin: 0"><SUP>3</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source: The Fund&rsquo;s
Monthly Insights report for December 2017</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>We Believe the Board Has Lost
All Credibility through its Repeated Attempts to Install Open Door Investment Management, Ltd. as the Fund&rsquo;s Investment
Manage</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Three days after
determining that the Fund&rsquo;s <I>underperformance</I> relative to the Benchmark was nonetheless &ldquo;adequate&rdquo; and
resolving to approve the continuation of the investment advisory contract with Allianz, on March 31, 2017, the Board threw stockholders
another curveball when it announced that it had selected Open Door Investment Management, Ltd. (&ldquo;Open Door&rdquo;) to serve
as the Fund&rsquo;s new investment manager, subject to stockholder approval. Conspicuously absent from the Fund&rsquo;s announcement
was the fact that one of the principals of Open Door, Chris Ruffle, served as the Fund&rsquo;s portfolio manager, from 2001 to
2011, when Mr. Ruffle was a senior member of Martin Currie Investment Management, Ltd. (&ldquo;Martin Currie&rdquo;), the Fund&rsquo;s
investment adviser during that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In 2014, Mr.&nbsp;Ruffle
settled an enforcement proceeding brought by the SEC for his role in negotiating and causing the Fund to enter into an unlawful
transaction which directly benefitted another Martin Currie client, a hedge fund which was facing mounting redemption requests
from its investors and which had invested in illiquid convertible bonds issued by a certain Chinese company. To alleviate the
hedge fund&rsquo;s liquidity issues, Mr. Ruffle led the Fund to invest in convertible bonds issued by the Chinese company. The
Chinese company then used the majority of the Fund&rsquo;s investment proceeds to repay the hedge fund for preexisting convertible
bonds that the hedge fund held. <B><I>If it were not for the SEC&rsquo;s enforcement proceeding and subsequent settlement with
Mr. Ruffle, the Fund&rsquo;s stockholders would have been left holding the bag as the Fund ultimately sold the convertible bonds
at a 45% loss on their face value.</I></B> In the proceeding, the SEC alleged that Mr.&nbsp;Ruffle aided and abetted a willful
violation of a provision of the Investment Company Act of 1940. <B><I>Under the terms of the settlement, Mr.&nbsp;Ruffle agreed
to pay a fine of $150,000 and was barred from advising, or being associated with a U.S. registered investment company, or with
an adviser to a U.S. registered investment company for a period of one year.</I></B><B><I> </I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">City of London
refused to support the selection of Open Door as the Fund&rsquo;s investment manager and we presumed that every other stockholder
was also dismayed by the Board&rsquo;s attempt to appoint Open Door as the Fund&rsquo;s investment manager. Nonetheless, the Board
expended valuable stockholder resources, adjourning and reconvening the special meeting to approve Open Door as the investment
manager three times in order to solicit the votes of an outstanding majority of the Shares. On August 30, 2017, the Board finally
relented in its failed attempt to install Open Door as the Fund&rsquo;s investment manager and announced that Allianz would remain
the Fund&rsquo;s investment manager. <B><I>We believe the Board has lost all credibility following its attempt to install an investment
manager whose principal was previously sanctioned for wrongdoing in connection with his role as the portfolio manager of the Fund.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>We Believe
the Board is Stale and Is Not Aligned with Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We believe the Board&rsquo;s
ineffectiveness at tackling the persistent destruction of stockholder value is in large part a function of a troubling misalignment
of interests between the directors and the Fund&rsquo;s stockholders.&nbsp;&nbsp;Change on the Board is critical to ensure renewed
focus and commitment to unlocking stockholder value. We believe the current Board is stale, as the average tenure is approximately
ten years. <B><I>Three of the seven directors have served on the Board for over ten years and two directors, including Chairman
Joe Rogers, have served on the Board for over 25 years</I></B>. We believe that the Fund&rsquo;s stock price has suffered due to
the lack of fresh perspective on the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Further, despite
this long tenure, according to the current directors&rsquo; Section 16 filings, <B><I>the Board collectively own less than 7,000
Shares in the Fund</I></B>. Four directors have never purchased nor owned a single Share, including Mr. Richard Shore, a Class
I director who is seeking reelection at the Annual Meeting.&nbsp; Chairman Joe Rogers owns a paltry 1,750 Shares and has not purchased
any Shares in the Fund for over a decade. City of London, on the other hand, is the Fund&rsquo;s largest stockholder and owns
approximately 26.9% of the outstanding Shares of the Fund.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The current Board&rsquo;s
lack of alignment with stockholders is compounded by the fact that director compensation is comprised entirely of cash payments
rather than equity awards, which potentially would have incentivized the Board&rsquo;s performance. We lament the Board&rsquo;s
decision to reward the Chairman of the Audit Committee with an additional $10,000 per year, representing a 50% increase in his
$20,000 annual stipend, given our belief that his lack of oversight over the Fund&rsquo;s accounting service providers contributed
to the Fund&rsquo;s announcement of a $2 million tax liability on the last day of its 2015 fiscal year. Chinese tax authorities
had provided guidance regarding the accrual of capital gains earlier that year. The aggregate remuneration for all directors for
fiscal year 2016 was $450,000, in addition to $149,445 in reimbursed expenses for the Board&rsquo;s regular trips to China, which
we view as an extravagance that has not measurably benefitted stockholders. It is City of London&rsquo;s long-standing and documented
view that the Board&rsquo;s ordinary course of business in overseeing a U.S.-listed closed-end fund relates to activities that
occur within the United States (such as accruing for capital gains taxes in a timely manner), whereas the Fund&rsquo;s investment
manager is charged with researching and pursuing investment opportunities for the Fund, including with respect to local Chinese,
Hong Kong, and Taiwanese securities. In light of the Fund&rsquo;s poor investment performance and widening discount, stockholders
appear to be suffering disproportionately. <B><I>It seems apparent to us that with so little &ldquo;skin in the game&rdquo; the
Board does not have the same commitment to stockholder value as we do.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><I>We Believe
the Board Must Evaluate ALL Opportunities to Maximize Value for Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">City of London
believes the Fund&rsquo;s stockholders would find the opportunity to realize the NAV of their Shares an attractive option given
the wide NAV discount and the Shares&rsquo; underperformance relative to the Fund&rsquo;s Benchmark. Our Nominees, if elected,
will constitute a minority of the Board and cannot guarantee the cooperation of the remaining members of the Board with respect
to charting a path forward for the Fund, however, the Nominees intend to work constructively with the other members of the Board
to discharge their duties as directors of the Fund in compliance with all applicable legal requirements, including the general
fiduciary obligations imposed upon corporate directors. If elected, the Nominees will use their best efforts to cause the Board
to evaluate all strategic alternatives to reduce the discount in the Shares or to otherwise return value to the Fund&rsquo;s stockholders
including, among others, by reinstating the share buyback program discontinued by the Board in March 2013, liquidating the Fund,
or seeking the consolidation of the Fund with one or more other closed-end funds focused on the emerging markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;With respect
to a potential consolidation of the Fund, our Nominees, if elected, and based on all of the information available to them as members
of the Board, would consider whether a consolidation of the Fund with one or more other closed-end funds, including a consolidation
conditioned upon a tender offer by the combined fund allowing stockholders in the combined fund to sell their shares at a price
close to the combined fund&rsquo;s NAV, would be in the best interests of the Fund&rsquo;s stockholders. A similarly structured
consolidation is currently awaiting approval by the stockholders of Aberdeen Chile Fund, Inc., and other Aberdeen closed-end funds,
of which City of London is a stockholder. We believe the Fund&rsquo;s stockholders deserve a Board that is willing to independently
evaluate the benefit such a transaction, among all others alternatives, would provide to the Fund&rsquo;s stockholders.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B><I>The time
has come for stockholders to stop waiting for things to improve and to take action to lessen the discount by electing directors
who have stockholders interests at the forefront.&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in; background-color: white"><B>SERIOUS
ACTION IS NEEDED. IT IS TIME TO SEND A MESSAGE TO THE BOARD BY VOTING FOR CITY OF LONDON&rsquo;S NOMINEES ON THE ENCLOSED BLUE
PROXY CARD.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>BACKGROUND TO
THE SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following is
a chronology of events leading up to this proxy solicitation:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">City of London, which is not a hedge fund manager, has been invested in the Fund continuously since 2013.
