<SEC-DOCUMENT>0001133228-16-008565.txt : 20160329
<SEC-HEADER>0001133228-16-008565.hdr.sgml : 20160329
<ACCEPTANCE-DATETIME>20160329131402
ACCESSION NUMBER:		0001133228-16-008565
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160509
FILED AS OF DATE:		20160329
DATE AS OF CHANGE:		20160329
EFFECTIVENESS DATE:		20160329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GDL FUND
		CENTRAL INDEX KEY:			0001378701
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21969
		FILM NUMBER:		161534679

	BUSINESS ADDRESS:	
		STREET 1:		ONE CORPORATE CENTER
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-921-5100

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Gabelli Global Deal Fund
		DATE OF NAME CHANGE:	20061019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e435098_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 5.4pt; padding-left: 0pt">Preliminary Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">Definitive Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">Definitive Additional Materials</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">Soliciting Material Pursuant to Sec. 240.14a-12</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 5.4pt; padding-left: 0pt">No fee required</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">1)</TD><TD STYLE="width: 94%">Title of each class of securities to which transaction applies:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">2)</TD><TD STYLE="width: 94%">Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">3)</TD><TD STYLE="width: 94%">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11(set forth the amount on
which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">4)</TD><TD STYLE="width: 94%">Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%; text-align: left">5)</TD><TD STYLE="text-align: justify; width: 94%">Total fee paid:</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 5.4pt; padding-left: 0pt">Fee paid previously with preliminary materials.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&nbsp;&nbsp;Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">1)</TD><TD STYLE="width: 94%">Amount Previously Paid:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">2)</TD><TD STYLE="width: 94%">Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">3)</TD><TD STYLE="width: 94%">Filing Party:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"></TD><TD STYLE="width: 3%">4)</TD><TD STYLE="width: 94%">Date Filed:</TD></TR></TABLE>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>THE GDL FUND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">One
Corporate Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">Rye,
New York 10580-1422</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">(914) 921-5070</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>NOTICE
OF ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>To Be Held on May 9, 2016</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">To the Shareholders of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">THE GDL FUND</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Notice
is hereby given that the Annual Meeting of Shareholders of The GDL Fund, a Delaware statutory trust (the &ldquo;Fund&rdquo;), will
be held on Monday, May 9, 2016, at 11:00 a.m., local time, at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue,
Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at any adjournments or postponements thereof for the following purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">1.</TD><TD STYLE="text-align: justify">To elect three (3) Trustees of the Fund, two (2) Trustees to be elected by the holders of the
                                                            Fund&rsquo;s common shares and holders of its 3.00% Series B Cumulative Puttable and Callable Preferred Shares
                                                            (&ldquo;Preferred Shares&rsquo;&rsquo;), voting together as a single class, and one (1) Trustee to be elected by the holders
                                                            of the Fund&rsquo;s Preferred Shares, voting as a separate class; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">2.</TD><TD STYLE="text-align: justify">To consider and vote upon such other matters, including adjournments, as may properly come before
said Meeting or any adjournments thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; color: #231F20">These items are discussed in greater
detail in the attached Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
close of business on March 14, 2016, has been fixed as the record date for the determination of shareholders entitled to notice
of and to vote at the Meeting and any adjournments or postponements thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>YOUR
VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT
YOU PLEASE VOTE PROMPTLY. SHAREHOLDERS MAY AUTHORIZE THEIR PROXY BY TELEPHONE OR THE INTERNET. ALTERNATIVELY, SHAREHOLDERS MAY
SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARDAND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #231F20; margin-left: 4.75in">By Order of the Board of Trustees,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 4.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #231F20; margin-left: 4.75in">ANDREA
R. MANGO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: #231F20; margin-left: 4.75in"><I>Secretary</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">March 29, 2016</P>




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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>INSTRUCTIONS FOR SIGNING PROXY CARDS
TO BE RETURNED BY MAIL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; color: #231F20">The following general rules
for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote
if you fail to properly sign your proxy card.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">1.</TD><TD STYLE="text-align: justify"><I>Individual Accounts: </I>Sign your name exactly as it appears in the registration on the proxy
card.<I> </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">2.</TD><TD STYLE="text-align: justify"><I>Joint Accounts: </I>Either party may sign, but the name of the party signing should conform
exactly to the<I> </I>name shown in the registration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 16pt">3.</TD><TD STYLE="text-align: justify"><I>All Other Accounts: </I>The capacity of the individuals signing the proxy card should be indicated
unless it is<I> </I>reflected in the form of registration. For example:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Registration</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Valid
    Signature</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Corporate Accounts</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(1)</FONT></TD>
    <TD STYLE="width: 48%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp.</FONT></TD>
    <TD STYLE="width: 49%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp., John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(3)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">c/o John Doe, Treasurer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(4)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Corp., Profit Sharing Plan</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Trust Accounts</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(1)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">ABC Trust</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Jane B. Doe, Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">u/t/d 12/28/78</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Jane B. Doe</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Custodian or Estate Accounts</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(1)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith, Cust.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith, Executor</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Estate of Jane Smith</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">John B. Smith, Executor</FONT></TD></TR>
</TABLE><BR STYLE="clear: both">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>INSTRUCTIONS FOR TELEPHONE/INTERNET
VOTING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; color: #231F20">Instructions for authorizing
your proxy to vote your shares by telephone or Internet are included with the Notice of Internet Availability of Proxy Materials
and the proxy card.</P>




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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="width: 50%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>THE GDL FUND</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>May 9, 2016</B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>PROXY STATEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">This
Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Trustees (the &ldquo;Board,&rdquo;
the members of which are referred to as &ldquo;Trustees&rdquo;) of The GDL Fund, a Delaware statutory trust (the &ldquo;Fund&rdquo;),
for use at the Annual Meeting of Shareholders of the Fund to be held on Monday, May 9, 2016, at 11:00 a.m., local time, at The
Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830 (the &ldquo;Meeting&rdquo;), and at
any adjournments or postponements thereof. A Notice of Internet Availability of Proxy Materials will first be mailed to shareholders
on or about March 29, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">In addition
to the solicitation of proxies by mail, officers of the Fund and officers and regular employees of American Stock Transfer &amp;
Trust Company (&ldquo;AST&rdquo;), the Fund&rsquo;s transfer agent, and affiliates of AST or other representatives of the Fund
may also solicit proxies by telephone, Internet, or in person. In addition, the Fund has retained Morrow &amp; Co., LLC to assist
in the solicitation of proxies for an estimated fee of $1,000 plus reimbursement of expenses. The Fund will pay the costs of the
proxy solicitation and the expenses incurred in connection with preparing, printing, and mailing the Notice of Internet Availability
of Proxy Materials and/or Proxy Statement and its enclosures. If requested, the Fund will also reimburse brokerage firms and others
for their expenses in forwarding solicitation materials to the beneficial owners of its shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>The
Fund&rsquo;s most recent annual report, including audited financial statements for the fiscal year ended December 31, 2015, is
available upon request, without charge, by writing to the Secretary of the Fund, One Corporate Center, Rye, New York 10580-1422,
calling the Fund at 800-422-3554, or via the Internet at www.gabelli.com.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">If the
proxy is properly executed and returned in time to be voted at the Meeting, the shares represented thereby will be voted &ldquo;FOR&rdquo;
the election of the nominees as Trustees as described in this Proxy Statement, unless instructions to the contrary are marked thereon,
and at the discretion of the proxy holders as to the transaction of any other business that may properly come before the Meeting.