City of London was invested in the Fund prior to 2013 as well, having first filed a Schedule 13G for its holdings in the Fund on
February 11, 1998.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On November 24, 2015, Jeremy Bannister and Ted Sevick, representatives of City of London, had a
telephone conversation with Joe Rogers, the Fund&#8217;s Chairman, and Gary French, a Director and the Audit Committee Chairman,
to discuss the $2 million adjustment to NAV on the last day of the 2015 fiscal year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0">On
                                         February 4, 2016, City of London delivered a letter to Mr. Rogers regarding the Board&rsquo;s
                                         approval to increase the Audit Committee Chairman&rsquo;s annual fee to $30,000. City
                                         of London expressed that it was inappropriate for the Board to reward the Audit Committee
                                         Chairman with a 50% increase in his annual fee after <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Fund&rsquo;s announcement of a $2 million tax liability on the last day of its 2015 fiscal
                                         year. City of London requested that the Fund provide the background information, which
                                         supported the payment of an additional $45,000 in director compensation in a one-year
                                         period where the Board presumably met quarterly</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.</FONT></P></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On February 16, 2016, Mr. Rogers delivered a letter to City of London defending the recent increases
in director fees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On January 18, 2017, City of London delivered a letter to Mr. Rogers about the Fund&rsquo;s NAV performance,
discounts, and costs. The letter noted that City of London had recently filed an updated Schedule 13G to reflect increased ownership
of the Fund&rsquo;s outstanding Shares as of December 31, 2016. The letter also noted that the increased investment should not
be viewed as a vote of confidence, particularly pointing to (i) poor investment (NAV) performance, (ii) an increasingly wide discount
(resulting in poor Share price performance) and (iii) a seemingly undisciplined cost structure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On February 3, 2017, Mr. Rogers delivered a letter to City of London defending the Fund&#8217;s
recent performance. Mr. Rogers highlighted that the Board was supportive of the Manager and believes that the Manager&#8217;s approach,
knowledge of relevant markets and philosophy are sound.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On March 31, 2017, Mr. Rogers had a telephone conversation with Messrs. Bannister and Sevick, to
inform City of London that the Board had selected Open Door to replace Allianz as the new investment manager of the Fund.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On April 4, 2017, Chris Ruffle, the co-owner of Open Door, spoke with Barry Olliff, the Director
of City of London. Messrs. Olliff and Ruffle discussed the possibility of Open Door serving as investment manager to the Fund given
the history of SEC and FSA sanctions against Mr. Ruffle.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On April 27, 2017, City of London delivered a letter to Mr. Rogers saying that as a long-term stockholder,
City of London was dismayed at the Board&#8217;s decision to select Open Door as investment manager of the Fund. City of London
further highlighted that it would submit a Rule 14a-8 proposal to terminate all investment advisory and management agreements between
the Fund and Allianz prior to the deadline of September 21, 2017. City of London filed its Schedule 13D with the SEC at this juncture.</TD></TR></TABLE>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On June 28, 2017, City of London delivered a letter to Mr. Rogers after the first postponement of the special
meeting to vote on Open Door as investment manager of the Fund. The letter noted that City of London would not support Open Door,
because Mr. Ruffle, the principal of Open Door, was the subject of an SEC administrative proceeding for wrongdoing in connection
with his service as the Fund&rsquo;s former portfolio manager.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On August 10, 2017, City of London delivered a letter to Mr. Rogers after the second postponement
of the special meeting to vote on Open Door as investment manager of the Fund, highlighting City of London&#8217;s position for
refusing to accept Open Door as investment manager of the Fund.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On September 11, 2017, City of London delivered a letter to Mr. Rogers after the vote on Open Door
as investment manager of the Fund had failed to receive the requested support of the Fund&#8217;s stockholders. The letter stated
that City of London had filed a 14a-8 proposal to terminate the Fund&#8217;s investment advisory and management agreements with
Allianz.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Also on September 11, 2017, City of London delivered a letter to the Secretary of the Fund containing
the termination proposal enclosed herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On December 29, 2017, City of London delivered a notice of stockholder nomination and business proposal
to be considered by the Fund&#8217;s stockholders at the Annual Meeting.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                         January 17, 2018, City of London filed its preliminary proxy statement with the SEC in
                                         connection with the Annual Meeting.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">On
                                         January 23, 2018, the Fund filed its preliminary proxy statement with the SEC in connection
                                         with the Annual Meeting.</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>PROPOSAL
NO. 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>ELECTION
OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Fund has a classified
Board, which is currently divided into three (3) classes. The directors in each class are elected for terms of three (3) years
so that the term of office of one (1) class of directors expires at each annual meeting of stockholders. We believe that the terms
of two (2) directors expire at the Annual Meeting. We are seeking your support at the Annual Meeting to elect our Nominees in opposition
to the Fund&rsquo;s two director nominees for terms ending in 2021. Your vote to elect our Nominees will have the legal effect
of replacing two (2) incumbent directors with the Nominees. If elected, our Nominees will represent a minority of the members of
the Board, and therefore it is not guaranteed that they can implement the actions that they believe are necessary to enhance stockholder
value as described in further detail above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>THE NOMINEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following information
sets forth the name, age, business address, present principal occupation, and employment and material occupations, positions, offices,
or employments for the past five years of each of the Nominees. The nominations were made in a timely manner and in compliance
with the applicable provisions of the Fund&rsquo;s governing instruments. The specific experience, qualifications, attributes and
skills that led us to conclude that the Nominees should serve as directors of the Fund are set forth above in the section entitled
&ldquo;Reasons for the Solicitation&rdquo; and below. This information has been furnished to us by the Nominees. Mr. Reid is a
citizen of the United Kingdom. Mr. Silver is a citizen of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Julian Reid,
</B>age 73, has spent 40 years in the global financial services industry specializing particularly in Asia. Since 2004 he has been
Chairman of The Korea Fund, Inc. (NYSE:KF), a single-country, closed-end fund with approximately $280 million in assets. Mr. Reid
served as a Director of Jardine Fleming China Region Fund, Inc. (NYSE: JFC), a closed-end fund investing in equity securities of
companies with substantial assets in, or revenues derived from, the People's Republic of China, Hong Kong, Taiwan, and Macau, from
May 1998 until its dissolution in July 2017. In addition, Mr. Reid has served as the Chief Executive of 3a Funds Group, a macro-style
investment manager specializing particularly in Asian securities, from 2002 to December 2012: Director and Chairman of Morgan&rsquo;s
Walk Properties Limited, the management company of a London residential development, from 2002 to 2008: Director and Chairman of
Prosperity Voskhod Fund Ltd. (LSE: PVF), a London listed, closed-end, limited life fund pursuing an event-driven and restructuring
strategy, from October 2006 to October 2016, and JM Properties Limited, a Gibraltar-, subsequently Malta-based, UK property development
company over 6 years to 2014. Mr. Reid is an Affiliate of the Securities Industry of Australia and has been licensed by the respective
regulatory bodies in the United Kingdom, Hong Kong, Singapore and Australia. In 2007, Mr. Reid was named &ldquo;Small Board Trustee
of the Year&rdquo; by Fund Directions, a U.S. publication focusing on corporate governance issues, for his work as the independent
chairman of The Korea Fund, Inc. City of London believes Mr. Reid&rsquo;s 40 years&rsquo; domestic and international closed-end
fund experience, his service as the chairman and director of numerous closed-end funds, and his knowledge of the Asian environment
will make him a valuable addition to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>Richard A. Silver,
</B>age 71, currently serves as an Independent Director and Chair of the Audit &amp; Compliance Committee of The
Korea Fund, Inc. (NYSE: KF), a single-country closed-end fund with approximately $280 million in assets, since July 2006. Mr. Silver
has more than 30 years of senior executive experience in the investment management industry. He previously served as Treasurer
and Chief Financial Officer for the entire family of mutual funds managed by Fidelity Management &amp; Research Co., from 1997
to 2000, and as Executive Vice President for Fidelity Investments, from 2000 to 2005, during which time he oversaw accounting,
financial reporting and related operations for more than 400 mutual funds and 2,300 other investment portfolios. He also served
as Senior Vice President, Treasurer and Chief Financial Officer of The Colonial Group, Inc. for nearly 19 years, heading the Fund&rsquo;s
financial services group. In addition, Mr. Silver served as the chairman of the Accounting/Treasurers&rsquo; Committee of the Investment
Company Institute for approximately seven years. Mr. Silver received his B.S. in Accounting from Bentley University and his M.B.A.
from Suffolk University. City of London believes Mr. Silver&rsquo;s more than 30 years of experience as a senior executive in the
investment management industry well qualifies him to serve on the Board.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Mr. Silver personally
assisted the securities and criminal divisions of the South Carolina Attorney General&rsquo;s Office in their efforts to seek restitution
from and hold accountable the sole manager of certain limited liability companies that owned tracts of timber land (the &ldquo;Timber
LLCs&rdquo;), which Mr. Silver, among others, had invested in. Due in part to Mr. Silver&rsquo;s forensic audit of the Timber LLCs&rsquo;
records, the former manager of the Timber LLCs was convicted of securities fraud and plead and was found guilty of multiple criminal
counts. In addition, the former manager of the Timber LLCs was required to surrender his membership interests in the Timber LLCs
and to otherwise make restitution to the defrauded investors, including Mr. Silver. The principal business address of Mr. Reid
is 601&ndash;603, Bonham Trade Centre, 50 Bonham Strand East, Sheung Wan, Hong Kong. The principal business address of Mr. Silver
is 67 Fuskie Lane, Daufuskie Island, South Carolina 29915.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date hereof,
neither of Messrs. Reid and Silver own any Shares of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of the Nominees
may be deemed to be a member of a &ldquo;group&rdquo; for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended (the &ldquo;Exchange Act&rdquo;). Each of the Nominees specifically disclaims beneficial ownership of Shares that he
does not directly own. For information regarding purchases and sales during the past two years by certain members of City of London
of securities of the Fund, see <U>Schedule I</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Other than as stated
herein, there are no arrangements or understandings between members of City of London and any of the Nominees or any other person
or persons pursuant to which the nomination of the Nominees described herein is to be made, other than the consent by each of the
Nominees to be named in this Proxy Statement and to serve as a director of the Fund if elected as such at the Annual Meeting. None
of the Nominees is a party adverse to the Fund or any of its subsidiaries or has a material interest adverse to the Fund or any
of its subsidiaries in any material pending legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Additionally, on
December 29, 2017, each of CLIG, CLIM, Barry M. Olliff, the Director of CLIM, and the Nominees entered into a Joint Filing and
Solicitation Agreement pursuant to which, among other things, the parties agreed to (a) the joint filing on behalf of each of them
of statements on Schedule 13D, and any amendments thereto, with respect to the securities of the Fund and (b) solicit proxies for
the election of the Nominees and approval of certain business proposals at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Other than as disclosed
in this Notice, there are no arrangements or understandings between the Nominating Stockholder or its affiliates and the Nominees
or any other person or persons pursuant to which the nominations are to be made by the Nominating Stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of the Nominees
has consented to be named as a Nominee in this Notice, to be named as a Nominee in any proxy statement filed by the Nominating
Stockholder in connection with the solicitation of proxies from the Fund stockholders in connection with the Annual Meeting and
to serve as a director of the Fund, if so elected (each, a &ldquo;Consent&rdquo; and collectively, the &ldquo;Consents&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Nominee presently
is, and if elected as a director of the Fund would be, an &ldquo;independent director&rdquo; within the meaning of (i) applicable
NYSE listing standards applicable to board composition, including Rule 303.A and (ii) Section 301 of the Sarbanes-Oxley Act of
2002. No Nominee is a member of the Fund&rsquo;s compensation, nominating or audit committee that is not independent under any
such committee&rsquo;s applicable independence standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We do not expect
that the Nominees will be unable to stand for election, but, in the event any Nominee is unable to serve or for good cause will
not serve, the Shares represented by the enclosed <B>BLUE</B> proxy card will be voted for substitute nominee(s). The Fund&rsquo;s
Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;) are silent with respect to the nomination of substitute nominees. In addition,
we reserve the right to nominate substitute person(s) if the Fund makes or announces any changes to its Bylaws or takes or announces
any other action that has, or if consummated would have, the effect of disqualifying any Nominee. In any such case, we would identify
and properly nominate such substitute nominees and Shares represented by the enclosed <B>BLUE</B> proxy card will be voted for
such substitute nominee(s). We reserve the right to nominate additional person(s) if the Fund increases the size of the Board
above its existing size or increases the number of directors whose terms expire at the Annual Meeting. Additional nominations
made pursuant to the preceding sentence are without prejudice to the position of City of London that any attempt to increase the
size of the current Board constitutes an unlawful manipulation of the Fund&rsquo;s corporate machinery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>WE URGE YOU TO VOTE
FOR THE ELECTION OF THE NOMINEES ON THE ENCLOSED BLUE PROXY CARD.</B></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>PROPOSAL NO. 2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>PROPOSAL TO TERMINATE
ALLIANZ AS INVESTMENT ADVISOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><U>Proposal</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>&#9;RESOLVED:
</B>All investment advisory and management agreements between The China Fund, Inc. (the &quot; Fund&quot;) and Allianz Global Investors
U.S. LLC (&quot;Allianz&quot;) shall be terminated by the Fund, pursuant to the right of stockholders as embodied in Section 15(a)(3)
of the Investment Company Act of 1940 and as required to be included in such agreements, at the earliest date the Fund is legally
permitted to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><U>Supporting Statement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&#9;&#9;The investment
results achieved by Allianz, the Fund's investment manager, did not keep pace with the Benchmark over an extended period. As such,
Allianz, in its capacity as Manager, delivered unsatisfactory NAV investment performance. Therefore, all investment advisory and
management agreements between the Fund and Allianz should be terminated by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;&#9;As outlined
in the Fund's &quot;Semi-Annual Report to Stockholders &ndash; April 30, 2017&quot;, the Board considered the renewal of the investment
management and portfolio management agreements.&nbsp; The Manager's affiliate assumed its responsibilities effective April 6,
2012, and thus had crossed the five-year threshold at the date of the Semi-Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;&#9;According to the section of the
Semi-Annual Report entitled &quot;Board Deliberations Regarding Approval of Investment Advisory Agreements,&quot; the Board determined
that &quot;the Fund underperformed the MSCI Golden Dragon Index for the one-, three- and five-year periods ended December 31,
2016 and outperformed the Index for the 10-year period ended December 31, 2016.&quot; The section went on the state that &quot;The
Directors concluded that, despite this general underperformance when compared to the Fund's benchmark, the performance of the
Fund was adequate.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;&#9;The facts are that the NAV performance
delivered by Allianz for the rolling periods ending June 30, 2017, according to the Fund's own published investment results, lagged
the benchmark index by 4.79% for the 1-year period and 2.62% annualized for the 3-year period, equating to a cumulative underperformance
of approximately 7.5%. This is weak investment performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;&#9;The Board deemed Allianz's performance
to be &quot;adequate&quot; on March 28, 2017, but later that same day the Board resolved to select Open Door as successor to Allianz.