Any shareholder who has submitted a proxy has the right to revoke it at any time prior to its exercise either by attending the
Meeting and voting his or her shares in person, or by submitting a letter of revocation or a later dated proxy to the Fund at the
above address prior to the date of the Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">A &ldquo;quorum&rdquo;
is required in order to transact business at the Meeting. A quorum of shareholders is constituted by the presence in person or
by proxy of the holders of one-third of the outstanding shares of the Fund entitled to vote at the Meeting. In the event a quorum
is not present at the Meeting, or in the event that a quorum is present at the Meeting but sufficient votes to approve any of the
proposed items are not received, the chairperson of the Meeting may propose one or more adjournments of such Meeting to permit
further solicitation of proxies. If a quorum is present, a shareholder vote may be taken on one or more of the proposals in this
Proxy Statement prior to such adjournment if sufficient votes have been received for approval and it is otherwise appropriate.
If a quorum is present, the persons named as proxies will vote those proxies which they are entitled to vote &ldquo;FOR&rdquo;
any proposal in favor of such adjournment and will vote those proxies required to be voted &ldquo;AGAINST&rdquo; any proposal against
any such adjournment. Absent the establishment of a subsequent record date and the giving of notice to the holders of record thereon,
the adjourned meeting must take place not more than 130 days after the record date. At such adjourned meeting, any business may
be transacted which might have been transacted at the original Meeting. The Fund may postpone or cancel a meeting of shareholders,
and if it does the Fund will make a public announcement of such postponement or cancellation prior to the meeting. The postponed
meeting may not be held more than 130 days after the initial record date.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
close of business on March 14, 2016, has been fixed as the record date for the determination of shareholders entitled to notice
of and to vote at the Meeting and all adjournments or postponements thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund has two classes of capital stock outstanding: common shares, par value $0.001 per share (the &ldquo;Common
Shares&rdquo;), and 3.00% Series B Cumulative Puttable and Callable Preferred Shares, par value $0.001 per share (the
&ldquo;Preferred Shares&rdquo;). The holders of the Common Shares and Preferred Shares are each entitled to one vote for each
full share held. On the record date, there were 19,150,949 Common Shares and 2,624,025 Preferred Shares outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth below is information as to those shareholders known by the Fund to own of record or beneficially 5% or more of a class of
the Fund&rsquo;s outstanding voting securities as of the record date.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Name and Address of</B></FONT></TD>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Amount of Shares</B></FONT></TD>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Beneficial Owner(s)</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Title
    of Class</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>and
    Nature of Ownership</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Percent
    of Class</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Lazard Asset Management LLC</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2,090,003 (beneficial)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">10.91%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">30 Rockefeller Plaza</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">New York, NY 10112</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Mario J. Gabelli and affiliates</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,813,247 (beneficial)<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">9.47%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">One Corporate Center</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Rye, NY 10580-1422</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Scharf Investments, LLC and</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Jeffrey Scharf</FONT></TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Preferred</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">192,249 (beneficial)</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">7.33%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">5619 Scotts Valley Drive</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Suite 140</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Scotts Valley, CA 95066</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14pt">1</TD><TD STYLE="text-align: justify">Comprised of 178,417 Common Shares owned directly by Mr. Gabelli, 46,522 Common Shares owned by
a family partnership for which Mr. Gabelli serves as general partner, 32,542 Common Shares owned by GPJ Retirement Partners, LLC
in which Mr. Gabelli has less than 100% interest and disclaims beneficial ownership of the Shares held by this entity which are
in excess of this indirect pecuniary interest, and 1,555,766 Common Shares owned by Associated Capital Group, Inc. or its affiliates.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>SUMMARY OF VOTING RIGHTS ON PROXY
PROPOSALS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Proposal</U></B></FONT></TD>
    <TD STYLE="width: 44%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Common
    Shareholders</U></B></FONT></TD>
    <TD STYLE="width: 39%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Preferred
    Shareholders</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Election of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common and Preferred Shareholders,</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common and Preferred Shareholders,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustees</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">voting together as a single class,</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">voting together as a single class,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">vote to elect two Trustees:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">vote to elect two Trustees:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Edward T. Tokar and</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Edward T. Tokar and</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Salvatore J. Zizza</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Preferred Shareholders, voting as a</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">separate class, vote to elect one Trustee:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Other Business</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Common and Preferred Shareholders, voting together as a single class</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>PROPOSAL: TO ELECT THREE (3) TRUSTEES
OF THE FUND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Nominees for the Board of Trustees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board consists of eight Trustees, six of whom are not &ldquo;interested persons&rdquo; of the Fund (as defined in the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;)). The Fund divides the Board into three classes, each class having
a term of three years. Each year, the term of office of one class will expire. Anthony J. Colavita, Edward T. Tokar, and Salvatore
J. Zizza have each been nominated by the Board for election to serve for a three year term to expire at the Fund&rsquo;s 2019 Annual
Meeting of Shareholders or until their successors are duly elected and qualified. Each of the Trustees of the Fund has served in
that capacity since the November 8, 2006 organizational meeting of the Fund. All of the Trustees of the Fund are also directors
or trustees of other investment companies for which Gabelli Funds, LLC (the &ldquo;Adviser&rdquo;) or its affiliates serve as investment
adviser. The classes of Trustees are indicated below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Nominees to Serve Until 2019 Annual Meeting
of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Anthony J. Colavita</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Edward T. Tokar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Salvatore J. Zizza</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Trustees Serving Until 2018 Annual Meeting
of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Mario J. Gabelli, CFA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Michael J. Melarkey</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Trustees Serving Until 2017 Annual Meeting
of Shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">James P. Conn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Clarence A. Davis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Arthur V. Ferrara</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Under
the Fund&rsquo;s Declaration of Trust, Statement of Preferences, and the 1940 Act, holders of the Fund&rsquo;s outstanding Preferred
Shares, voting as a separate class, are entitled to elect two Trustees, and holders of the Fund&rsquo;s outstanding Common Shares
and Preferred Shares, voting together as a single class, are entitled to elect the remaining Trustees. The holders of the Fund&rsquo;s
outstanding Preferred Shares would be entitled to elect the minimum number of additional Trustees that would represent a majority
of the Trustees in the event that dividends on the Fund&rsquo;s Preferred Shares become in arrears for two full years and until
all arrearages are eliminated. No dividend arrearages exist as of the date of this Proxy Statement. Messrs. Colavita and Conn are
currently the Trustees elected solely by the holders of the Fund&rsquo;s Preferred Shares. Mr. Conn&rsquo;s term as Trustee is
scheduled to expire at the Fund&rsquo;s 2017 Annual Meeting of Shareholders. A quorum of the Preferred Shareholders must be present
in person or by proxy at the Meeting in order for the proposal to elect Mr. Colavita to be considered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Unless
instructions are provided to the contrary, it is the intention of the persons named in the proxy to vote the proxy &ldquo;FOR&rdquo;
the election of the nominees named above. Each nominee has indicated that he has consented to serve as a Trustee if elected at
the Meeting. If, however, a designated nominee declines or otherwise becomes unavailable for election, the proxy confers discretionary
power on the persons named therein to vote in favor of a substitute nominee or nominees. Each nominee is qualified to serve as
a Trustee under the Fund&rsquo;s governing documents.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Information about Trustees and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth in the table below are the existing Trustees, including those Trustees who are not considered &ldquo;interested persons,&rdquo;
as defined in the 1940 Act (the &ldquo;Independent Trustees&rdquo;), three of whom are nominated for re-election to the Board of
the Fund, and officers of the Fund, including information relating to their respective positions held with the Fund, a brief statement
of their principal occupations and, in the case of the Trustees, their other directorships during the past five years (excluding
other funds managed by the Adviser), if any.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Term of</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Number of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Office and</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Portfolios to</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Name, Position(s),</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Length of</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Other Directorships</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Fund Complex<SUP>(3)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Time</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Principal Occupation(s)</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Held by Trustee</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Overseen</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>and
    Age</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Served<SUP>(2)</SUP></U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>During
    Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>During
    Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>by
    Trustee</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B><U>INTERESTED
    TRUSTEES/NOMINEES<SUP>(4)</SUP></U>:</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Mario J. Gabelli, CFA</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chairman,
    Chief Executive</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director
    of Morgan Group</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">29</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee and</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006**</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Officer,
    and Chief Investment</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Holdings,
    Inc. (holding</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief Investment Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Officer
    - Value Portfolios of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">company);
    Chairman of the</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 73</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">GAMCO
    Investors, Inc. and</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Board
    and Chief Executive</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief
    Investment Officer - Value</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Officer
    of LICT Corp.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Portfolios
    of Gabelli Funds, LLC</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(multimedia
    and communication</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">and
    GAMCO Asset Management</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">services
    company); Director of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Inc.;
    Director/Trustee or Chief</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">CIBL,
    Inc. (broadcasting and</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Investment
    Officer of other</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">wireless
    communications);</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">registered
    investment companies</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director
    of ICTC Group Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">within
    the Gabelli/GAMCO</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(communications);
    Director of</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Fund
    Complex; Chief Executive</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">RLJ
    Acquisition, Inc. (blank</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Officer
    of GGCP, Inc.; Chief</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">check
    company) (2011-2012)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Executive
    Officer and Chairman</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">of
    the Board of Associated</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Capital
    Group, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Edward T. Tokar</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Senior
    Managing Director of Beacon</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director
    of CH Energy Group</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; padding-right: 0; padding-bottom: 0; padding-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006*</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trust
    Company (trust services);</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(energy
    services) (2009-2013);</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 68</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief
    Executive Officer of Allied</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director,
    Teton Advisors, Inc.</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Capital
    Management LLC (1977-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(financial
    services) (2008-2010)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2004);
    Vice President of Honeywell</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">International
    Inc. (1977-2004)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES<SUP>(5)</SUP></U>:</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Anthony J. Colavita<SUP>(6)(7)</SUP></B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">President
    of the law firm of</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">36</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006*</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony
    J. Colavita, P.C.</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 80</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>James P. Conn<SUP>(6)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Former
    Managing Director and</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006***</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Chief
    Investment Officer of</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 78</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Financial
    Security Assurance</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Holdings,
    Ltd. (1992-1998)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Clarence A. Davis</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Former
    Chief Executive Officer</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director
    of Telephone &amp; Data</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006***</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">of
    Nestor, Inc. (2007-2009);</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Systems,
    Inc. (telephone</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 74</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Former
    Chief Operating Officer</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">services);
    Director of Pennichuck</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">(2000-2005)
    and Chief Financial</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Corp.