Clearly, the Board's actions and its words on that day stand in opposition to each other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;&#9;For the reasons outlined above,
we urge stockholders to exercise their right pursuant to Section 15(a)(3) of the Investment Company Act to vote to terminate all
investment advisory and management agreements with Allianz Global Investors U.S. LLC.<B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Fund has set
the close of business on February 2, 2018 as the record date for determining stockholders entitled to notice of and to vote at
the Annual Meeting (the &ldquo;Record Date&rdquo;). Stockholders of record at the close of business on the Record Date will be
entitled to vote at the Annual Meeting. The Fund has not yet publicly disclosed how many shares of Common
Stock were outstanding as of the Record Date. As of December 31, 2017, there were 15,772,674 shares of Common Stock outstanding,
as disclosed in the Fund&rsquo;s Monthly Insights Report dated as of December 31, 2017. Once the Fund publicly discloses the number
of shares of Common Stock outstanding as of the Record Date, we intend to supplement this Proxy Statement with such information
and file revised definitive materials with the SEC.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders are
entitled to one vote for each Share held of record on the Record Date with respect to each matter to be acted on at the Annual
Meeting. Only stockholders of record on the Record Date will be entitled to notice of and to vote at the Annual Meeting. Stockholders
who sell their Shares before the Record Date (or acquire them without voting rights after the Record Date) may not vote such Shares.
Stockholders of record on the Record Date will retain their voting rights in connection with the Annual Meeting even if they sell
such Shares after the Record Date. Based on publicly available information, City of London believes that the only outstanding
class of securities of the Fund entitled to vote at the Annual Meeting is the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shares represented
by properly executed <B>BLUE</B> proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions,
will be voted <B>FOR </B>the election of the Nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">According to
the Fund&rsquo;s proxy statement for the Annual Meeting, the current Board intends to nominate two (2) candidates for election
as Class I directors at the Annual Meeting. This Proxy Statement is soliciting proxies to elect only our two (2) Nominees. Accordingly,
the enclosed <B>BLUE </B>proxy card may only be voted for the Nominees and does not confer voting power with respect to the Fund&rsquo;s
nominees. The participants in this solicitation intend to vote the City of London Group Shares in favor of the Nominees. Stockholders
should refer to the Fund&rsquo;s proxy statement for the names, backgrounds, qualifications and other information concerning the
Fund&rsquo;s nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">While we currently
intend to vote all of the City of London Group Shares in favor of the election of the Nominees, we reserve the right to vote some
or all of the City of London Group Shares for some or all of the Fund&rsquo;s director nominees, as we see fit, in order to achieve
a Board composition that we believe is in the best interest of all stockholders. We would only intend to vote some or all of the
City of London Group Shares for some or all of the Fund&rsquo;s director nominees in the event it were to become apparent to us,
based on the projected voting results at such time, that less than all of the Nominees would be elected at the Annual Meeting
and that by voting the City of London Group Shares we could help elect the Fund nominees that we believe are the most qualified
to serve as directors and thus help achieve a Board composition that we believe is in the best interest of all stockholders. Stockholders
should understand, however, that all Shares represented by the enclosed BLUE proxy card will be voted at the Annual Meeting as
marked.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>QUORUM; BROKER NON-VOTES; DISCRETIONARY
VOTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A quorum is the
minimum number of Shares that must be represented at a duly called meeting in person or by proxy in order to legally conduct business
at the meeting.&nbsp;&nbsp;For the Annual Meeting, the presence, in person or by proxy, of the holders of a majority of the outstanding
Shares as of the Record Date, will be considered a quorum allowing votes to be taken and counted for the matters before the stockholders.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Abstentions are
counted as present and entitled to vote for purposes of determining a quorum. Shares represented by &ldquo;broker non-votes&rdquo;
also are counted as present and entitled to vote for purposes of determining a quorum. However, if you hold your shares in street
name and do not provide voting instructions to your broker, your shares will not be voted on any proposal on which your broker
does not have discretionary authority to vote (a &ldquo;broker non-vote&rdquo;). Under rules of the NYSE, your broker will not
have discretionary authority to vote your shares at the Annual Meeting on any of the proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are a stockholder
of record, you must deliver your vote by mail, attend the Annual Meeting in person and vote, vote by Internet or vote by telephone
in order to be counted in the determination of a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you are a beneficial
owner, your broker will vote your shares pursuant to your instructions, and those shares will count in the determination of a quorum.
Brokers do not have discretionary authority to vote on any of the proposals at the Annual Meeting. Accordingly, unless you vote
via proxy card or provide instructions to your broker, your Shares will count for purposes of attaining a quorum, but will not
be voted on those proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>VOTES REQUIRED FOR APPROVAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Election of
Directors </I>&ndash; The election of directors of the Fund requires the affirmative vote of the holders of a majority of the
votes cast on the election of directors at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Proposal to
Terminate Investment Adviser </I>&ndash; The approval of Proposal 2 requires the affirmative vote of a majority of the outstanding
voting securities of the Fund. The vote of a majority of the outstanding voting securities is defined in the Investment Company
Act of 1940 as the lesser of the vote of (i) 67% or more of the shares of the Fund entitled to vote thereon present at the meeting
if the holders of more than 50% of such outstanding shares are present in person or represented by proxy or (ii) more than 50%
of such outstanding shares of the Fund entitled to vote thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under applicable
Maryland law, none of the holders of Shares is entitled to appraisal rights in connection with any matter to be acted on at the
Annual Meeting. If you sign and submit your BLUE proxy card without specifying how you would like your shares voted, your shares
will be voted in accordance with City of London&rsquo;s recommendations specified herein and in accordance with the discretion
of the persons named on the BLUE proxy card with respect to any other matters that may be voted upon at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>REVOCATION OF PROXIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders of
the Fund may revoke their proxies at any time prior to exercise by attending the Annual Meeting and voting in person (although