    (water supply) (2009-</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Officer
    (1999-2000) of the</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2012)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">American
    Institute of Certified</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Public
    Accountants</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Arthur V. Ferrara</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Former
    Chairman of the Board</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006***</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">and
    Chief Executive Officer of</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 85</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">The
    Guardian Life Insurance</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Company
    of America (1993-1995)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Michael J. Melarkey</B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Owner
    in Pioneer Crossing</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Director
    of Southwest Gas</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Since 2006**</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Casino
    Group; Of Counsel in the</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Corporation
    (natural gas utility)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Age: 66</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">law
    firm of McDonald Carano</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Wilson
    LLP; previously partner</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">in
    the law firm of Avansino,</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Melarkey,
    Knobel, Mulligan &amp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; padding-right: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">McKenzie
    (1980-2015)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-bottom: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="width: 1%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Term of</B></FONT></TD>
    <TD STYLE="width: 1%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 25%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 25%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Number of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Office and</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Portfolios to</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Name, Position(s)</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Length of</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Other Directorships</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Fund Complex<SUP>(3)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Time</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Principal Occupation(s)</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Held by Trustee</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Overseen</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; text-decoration: underline; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>and Age</U></B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Served<SUP>(2)</SUP></U></B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>During Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-decoration: underline; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>During Past Five Years</U></B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>by Trustee</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: center; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES<SUP>(5)</SUP></U>:</B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: right; padding-top: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Salvatore J. Zizza<SUP>(7)(8)</SUP></U></B></FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">President of Zizza &amp; Associates</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Director and Vice Chairman of Trans-</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; text-align: center; padding-top: 0; padding-left: 0"><FONT STYLE="font-size: 10pt; color: #231F20">30</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: center; padding-top: 0; padding-right: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2006*</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Corp. (private holding company);</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Lux Corporation (business services);</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 70</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Chairman of Harbor Diversified,</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Director and Chairman of Harbor</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Inc. (pharmaceuticals); Chairman of</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Diversified Inc. (pharmaceuticals);</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">BAM (semiconductor and aerospace&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Director, Chairman, and CEO of General</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">manufacturing); Chairman of</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Employment Enterprises (staffing</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Bergen Cove Realty Inc.; Chairman</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">services) (2009-2012)</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">of Metropolitan Paper Recycling</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: left; padding-top: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Inc. (recycling) (2005-2014)</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>OFFICERS:</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="text-align: left; width: 20%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Term of</B></FONT></TD>
    <TD STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 65%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Office and</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Name, Position(s)</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Length of</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Time</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Principal Occupation(s)</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>and Age</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Served<SUP>(9)</SUP></U></B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>During Past Five
    Years</U></B></FONT><U><FONT STYLE="font-size: 10pt"> </FONT></U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Bruce N. Alpert</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Executive Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988;</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">President</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2006</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Officer of registered investment companies within the Gabelli/GAMCO Fund Complex;</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 64</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Senior Vice President of GAMCO Investors, Inc. since 2008; Director of Teton Advisors,</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Inc., 1998-2012; Chairman of Teton Advisors, Inc., 2008-2010; President of Teton</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Advisors, Inc., 1998-2008</FONT><FONT STYLE="font-size: 10pt"> &nbsp; &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Agnes Mullady</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">President and Chief Operating Officer of the Fund Division of Gabelli Funds, LLC since 2015;</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Treasurer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2006</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Chief Executive Officer of G. distributors, LLC since 2010; Senior Vice President of GAMCO</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 57</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC since 2007; Officer of all of</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">the registered investment companies within the Gabelli/GAMCO Fund Complex</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Andrea R. Mango</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Counsel of Gabelli Funds, LLC since 2013; Secretary of all registered</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Secretary and Vice President</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2013</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">investment companies within the Gabelli/GAMCO Fund Complex since 2013;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 43</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Vice President of all closed-end funds within the Gabelli/GAMCO Fund</FONT><FONT STYLE="font-size: 10pt"> &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Complex since 2014; Corporate Vice President within the Corporate Compliance</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Department of New York Life Insurance Company, 2011-2013; Vice President and</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Counsel of Deutsche Bank, 2006-2011</FONT><FONT STYLE="font-size: 10pt"> &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Richard J. Walz</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Chief Compliance Officer of all of the registered investment companies within the</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Chief Compliance Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2013</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Gabelli/GAMCO Fund Complex since 2013; Chief Compliance Officer of AEGON USA</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 56</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Investment Management, 2011-2013; Chief Compliance Officer of Cutwater Asset</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Management, 2004-2011</FONT><FONT STYLE="font-size: 10pt"> &nbsp; &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Carter W. Austin</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Vice President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Vice President</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2006</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Complex; Senior Vice President (since 2015) and Vice President (1996-2015) of Gabelli</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 49</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Funds, LLC</FONT><FONT STYLE="font-size: 10pt"> &nbsp; &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>David I. Schachter</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Vice President and/or Ombudsman of other closed-end funds within the Gabelli/GAMCO</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Vice President</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2006</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Fund Complex; Senior Vice President (since 2015) and Vice President of G.research, LLC</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 62</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Vincent E. Brasesco</B></FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Assistant Vice President and Ombudsman of the Fund since February 2016; Associate of</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Assistant Vice President</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Since 2016</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">GAMCO Investors, Inc. since 2013; Graduate of Quinnipiac University May 2013</FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">and Ombudsman</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Age: 24</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Address: One Corporate Center, Rye, NY 10580-1422.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The Fund&rsquo;s Board of Trustees is divided into three
classes, each class having a term of three years. Each year the term of office of one class expires and the successor or successors
elected to such class serve for a three year term.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(3)</TD><TD STYLE="text-align: justify">The &ldquo;Fund Complex&rdquo; or the &ldquo;Gabelli/GAMCO
Fund Complex&rdquo; includes all the U.S. registered investment companies that are considered part of the same fund complex as
the Fund because they have common or affiliated investment advisers.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(4)</TD><TD STYLE="text-align: justify">&ldquo;Interested person&rdquo; of the Fund, as defined
in the 1940 Act. Mr. Gabelli is considered to be an &ldquo;interested person&rdquo; of the Fund because of his affiliation with
the Fund&rsquo;s Adviser. Mr. Tokar is considered to be an &ldquo;interested person&rdquo; of the Fund as a result of his son&rsquo;s
employment by an affiliate of the Adviser.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Trustees who are not considered to be &ldquo;interested
persons&rdquo; of the Fund as defined in the 1940 Act are considered to be &ldquo;Independent&rdquo; Trustees. None of the Interested
Trustees (with the possible exceptions as described in this proxy statement) nor their family members had any interest in the
Adviser or any person directly or indirectly controlling, controlled by or under common control with the Adviser as of December
31, 2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Trustees elected solely by holders of the Fund&rsquo;s
Preferred Shares.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Mr. Colavita&rsquo;s son, Anthony S. Colavita, serves
as a director of the GAMCO Mathers Fund and the Comstock Capital Value Fund, which are part of the Gabelli/GAMCO Fund Complex.