attendance at the Annual Meeting will not in and of itself constitute revocation of a proxy) or by delivering a written notice
of revocation. The delivery of a subsequently dated proxy which is properly completed will constitute a revocation of any earlier
proxy. The revocation may be delivered either to City of London in care of John Ferguson of Saratoga Proxy Consulting LLC at the
address set forth on the back cover of this Proxy Statement or to the Fund at The China Fund, Inc., c/o Secretary of the Fund/
State Street Bank and Trust Company, P.O. Box 5049, One Lincoln Street, Boston, Massachusetts 02206-5049 or any other address provided
by the Fund. Although a revocation is effective if delivered to the Fund, we request that either the original or photostatic copies
of all revocations be mailed to City of London in care of John Ferguson at the address set forth on the back cover of this Proxy
Statement so that we will be aware of all revocations and can more accurately determine if and when proxies have been received
from the holders of record on the Record Date of a majority of the outstanding Shares. Additionally, John Ferguson of Saratoga
Proxy Consulting LLC may use this information to contact stockholders who have revoked their proxies in order to solicit later
dated proxies for the election of the Nominees.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>IF YOU WISH
TO VOTE FOR THE ELECTION OF THE NOMINEES TO THE BOARD, PLEASE SIGN, DATE AND RETURN PROMPTLY THE ENCLOSED BLUE PROXY CARD IN THE
POSTAGE-PAID ENVELOPE PROVIDED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>SOLICITATION OF
PROXIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The solicitation
of proxies pursuant to this Proxy Statement is being made by City of London. Proxies may be solicited by mail, facsimile, telephone,
telegraph, Internet, in person and by advertisements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Members of City
of London have entered into an agreement with Saratoga Proxy Consulting LLC for solicitation and advisory services in connection
with this solicitation, for which Saratoga Proxy Consulting LLC will receive a fee not to exceed $50,000, together with reimbursement
for its reasonable out-of-pocket expenses, and will be indemnified against certain liabilities and expenses, including certain
liabilities under the federal securities laws. Saratoga Proxy Consulting LLC will solicit proxies from individuals, brokers, banks,
bank nominees and other institutional holders. City of London has requested banks, brokerage houses and other custodians, nominees
and fiduciaries to forward all solicitation materials to the beneficial owners of the Shares Stock they hold of record. City of
London will reimburse these record holders for their reasonable out-of-pocket expenses in so doing. It is anticipated that Saratoga
Proxy Consulting LLC will employ approximately 15 persons to solicit stockholders for the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The entire expense
of soliciting proxies is being borne by City of London. Costs of this solicitation of proxies are currently estimated to be approximately
$250,000 (including, but not limited to, fees for attorneys, solicitors and other advisors, and other costs incidental to the
solicitation). City of London estimates that through the date hereof its expenses in connection with this solicitation are approximately
$75,000. City of London intends to seek reimbursement from the Fund of all expenses it incurs in connection with this solicitation
if one or more of its Nominees are elected to the Board. City of London does not intend to submit the question of such reimbursement
to a vote of security holders of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>ADDITIONAL PARTICIPANT
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Nominees and
the members of City of London are participants in this solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The principal
business of CLIG is serving as the parent holding company for the City of London group of companies, including CLIM. The business
address of CLIG is 77 Gracechurch Street, London EC3V 0AS, England. As of the date of the mailing of this proxy statement, CLIG,
through its control of CLIM, is the beneficial owner of 4,192,505 Shares (representing 308,857 Shares owned directly by BMI, 116,563
Shares owned directly by CF, 250,030 Shares owned directly by CG, 172,029 Shares owned directly by CI, 357,943 Shares owned directly
by EUREKA, 168,067 Shares owned directly by EWF, 158,448 Shares owned directly by FREE, 305,401 Shares owned directly by GBL,
46,658 Shares owned directly by INV, 42,096 Shares owned directly by PLUS, and 2,303,802 Shares owned directly by the Segregated
Accounts).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">CLIM is an emerging
markets fund manager which specializes in investing in closed-end investment companies and is a registered investment adviser
under Section 203 of the Investment Advisers Act of 1940. CLIM is principally engaged in the business of providing investment
advisory services to segregated accounts and various investment funds. The business address of CLIM is 77 Gracechurch Street,
London EC3V 0AS, England. As of the date of the mailing of this proxy statement, CLIG, through its control of CLIM, is the beneficial
owner of 4,229,534 Shares (representing 308,857 Shares owned directly by BMI, 116,563 Shares owned directly by CF, 250,030 Shares
owned directly by CG, 172,029 Shares owned directly by CI, 357,943 Shares owned directly by EUREKA, 168,067 Shares owned directly
by EWF, 158,448 Shares owned directly by FREE, 305,401 Shares owned directly by GBL, 46,658 Shares owned directly by INV, 42,096
Shares owned directly by PLUS, and 2,303,802 Shares owned directly by the Segregated Accounts).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The names of the
directors and executive officers of CLIG and their present principal occupation or employment are as follows: David Cardale, Non-Executive
Chairman; Barry M. Olliff, Chief Executive Officer, Susannah Nicklin, Non-Executive Director; Mark Driver, Non-Executive Director;
Barry Aling, Non-Executive Director; Mark Dwyer, Executive Director; Tracy Rodrigues, Executive Director; and Thomas Griffith,
Executive Director. The business address of such persons is c/o City of London Investment Group PLC, 77 Gracechurch Street, London
EC3V 0AS, England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The names of the
directors and executive officers of CLIM and their present principal occupation or employment are as follows: David Cardale, Non-Executive
Chairman; Barry M. Olliff, Chief Executive Officer/Chief Investment Officer, Tracy Rodrigues, Finance Director; Mark Dwyer, Director;
and Thomas Griffith, Director. The business address of such persons is c/o City of London Investment Group PLC, 77 Gracechurch
Street, London EC3V 0AS, England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">BMI is a private
investment fund organized as a Delaware business trust. The business address of BMI is 77 Gracechurch Street, London EC3V 0AS,
England. As of the date of the mailing of this proxy statement, BMI owns directly 308,857 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">CF is a private
investment fund organized as a Delaware business trust. The business address of CF is 77 Gracechurch Street, London EC3V 0AS, England.
As of the date of the mailing of this proxy statement, CF owns directly 116,563 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">CG is a private
investment fund organized as a Delaware business trust. The business address of CG is 77 Gracechurch Street, London EC3V 0AS, England.