Mr. Zizza is an independent director of Gabelli International Ltd., which may be deemed to be controlled by Mario J. Gabelli and/or
affiliates and in that event would be deemed to be under common control with the Fund&rsquo;s Adviser.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(8)</TD><TD STYLE="text-align: justify">On September 9, 2015, Mr. Zizza entered into a settlement
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to resolve an inquiry relating to an alleged violation regarding
the making of false statements or omissions to the accountants of a company concerning a related party transaction. The company
in question is not an affiliate of, nor has any connection to, the Fund. Under the terms of the settlement, Mr. Zizza, without
admitting or denying the SEC&rsquo;s findings and allegation, paid $150,000 and agreed to cease and desist committing or causing
any future violations of Rule 13b2-2 of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;).</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">(9)</TD><TD STYLE="text-align: justify">Each officer will hold office for an indefinite term
until the date he or she resigns or retires or until his or her successor is duly elected and qualifies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">*</TD><TD STYLE="text-align: justify">Nominee to serve, if elected, until the Fund&rsquo;s
2019 Annual Meeting of Shareholders or until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">**</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2018 Annual Meeting
of Shareholders or until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.35in; text-align: left">***</TD><TD STYLE="text-align: justify">Term continues until the Fund&rsquo;s 2017 Annual Meeting
of Shareholders or until his successor is duly elected and qualifies.</TD>
</TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board believes that each Trustee&rsquo;s experience, qualifications, attributes, or skills on an individual basis and in combination
with those of other Trustees lead to the conclusion that each Trustee should serve in such capacity. Among the attributes or skills
common to all Trustees are their ability to review critically and to evaluate, question, and discuss information provided to them,
to interact effectively with the other Trustees, the Adviser, the sub-administrator, other service providers, counsel, and the
Fund&rsquo;s independent registered public accounting firm, and to exercise effective and independent business judgment in the
performance of their duties as Trustees. Each Trustee&rsquo;s ability to perform his/her duties effectively has been attained in
large part through the Trustee&rsquo;s business, consulting or public service positions and through experience from service as
a member of the Board and one or more of the other funds in the Fund Complex, public companies, or non-profit entities, or other
organizations as set forth above and below. Each Trustee&rsquo;s ability to perform his duties effectively also has been enhanced
by education, professional training, and other experience.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Interested Trustees/Nominees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Mario
J. Gabelli, CFA. </I>Mr. Gabelli is Chief Investment Officer of the Fund. Mr. Gabelli is Chairman, Chief<I> </I>Executive
Officer, and Chief Investment Officer &ndash; Value Portfolios of GAMCO Investors, Inc. (&ldquo;GBL&rdquo;), a New York Stock
Exchange (&ldquo;NYSE&rdquo;)-listed asset manager and financial services company. He is also the Chief Investment Officer of
Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management, Inc., each of which are asset management subsidiaries of
GBL. In addition, Mr. Gabelli is Chief Executive Officer, Chief Investment Officer, a director, and the controlling
shareholder of GGCP, Inc. (&ldquo;GGCP&rdquo;), a private company that holds a majority interest in GBL, and the Chairman of
MJG Associates, Inc., which acts as an investment manager of various investment funds and other accounts. He is also Chief
Executive Officer and Chairman of the Board of Directors of Associated Capital Group, Inc., a public company that provides
alternative management and institutional research services, and is a majority-owned subsidiary of GGCP. Mr. Gabelli serves as
Overseer of the Columbia University Graduate School of Business and as a trustee of Boston College and Roger Williams
University. He also serves as a director of the Winston Churchill Foundation, The E.L. Wiegand Foundation, The
American-Italian Cancer Foundation and The Foundation for Italian Art &amp; Culture. He is Chairman of the Gabelli
Foundation, Inc., a Nevada private charitable trust. Mr. Gabelli serves as Co-President of Field Point Park Association, Inc. Mr. Gabelli received his Bachelor&rsquo;s
degree from Fordham University, M.B.A. from Columbia Business School, and honorary Doctorates from Fordham University and
Roger Williams University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Edward
T. Tokar, CPA. </I>Mr. Tokar has been the Senior Managing Director of Beacon Trust Company, a trust<I> </I>services company, since
2004. He serves as Chairman of the Fund&rsquo;s <I>ad hoc</I> Proxy Voting Committee and is on the board of another fund in the
Fund Complex. Mr. Tokar formerly served as a director of CH Energy Group, an energy services company. He was previously the Chief
Executive Officer of Allied Capital Management LLC and Vice President of Honeywell International Inc. Mr. Tokar formerly served
as a director or trustee of Teton Advisors, Inc., DB Hedge Strategies Fund, Topiary Fund for Benefit Plan Investors (BPI) LLC and
Levco Series Trust Mutual Funds. Mr. Tokar has over forty years of investment experience in managing and directing investments
in public and private securities involving stocks, bonds, high yield securities, private placements, international investments,
and various partnership participations. As the former Vice President of Investments of Honeywell International Inc. and Chief Executive
Officer of Allied Capital Management LLC, he was responsible for the investment of employee benefit fund assets worldwide, where
his operations were widely recognized for excellence. He is a Trustee Emeritus of the College of William &amp; Mary, and currently
serves on the Board of the William &amp; Mary Mason School of Business Foundation. Mr. Tokar has served on numerous advisory boards
and professional organizations throughout his career. Mr. Tokar graduated from the University of Maryland with a Bachelor&rsquo;s