As of the date of the mailing of this proxy statement, CG owns directly 250,030 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">CI is a private
investment fund organized as a Delaware business trust. The business address of CI is 77 Gracechurch Street, London EC3V 0AS,
England. As of the date of the mailing of this proxy statement, CI owns directly 172,029 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">EUREKA is a
private investment fund organized as a Delaware business trust. The business address of EUREKA is 77 Gracechurch Street, London
EC3V 0AS, England. As of the date of the mailing of this proxy statement, EUREKA owns directly 357,943 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">EWF is a Dublin,
Ireland-listed investment company organized under the laws of Ireland. The business address of EWF is IFSC House, International
Financial Services Centre, Dublin 1, Ireland. As of the date of the mailing of this proxy statement, EWF owns directly 168,067
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">FREE is a private
investment fund organized as a Delaware business trust. The business address of FREE is 77 Gracechurch Street, London EC3V 0AS,
England. As of the date of the mailing of this proxy statement, FREE owns directly 158,448 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">GBL is a private
investment fund organized as a Delaware business trust. The business address of GBL is 77 Gracechurch Street, London EC3V 0AS,
England. As of the date of the mailing of this proxy statement, GBL owns directly 305,041 Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">INV is a private
investment fund organized as a Delaware business trust. The business address of INV is 77 Gracechurch Street, London EC3V 0AS,
England. As of the date of the mailing of this proxy statement, INV owns directly 46,658 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">PLUS is a private
investment fund organized as a Delaware business trust. The business address of PLUS is 77 Gracechurch Street, London EC3V 0AS,
England. As of the date of the mailing of this proxy statement, PLUS owns directly 42,096 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The principal business
address of Mr. Reid is 601&ndash;603, Bonham Trade Centre, 50 Bonham Strand East, Sheung Wan, Hong Kong. The principal business
address of Mr. Silver is 67 Fuskie Lane, Daufuskie Island, South Carolina 29915.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each participant
in this solicitation may be deemed a member of a &ldquo;group&rdquo; with the other participants for the purposes of Section 13(d)(3)
of the Exchange Act. The &ldquo;group&rdquo; may be deemed to beneficially own the 4,192,505 Shares owned in the aggregate by all
of the participants in this solicitation. Each participant in this solicitation disclaims beneficial ownership of the Shares he
or it does not directly own. For information regarding purchases and sales of securities of the Fund during the past two years
by the participants in this solicitation, see <U>Schedule I</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Shares directly
beneficially owned by each of CLIG, CLIM, BMI, CF, CG, CI, EUREKA, EWF, FREE, GBL, INV, PLUS and the Segregated Accounts were purchased
with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as set forth
in this Proxy Statement (including the Schedules hereto), (i) during the past 10 years, no participant in this solicitation has
been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no participant in this solicitation
directly or indirectly beneficially owns any securities of the Fund; (iii) no participant in this solicitation owns any securities
of the Fund which are owned of record but not beneficially; (iv) no participant in this solicitation has purchased or sold any
securities of the Fund during the past two years; (v) no part of the purchase price or market value of the securities of the Fund
owned by any participant in this solicitation is represented by funds borrowed or otherwise obtained for the purpose of acquiring
or holding such securities; (vi) no participant in this solicitation is, or within the past year was, a party to any contract,
arrangements or understandings with any person with respect to any securities of the Fund, including, but not limited to, joint
ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits,
or the giving or withholding of proxies; (vii) no associate of any participant in this solicitation owns beneficially, directly
or indirectly, any securities of the Fund; (viii) no participant in this solicitation owns beneficially, directly or indirectly,
any securities of any parent or subsidiary of the Fund; (ix) no participant in this solicitation or any of his or its associates
was a party to any transaction, or series of similar transactions, since the beginning of the Fund&rsquo;s last fiscal year, or
is a party to any currently proposed transaction, or series of similar transactions, to which the Fund or any of its subsidiaries
was or is to be a party, in which the amount involved exceeds $120,000; (x) no participant in this solicitation or any of his or
its associates has any arrangement or understanding with any person with respect to any future employment by the Fund or its affiliates,
or with respect to any future transactions to which the Fund or any of its affiliates will or may be a party; and (xi) no participant
in this solicitation has a substantial interest, direct or indirect, by securities holdings or otherwise, in any matter to be acted
on at the Annual Meeting.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There are no material
proceedings to which any participant in this solicitation or any of his or its associates is a party adverse to the Fund or any
of its subsidiaries or has a material interest adverse to the Fund or any of its subsidiaries. With respect to each of the Nominees,
except as set forth in this Proxy Statement (including the Schedules hereto), none of the events enumerated in Item 401(f)(1)-(8)
of Regulation S-K of the Exchange Act occurred during the past ten years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>OTHER MATTERS AND
ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">City of London
is unaware of any other matters to be considered at the Annual Meeting. However, should other matters, which City of London is
not aware of a reasonable time before this solicitation, be brought before the Annual Meeting, the persons named as proxies on
the enclosed <B>BLUE</B> proxy card will vote on such matters in their discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>STOCKHOLDER
</B></FONT><B>PROPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has not yet publicly disclosed
the deadline for stockholders to submit a proposal in order to be considered for inclusion in the Company&rsquo;s proxy statement
and the form of proxy for the Company&rsquo;s 2019 annual meeting of stockholders (the &ldquo;2019 Annual Meeting&rdquo;). Once
the Company publicly discloses this deadline, we intend to supplement this Proxy Statement with such information and file revised
definitive materials with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under the Bylaws,
any stockholder intending to present any proposal (other than a proposal made by, or at the direction of, the Board) at the 2019
Annual Meeting must give written notice of that proposal to the Fund&rsquo;s Secretary not less than 60 days nor more than 90
days prior to the first anniversary of the preceding year&rsquo;s annual meeting (subject to certain exceptions if the annual
meeting is advanced or delayed a certain number of days). Therefore, to be presented at the 2019 Annual Meeting, such a proposal
must be received on or after December 27, 2018 and not later than January 26, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The information
set forth above regarding the procedures for submitting stockholder proposals for consideration at the 2019 Annual Meeting is
based on information contained in the Fund&rsquo;s proxy statement and the Bylaws. The incorporation of this information in this
proxy statement should not be construed as an admission by City of London that such procedures are legal, valid or binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>INCORPORATION
BY </B></FONT><B>REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase">WE
HAVE OMITTED FROM THIS PROXY STATEMENT CERTAIN DISCLOSURE REQUIRED BY APPLICABLE LAW THAT IS EXPECTED TO BE INCLUDED IN THE FUND&rsquo;S
PROXY STATEMENT RELATING TO THE ANNUAL MEETING based on reliance on Rule 14a-5(c). THIS DISCLOSURE IS EXPECTED TO INCLUDE, AMONG
OTHER THINGS, CURRENT BIOGRAPHICAL INFORMATION ON THE FUND&rsquo;S DIRECTORS, INFORMATION CONCERNING EXECUTIVE COMPENSATION, SECTION
16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE OF THE FUND&rsquo;S DIRECTORS, RELATED PARTY TRANSACTIONS, AND GENERAL INFORMATION
CONCERNING THE FUND&rsquo;S ADMINISTRATION, INVESTMENT MANAGER, AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING INFORMATION. SEE
SCHEDULE II FOR INFORMATION REGARDING PERSONS WHO BENEFICIALLY OWN MORE THAN 5% OF THE SHARES AND THE OWNERSHIP OF THE SHARES
BY THE DIRECTORS AND MANAGEMENT OF THE FUND.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The information
concerning the Fund contained in this Proxy Statement and the Schedules attached hereto has been taken from, or is based upon,
publicly available information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-indent: 0in"><B>Emerging Markets Country Fund</B><BR>
<BR>
<BR>
<B>January 31, 2018</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-indent: 0in"><B></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>TRANSACTIONS IN SECURITIES
OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>DURING THE PAST TWO YEARS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0in; text-align: center"><FONT STYLE="font-size: 10pt"><U>Nature of the Transaction</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">Securities</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>Purchased/(Sold) </U></P></TD>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">Date of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>Purchase/Sale</U></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B><U>emerging
(BMI) markets country fund </U></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">21,176</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/08/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,900</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/15/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,600</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/17/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20,265</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/06/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,596</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/18/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,900</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/09/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">14,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/28/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">17,281</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/14/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">17,701</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/02/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">43,107</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/16/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">29,677</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/17/2017</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B><U>EMERGING MARKETS FREE
        FUND</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">4,521</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">07/27/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/11/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/18/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/04/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,271</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/10/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,159</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/22/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,979</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/13/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,090</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,674</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/14/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/01/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,534</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/04/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,740</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/06/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,727</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,152</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/11/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,374</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/12/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,916</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/19/2017</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 22; Section: Schedule I; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B><U>EMERGING MARKETS GLOBAL
        FUND</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">12,157</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">08/10/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">748</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/18/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">876</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/04/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,502</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/06/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">52,084</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/09/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,138</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/15/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">17,701</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/02/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,783</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/03/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,600</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/03/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,402</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/05/2017</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B><U>EMERGING MARKETS INVESTABLE
        FUND</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">3,929</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">05/03/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,633</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/10/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/12/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,605</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/19/2016</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B><U>GLOBAL EMERGING MARKETS
        FUND </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">4,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">06/01/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,800</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/03/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,210</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/25/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,400</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/08/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/10/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13,943</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/27/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,003</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/30/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,167</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,327</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/25/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,492</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/02/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,551</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/06/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">17,866</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/26/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,109</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/01/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,304</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/10/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,860</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/15/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,714</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/16/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,855</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/17/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">33,407</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/24/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,733</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/29/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,900</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/09/2018</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase
    of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,225</FONT></TD>
    <TD NOWRAP STYLE="width: 30%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/12/2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common
    Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13,008</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/16/2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common
    Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,500</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/17/2018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common
    Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,091</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/18/2018</FONT></TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>&nbsp;<U>THE EMERGING
WORLD FUND</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">1,419</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">03/04/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/31/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">23,545</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/19/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/26/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,400</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/27/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13,634</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/14/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,166</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/07/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20,943</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/30/2017</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;<B><U>EMERGING
FREE MARKETS COUNTRY FUND </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">13,149</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">06/30/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">23,101</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/12/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/24/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,088</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/31/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,195</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/02/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">21,585</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/23/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,512</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/27/2017</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;<B><U>EMERGING
MARKETS COUNTRY FUND</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">6,950</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">02/01/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,900</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/08/2017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">60,000</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/15/2017</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;<B><U>INVESTABLE
EMERGING MARKETS COUNTRY FUND </U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">7,859</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">05/03/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,117</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/09/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/10/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(13,761)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/06/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(16,199)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/10/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/01/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,465</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/04/2016</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B><U>THE EM PLUS CEF FUND</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">(11,700)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">06/28/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,800</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/08/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,190</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/26/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/11/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/27/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,106</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/30/2017</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B><U>UNAFFILIATED THIRD-PARTY
        SEGREGATED ACCOUNTS</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase
    of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">01/27/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase
    of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/29/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,636</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/29/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/29/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">695</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/01/2016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(65,000)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/03/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(10,000)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/03/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13,889</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/18/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,111</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/18/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,572</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/19/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,600</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/19/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,324</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/02/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/04/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"></TD></TR></TABLE>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">1,473</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">03/08/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,006</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/15/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,673</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/18/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,837</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/30/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/30/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,800</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/31/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/31/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/04/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/05/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/07/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(6,511)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/19/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,811</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/26/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,939</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/28/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,380</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/29/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">638</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/29/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,930</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/03/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,402</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/04/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/04/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13,685</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/05/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/05/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">25,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/10/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">14,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/10/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/10/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/11/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/11/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">30,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/17/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/17/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(10,000)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/20/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(13,600)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/06/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(10,812)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/08/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(15,310)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/13/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(2,600)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/15/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">29,891</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/24/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/30/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/12/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/25/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/27/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,728</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">07/28/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,600</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/01/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/02/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,402</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/02/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/08/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/08/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/10/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/12/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/17/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">20,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/17/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/17/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/18/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/19/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"></TD></TR></TABLE>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">8,307</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">08/31/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/06/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(17,702)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/15/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/19/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/19/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/19/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/19/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,700</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/29/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,700</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/29/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,700</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">09/29/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,360</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/04/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(13,062)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/10/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">19,236</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/11/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,338</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/12/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,350</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/13/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11,350</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/13/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/14/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,233</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/17/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,278</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/18/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,119</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/19/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,400</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/20/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,323</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/24/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/26/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,732</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/26/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,297</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/27/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,098</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/28/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/28/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,400</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/01/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,154</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/03/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/10/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,332</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/15/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">650</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/15/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,871</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/16/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,247</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/16/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/17/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/17/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/18/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/18/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/01/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/01/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/09/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,875</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/12/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,425</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/12/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">19,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/12/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,501</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/13/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,648</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/27/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,648</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/27/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">465</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/27/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,296</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/27/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/28/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"></TD></TR></TABLE>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: center"><TD STYLE="width: 100%">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">3,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">12/28/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/28/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,809</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/29/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/29/2016</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/30/2016</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,520</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/03/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(10,000)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/06/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(3,000)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/09/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(52,084)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/09/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,473</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/12/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/12/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/13/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,200</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/13/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">13,438</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/25/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/01/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/06/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,091</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/10/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/21/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/22/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">02/28/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,684</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/03/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,928</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/03/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,783</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/03/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,167</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/07/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,978</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/13/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,987</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/13/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,500</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/15/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(10,797)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">03/15/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">76,496</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/24/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(76,496)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">04/24/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,289</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/26/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8,487</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">05/31/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9,854</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/01/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">7,593</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/02/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">3,797</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/02/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">14,977</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">06/05/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">98,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/01/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Sale of Common Stock </FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">(98,000)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">08/01/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/26/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/27/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">16,600</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10/27/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">1,134</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/08/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,600</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/13/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,333</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/21/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,334</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/21/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,682</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/24/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,400</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">11/29/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12,794</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/18/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10,000</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/19/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,622</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/21/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"></TD></TR></TABLE>