degree with High Honors, and received his M.B.A. from the College of William &amp; Mary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B><U>Independent Trustees/Nominees</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Anthony
J. Colavita, Esq. </I>Mr. Colavita is a practicing attorney with over fifty-five years of experience. He is<I> </I>the Chairman
of the Fund&rsquo;s Nominating Committee and a member of the Fund&rsquo;s Audit Committee. Mr. Colavita serves on comparable or
other board committees with respect to other funds in the Fund Complex on whose boards he sits. He served as a Commissioner of
the New York State Thruway Authority and as a Commissioner of the New York State Bridge Authority, where his duties included reviewing
financial documents of these agencies. He served for eleven years as the elected Supervisor of the Town of Eastchester, New York,
responsible for ten annual municipal budgets. Mr. Colavita also served as Special Counsel to the New York State Assembly for five
years and as a Senior Attorney with the New York State Insurance Department. He is the former Chairman of the New York State Republican
Party, the Westchester County Republican Party, and the Eastchester Republican Town Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">Mr. Colavita received his
Bachelor&rsquo;s degree from Fairfield University and Juris Doctor from Fordham University School of Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>James
P. Conn. </I>Mr. Conn is the Lead Independent Trustee of the Fund, and a member of the Fund&rsquo;s<I> ad hoc </I>Proxy Voting
and <I>ad hoc</I> Pricing Committees. He serves on comparable or other board committees with respect to other funds in the Fund
Complex on whose boards he sits. He was a senior business executive of Transamerica Corp., an insurance holding company, for much
of his career including service as Chief Investment Officer. Mr. Conn has been a director of several public companies in banking
and other industries, and was lead director and/or chair of various committees. He received his Bachelor&rsquo;s degree in Business
Administration from Santa Clara University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Clarence
A. Davis, CPA. </I>Mr. Davis was the CEO of Nestor, Inc. until January 2009 and a director of the<I> </I>company until it went
into receivership in June 2009. He is a member of the Fund&rsquo;s Audit Committee and serves on comparable or other board committees
with respect to another fund in the Fund Complex on whose board he sits. He is currently a director and a member of the Audit Committee
of Telephone &amp; Data Systems, Inc. Mr. Davis formerly served as the Chief Operating Officer and Chief Financial Officer of the
American Institute of Certified Public Accountants. Mr. Davis has served as an audit committee member and director of Oneida Ltd.,
Pennichuck Corp., and Sonesta International Hotels Corp. Mr. Davis founded Clarence A. Davis Enterprises, Inc., which provided financial
and organizational consulting, due diligence for acquisitions, and forensic accounting for various industries for eight years.
Mr. Davis was a Senior Audit Partner for twelve years, which encompassed a career of twenty-three years in public accounting, for
Spicer &amp; Oppenheim. He is a former Chairman of the Accountants for Public Interest/Support Center of New York and the American
Institute of Certified Public Accountants Minority Recruitment Committee. Mr. Davis was appointed to the American Red Cross Liberty
Fund and September 11 Recovery Oversight Commission, the New York State Board of Public Accountancy, and the Future Issues Committee
of the American Institute of Certified Public Accountants. He has served as a consultant for the American Red Cross National Office.
Mr. Davis was also a faculty member of the Long Island University Brooklyn Center, the New York Institute of Finance, and the Foundation
for Accounting Education. Mr. Davis received his Bachelor&rsquo;s degree in Accounting from Long Island University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Arthur
V. Ferrara. </I>Mr. Ferrara is the former Chairman of the Board and Chief Executive Officer of The<I> </I>Guardian Life Insurance
Company of America, and formerly served on the boards of The Guardian Insurance and Annuity Company and funds managed by Guardian
Investor Services Corporation. Mr. Ferrara is a member of the Fund&rsquo;s <I>ad hoc</I> Proxy Voting Committee and one of the
multi-fund <I>ad hoc</I> Compensation Committees. He serves on comparable or other board committees with respect to other funds
in the Fund Complex on whose board he sits. He is a former Chairman of the Life Insurance Council of New York Inc. Mr. Ferrara
received his Bachelor&rsquo;s degree in Business Administration from the College of the Holy Cross.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Michael
J. Melarkey, Esq. </I>Mr. Melarkey, after more than forty years of experience as an attorney specializing<I> </I>in business,
estate planning, and gaming regulatory work, recently retired from the active practice of law, and is of counsel to the firm
of McDonald Carano and Wilson in Reno, Nevada. He is the Chairman of the Fund&rsquo;s Audit Committee and is the Fund&rsquo;s
designated Audit Committee Financial Expert. Mr. Melarkey is also a member of one of the multi-fund <I>ad hoc</I>
Compensation Committees. He serves on comparable or other board committees with respect to other funds in the Fund Complex on
whose boards he sits. He is currently a Chairman of the Board of Southwest Gas Corporation and serves on its Nominating,
Corporate Governance and Compensation Committees. Mr. Melarkey acts as a trustee and officer for several private charitable
organizations including as a trustee of The Bretzlaff Foundation and Edwin L. Wiegand Trust. He is an owner of Pioneer Crossing
Casino Group consisting of three Nevada casinos and an officer of a private oil and gas company. Mr. Melarkey received his
Bachelor&rsquo;s degree from the University of Nevada, Reno, Juris Doctor from the University of San Francisco School of Law,
and Masters of Law in Taxation from New York University School of Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><I>Salvatore
J. Zizza. </I>Mr. Zizza is the President of Zizza &amp; Associates Corp., a private holding company that<I> </I>invests in various
industries. He also serves as Chairman to other companies involved in manufacturing, recycling, real estate, technology, and pharmaceuticals.