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in; width: 40%"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">11,708</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in; width: 30%"><FONT STYLE="font-size: 10pt">12/22/2017</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6,912</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">12/28/2017</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,776</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/10/2018</FONT></TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase
    of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,059</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 30%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/19/2018</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-indent: 0in"><FONT STYLE="font-size: 10pt">Purchase
    of Common Stock</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5,370</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">01/22/2018</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><U>SCHEDULE II</U></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">SECURITY OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS<SUP></SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Set forth below is
                                         information with respect to persons who are registered as beneficial owners of more than
                                         5% of the Fund&rsquo;s outstanding shares as of January 30, 2018.<SUP>1</SUP></TD></TR></TABLE>





<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom">
        <P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><B>Title
        Of Class</B></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Name and Address</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Percent&nbsp;of&nbsp;Class</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">CEDE &amp; CO</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Bowling Green STN</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">P. O. Box 20</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-indent: 0in">New&nbsp;York,&nbsp;NY&nbsp;10274-0020</P></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">15,654,418</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">99.60</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-indent: 0in"><FONT STYLE="font-size: 10pt">%<SUP>2</SUP>&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 24.5pt; background-color: white">The shares held
by Cede&nbsp;&amp; Co. include the accounts set forth below. The information below is based on publicly available information such
as Schedule 13D and 13G disclosures filed with the SEC or other similar regulatory filings from foreign jurisdictions or other
information known by the City of London.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>
        <P STYLE="border-bottom: black 1pt solid; text-align: left; text-indent: 0in"><B>Title
        Of Class</B></P></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Name and Address</B></FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Percent&nbsp;of&nbsp;Class</B></FONT></TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">City&nbsp;of&nbsp;London&nbsp;Investment<BR>
        Management Co. Ltd.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">77 Gracechurch Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">London EC3V 0AS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-indent: 0in">England</P></TD>
    <TD STYLE="vertical-align: bottom; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">4,229,534</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">26.9</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-indent: 0in"><FONT STYLE="font-size: 10pt">%&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Common Stock</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Lazard Asset Management</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">30 Rockefeller Plaza</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-indent: 0in">New&nbsp;York,&nbsp;NY&nbsp;10112</P></TD>
    <TD STYLE="vertical-align: bottom; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">2,407,711</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in"><FONT STYLE="font-size: 10pt">15.35</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-indent: 0in"><FONT STYLE="font-size: 10pt">%&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">______________________________</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>1</SUP></TD><TD>Once the Company files its definitive proxy statement for the 2018 Annual Meeting, City of London intends to supplement
                                                                     this Proxy Statement to update this information as of the Record Date and file revised definitive materials with the
                                                                     Securities                                                                      and
                                                                     Exchange                                                                                                       Commission, if
                                                                     necessary.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>2</SUP></TD><TD>Based
on information included in the definitive proxy statement filed by  Fund with the SEC on May 3, 2017.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 29; Section: Schedule II; Options: NewSection; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>IMPORTANT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Tell the Board what
you think! Your vote is important. No matter how many shares of Common Stock you own, please give City of London your proxy FOR
the election of the Nominees and in accordance with City of London&rsquo;s recommendations on the other proposals on the agenda
for the Annual Meeting by taking two steps:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">SIGNING the enclosed BLUE
                                         proxy card;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">DATING the enclosed BLUE
                                         proxy card; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">MAILING the enclosed BLUE
                                         proxy card TODAY in the envelope provided (no postage is required if mailed in the United
                                         States).</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>If any of
your shares of Common Stock are held in the name of a brokerage firm, bank, bank nominee or other institution, only it can vote
such shares of Common Stock and only upon receipt of your specific instructions. Depending upon your broker or custodian, you
may be able to vote either by toll-free telephone or by the Internet. Please refer to the enclosed voting form for instructions
on how to vote electronically. You may also vote by signing, dating and returning the enclosed BLUE voting form.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If you have any
questions or require any additional information concerning this Proxy Statement, please contact Saratoga at the address set forth
below.</P>

<DIV STYLE="padding: 1pt 4pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">If <I>you have any questions,
require assistance in voting your <B>BLUE</B> proxy card,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>or need additional
copies of City of London&rsquo;s proxy materials,</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>please contact Saratoga
at the phone numbers listed below.</I></P>

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

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: 0in; color: Red"><B> <IMG SRC="image_logo.jpg" ALT=""></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>Stockholders call toll
free at (888) 368-0379</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>Email: info@saratogaproxy.com</I></P>

</DIV>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B></B></P>

<!-- Field: Page; Sequence: 30; Section: Notice; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">BLUE PROXY CARD<B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>the
china fund, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>2018 ANNUAL MEETING
OF <FONT STYLE="text-transform: uppercase">STOCKHOLDERS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>THIS PROXY IS SOLICITED
ON BEHALF OF EMERGING MARKETS COUNTRY FUND, CITY OF LONDON INVESTMENT GROUP PLC AND THE OTHER PARTICIPANTS TO THIS SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>THE BOARD OF DIRECTORS
OF THE CHINA FUND, INC.<BR>
IS NOT SOLICITING THIS PROXY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center; text-indent: 0in"><B>P&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
appoints Barry M. Olliff, Adam Finerman and John Ferguson, and each of them, attorneys and agents with full power of substitution
to vote all shares of common stock of The China Fund, Inc. (the &ldquo;Fund&rdquo;) which the undersigned would be entitled to
vote if personally present at the 2018 Annual Meeting of Stockholders of the Fund scheduled to be held at State Street Bank and
Trust Company, One Lincoln Street, Boston, Massachusetts 02111, on Tuesday, March 27, 2018 at 12:00 p.m., local time (including
any adjournments or postponements thereof and any meeting which may be called in lieu thereof, the &ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned
hereby revokes any other proxy or proxies heretofore given to vote or act with respect to the shares of common stock of the Fund
held by the undersigned, and hereby ratifies and confirms all action the herein named attorneys and proxies, their substitutes,
or any of them may lawfully take by virtue hereof. If properly executed, this Proxy will be voted as directed on the reverse and
in the discretion of the herein named attorneys and proxies or their substitutes with respect to any other matters as may properly
come before the Annual Meeting that are unknown to Emerging Markets Country Fund (&ldquo;GBL&rdquo;) a reasonable time before
this solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>IF NO DIRECTION
IS INDICATED WITH RESPECT TO THE PROPOSALS ON THE REVERSE, THIS PROXY WILL BE VOTED &ldquo;FOR&rdquo; PROPOSAL 1 AND &ldquo;FOR&rdquo;
PROPOSAL 2.</B><B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Proxy will
be valid until the completion of the Annual Meeting. This Proxy will only be valid in connection with City of London&rsquo;s solicitation
of proxies for the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>IMPORTANT: PLEASE
SIGN, DATE AND MAIL THIS PROXY CARD PROMPTLY!</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CONTINUED AND
TO BE SIGNED ON REVERSE SIDE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">BLUE PROXY CARD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>[X] Please mark vote as in this example</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 0.5in"><B>CITY OF LONDON
STRONGLY RECOMMENDS THAT <FONT STYLE="text-transform: uppercase">STOCKHOLDERS</FONT> VOTE IN FAVOR OF THE NOMINEES LISTED BELOW
IN PROPOSAL 1.</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">City of London&rsquo;s proposal to elect Julian Reid and Richard A. Silver as Class I directors
of the Fund to serve until the 2021 Annual Meeting of Stockholders.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>FOR ALL NOMINEES</B></FONT></TD>
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>WITHHOLD AUTHORITY TO VOTE FOR ALL NOMINEES</B></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>FOR ALL EXCEPT NOMINEE(S) WRITTEN BELOW</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.5pt; text-indent: -49.5pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 51.75pt; text-indent: -51.75pt">Nominees:&nbsp;&nbsp;&nbsp;&nbsp;Julian Reid<BR>
        Richard A. Silver</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 51.75pt; text-indent: -2.25pt"><BR>
        <BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.6pt; text-align: justify; text-indent: -48.6pt">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 4.5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Wingdings; margin: 0; text-align: center; text-indent: 4.5pt">&#168;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt"><BR>
        ________________<BR>
        ________________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 4.5pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">City of London does
not expect that any of the Nominees will be unable to stand for election, but, in the event that any Nominee is unable to serve
or for good cause will not serve, the shares of Common Stock represented by this proxy card will be voted for substitute nominee(s),
to the extent this is not prohibited under the Bylaws and applicable law. In addition, City of London has reserved the right to
nominate substitute person(s) if the Fund makes or announces any changes to its Bylaws or takes or announces any other action that
has, or if consummated would have, the effect of disqualifying any Nominee, to the extent this is not prohibited under the Bylaws
and applicable law. In any such case, shares of Common Stock represented by this proxy card will be voted for such substitute nominee(s).
There is no assurance that any of the candidates who have been nominated by the Fund will serve as directors if our Nominees are
elected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">City of London intends
to use this proxy to vote &ldquo;FOR&rdquo; Messrs. Reid and Silver. There is no assurance that any of the candidates who have
been nominated by the Fund will serve as trustees if our nominees are elected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify; text-indent: 0.5in">Note: If you do
not wish for your Shares to be voted &ldquo;FOR&rdquo; a particular nominee, mark the &ldquo;FOR ALL NOMINEES EXCEPT&rdquo; box
and write the name(s) of the nominee(s) you do not support on the line below. Your Shares will be voted for the remaining nominee(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">_______________________________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">City of London&rsquo;s proposal to terminate all investment advisory and management agreements
with Allianz Global Investors U.S., LLC.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 8%; padding-bottom: 12pt; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 26%; padding-bottom: 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#9744;FOR</FONT></TD>
    <TD STYLE="width: 8%; padding-bottom: 12pt; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-bottom: 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#9744;AGAINST</FONT></TD>
    <TD STYLE="width: 8%; padding-bottom: 12pt; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-bottom: 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#9744;ABSTAIN</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">DATED: ____________________________</P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">BLUE PROXY CARD</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">DATED: ____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">____________________________________<BR>
(Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">____________________________________<BR>
(Signature, if held jointly)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">____________________________________<BR>
(Title)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">WHEN SHARES ARE HELD
JOINTLY, JOINT OWNERS SHOULD EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC., SHOULD INDICATE THE CAPACITY IN WHICH SIGNING.
PLEASE SIGN EXACTLY AS NAME APPEARS ON THIS PROXY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