He is a member of the Fund&rsquo;s Audit, Nominating, and <I>ad hoc</I> Pricing Committees, and a member of both multi-fund <I>ad
hoc</I> Compensation Committees. Mr. Zizza serves on comparable or other board committees with respect to other funds on whose
boards he sits. In addition to serving on the boards of other funds in the Fund Complex, he is currently and has previously been
a director of other public companies. He was also the President, Chief Executive Officer, and Chief Financial Officer of a large
NYSE-listed construction company. Mr. Zizza received his Bachelor&rsquo;s degree and M.B.A. in Finance from St. John&rsquo;s University,
which awarded him an Honorary Doctorate in Commercial Sciences.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Trustees &ndash; Leadership Structure and
Oversight Responsibilities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Overall
responsibility for general oversight of the Fund rests with the Board. The Board does not have a Chairman. The Board has appointed
Mr. Conn as the Lead Independent Trustee. The Lead Independent Trustee presides over executive sessions of the Trustees and also
serves between meetings of the Board as a liaison with service providers, officers, counsel, and other Trustees on a wide variety
of matters including agenda items for Board meetings. Designation as such does not impose on the Lead Independent Trustee any obligations
or standards greater than or different from other Trustees. The Board has established a Nominating Committee and an Audit Committee
to assist the Board in the oversight of the management and affairs of the Fund. The Board also has an <I>ad hoc </I>Proxy Voting
Committee that exercises beneficial ownership responsibilities on behalf of the Fund in selected<I> </I>situations. From time to
time, the Board establishes additional committees or informal working groups, such as an <I>ad hoc </I>Pricing Committee related
to securities offerings by the Fund, to address specific matters or assigns one of<I> </I>its members to work with trustees or
directors of other funds in the Fund Complex on special committees or working groups that address fund complex-wide matters, such
as the multi-fund <I>ad hoc</I> Compensation Committee relating to the compensation of the Chief Compliance Officer for all the
funds in the Fund Complex and a separate multi-fund <I>ad hoc</I> Compensation Committee relating to the compensation of certain
other officers of the closed-end funds in the Fund Complex.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">All
of the Fund&rsquo;s Trustees other than Mr. Gabelli and Mr. Tokar are Independent Trustees, and the Board believes it is able to
provide effective oversight of the Fund&rsquo;s service providers. In addition to providing feedback and direction during Board
meetings, the Independent Trustees meet regularly in executive session and chair all committees of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund&rsquo;s operations entail a variety of risks, including investment, administration, valuation, and a range of compliance matters.
Although the Adviser, the sub-administrator, and the officers of the Fund are responsible for managing these risks on a day to
day basis within the framework of their established risk management functions, the Board also addresses risk management of the
Fund through its meetings and those of the committees and working groups. As part of its general oversight, the Board reviews with
the Adviser at Board meetings the levels and types of risks being undertaken by the Fund, and the Audit Committee discusses the
Fund&rsquo;s risk management and controls with the independent registered public accounting firm engaged by the Fund. The Board
reviews valuation policies and procedures and the valuations of specific illiquid securities. The Board also receives periodic
reports from the Fund&rsquo;s Chief Compliance Officer regarding compliance matters relating to the Fund and its major service
providers, including results of the implementation and testing of the Fund&rsquo;s and such providers&rsquo; compliance programs.
The Board&rsquo;s oversight function is facilitated by management reporting processes designed to provide visibility to the Board
regarding the identification, assessment, and management of critical risks, and the controls and policies and procedures used to
mitigate those risks. The Board reviews its role in supervising the Fund&rsquo;s risk management from time to time and may make
changes at its discretion at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board has determined that its leadership structure is appropriate for the Fund because it enables the Board to exercise informed
and independent judgment over matters under its purview, allocates responsibility among committees in a manner that fosters effective
oversight, and allows the Board to devote appropriate resources to specific issues in a flexible manner as they arise. The Board
periodically reviews its leadership structure as well as its overall structure, composition, and functioning, and may make changes
at its discretion at any time.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 33pt 0pt 0; color: #231F20"><B>Beneficial Ownership of Shares Held
in the Fund and the Family of Investment Companies for each Trustee and Nominee for Election as Trustee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth in the table below is the dollar range of equity securities in the Fund beneficially owned by each Trustee and nominee for
election as Trustee and the aggregate dollar range of equity securities in the Fund Complex beneficially owned by each Trustee
and nominee for election as Trustee.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Dollar Range of Equity</B></FONT></TD>
    <TD STYLE="width: 30%; padding-left: 8.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Aggregate Dollar Range of Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Securities Held</B></FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Securities Held in the</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Name of Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>in
    the Fund*<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Family
    of Investment Companies*<SUP>(1)(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B><U>INTERESTED
    TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Mario J. Gabelli</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Edward T. Tokar</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">D</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">B</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Clarence A. Davis</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">A</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">B</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Arthur V. Ferrara</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">C</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Salvatore J. Zizza&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">A</FONT></TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">____________________</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 9.05pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*&nbsp;&nbsp;&nbsp;&nbsp;Key to Dollar Ranges</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 14pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">A. None</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 14pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">B. $1 &ndash; $10,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 14pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">C. $10,001 &ndash; $50,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 14pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">D. $50,001 &ndash; $100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 14pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">E. Over $100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 14pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">All shares were valued as of December 31, 2015.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Trustee and
nominee for election as Trustee as of December 31, 2015. &ldquo;Beneficial Ownership&rdquo; is determined in accordance with Rule
16a-1(a)(2) of the 1934 Act.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">The term &ldquo;Family of Investment Companies&rdquo;
includes two or more registered funds that share the same investment adviser or principal underwriter and hold themselves out
to investors as related companies for purposes of investment and investor services. Currently, the registered funds that comprise
the &ldquo;Fund Complex&rdquo; are identical to those that comprise the &ldquo;Family of Investment Companies.&rdquo;</TD>
</TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; color: #231F20">Set forth in the table below
is the amount of shares beneficially owned by each Trustee, nominee for election as Trustee, and executive officer of the Fund.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Amount and Nature of</B></FONT></TD>
    <TD STYLE="width: 30%; padding-left: 27pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Percent of Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Name of Trustee/Nominee/Officer</U></B></FONT></TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Beneficial
    Ownership<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Outstanding<SUP>(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 26pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>INTERESTED
    TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Mario J. Gabelli</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,813,247<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-left: 27pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">9.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Edward T. Tokar</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">5,000</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 26pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES<SUP>(4)</SUP></U>:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">560<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">188 Preferred Shares<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">James P. Conn</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">15,000</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2,250 Preferred Shares</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Clarence A. Davis</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Arthur V. Ferrara</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,500</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">225 Preferred Shares</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Michael J. Melarkey</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">10,277</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">1,608 Preferred Shares</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-left: 26pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>EXECUTIVE
    OFFICERS:</U></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Bruce N. Alpert</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Andrea R. Mango</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Agnes Mullady</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">Richard J. Walz</FONT></TD>
    <TD STYLE="padding-left: 2pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">0</FONT></TD>
    <TD STYLE="padding-left: 26pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished by each Trustee,
including each nominee for election as Trustee, and executive officer as of December 31, 2015. &ldquo;Beneficial Ownership&rdquo;
is determined in accordance with Rule 13d-3 of the 1934 Act. Reflects ownership of Common Shares unless otherwise noted.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes
less than 1% of the total shares outstanding. The ownership of the Trustees, including nominees for election as Trustee, and executive
officers as a group constitutes 9.6% of the total Common Shares outstanding and less than 1% of the total Preferred Shares outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Comprised of 178,417 Common Shares owned directly by
Mr. Gabelli, 46,522 Common Shares owned by a family partnership for which Mr. Gabelli serves as general partner, 32,542 Common
Shares owned by GPJ Retirement Partners, LLC in which Mr. Gabelli has less than 100% interest and disclaims beneficial ownership
of the Shares held by this entity which are in excess of this indirect pecuniary interest, and 1,555,766 Common Shares owned by
Associated Capital Group, Inc. or its affiliates. Mr. Gabelli disclaims beneficial ownership of the Shares held by the discretionary
accounts and by the entities named except to the extent of his interest in such entities.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">All 560 Common Shares are owned by Mr. Colavita&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">All 188 Preferred Shares are owned by Mr. Colavita&rsquo;s
spouse for which he disclaims beneficial ownership.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Set
forth in the table below is the amount of interests beneficially owned by each Independent Trustee, nominee for election as an
Independent Trustee or his or her immediate family member, as applicable, in a person, other than a registered investment company,
that may be deemed to be controlled by the Fund&rsquo;s Adviser and/or affiliates (including Mario J. Gabelli) and in that event
would be deemed to be under common control with the Fund&rsquo;s Adviser.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 18%; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Name of Owner and</B></FONT></TD>
    <TD STYLE="text-align: center; width: 26%; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 20%; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%; padding: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Name of Independent</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Relationships to</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Value of</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Percent of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Company</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Title of Class</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Interests<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Class<SUP>(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">LGL Group, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Common Stock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,936</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">LGL Group, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Warrants</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Anthony J. Colavita</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Family</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Membership Interests</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;893,574</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Michael J. Melarkey</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Gemni Global Partners, L.P.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Limited Partner Interests</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;735,280</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">6.20%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Michael J. Melarkey</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Morgan Group Holdings, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Common Stock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,040</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Michael J. Melarkey</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">ICTC Group, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Common Stock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;37,884</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Michael J. Melarkey</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">LGL Group, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Common Stock</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;26,714</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Michael J. Melarkey</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">LGL Group, Inc.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Warrants</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Gabelli Associates Fund</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Membership Interests</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$2,140,593</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Same</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Gabelli Performance Partnership L.P.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">Limited Partner Interests</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;288,631</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This information has been furnished as of December 31,
2015.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">An asterisk indicates that the ownership amount constitutes
less than 1% of the total interests outstanding.</TD>
</TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund pays each Independent Trustee an annual retainer of $9,000 plus $2,000 for each Board meeting attended. Each Trustee who is
not employed by the Adviser is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board
committee members receive $1,000 per meeting attended, the Audit Committee Chairman receives an annual fee of $3,000, and the Nominating
Committee Chairman and the Lead Independent Trustee each receive an annual fee of $2,000. A Trustee may receive a single meeting
fee, allocated among the participating funds, for participation in certain meetings on behalf of multiple funds. The aggregate
remuneration (excluding out of pocket expenses) paid by the Fund to such Trustees during the fiscal year ended December 31, 2015
amounted to $143,500. During the fiscal year ended December 31, 2015, the Trustees of the Fund met four times, all of which were
regular quarterly Board meetings. Each Trustee then serving in such capacity attended at least 75% of the meetings of Trustees
and of any Committee of which he is a member.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>The Audit Committee and Audit Committee Report</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
role of the Fund&rsquo;s Audit Committee is to assist the Board of Trustees in its oversight of (i) the quality and integrity of
the Fund&rsquo;s financial statement reporting process and the independent audit and reviews thereof; (ii) the Fund&rsquo;s accounting
and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain of
its service providers; (iii) the Fund&rsquo;s compliance with legal and regulatory requirements; and (iv) the independent registered
public accounting firm&rsquo;s qualifications, independence, and performance. The Audit Committee also is required to prepare an
audit committee report pursuant to the rules of the SEC for inclusion in the Fund&rsquo;s annual proxy statement. The Audit Committee
operates pursuant to the Audit Committee Charter (the &ldquo;Audit Charter&rdquo;) that was most recently reviewed and approved
by the Board of Trustees on February 24, 2016. The Audit Charter is available in the Closed-End Funds &ndash; Corporate Governance
Section on the Fund&rsquo;s website at www.gabelli.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Pursuant
to the Audit Charter, the Audit Committee is responsible for conferring with the Fund&rsquo;s independent registered public accounting
firm, reviewing annual financial statements, approving the selection of the Fund&rsquo;s independent registered public accounting
firm, and overseeing the Fund&rsquo;s internal controls. The Audit Charter also contains provisions relating to the pre-approval
by the Audit Committee of audit and non-audit services to be provided by Ernst &amp; Young LLP (&ldquo;Ernst &amp; Young&rdquo;),
the Fund&rsquo;s independent registered public accounting firm for the fiscal year ended December 31, 2015, to the Fund and to
the Adviser and certain of its affiliates. The Audit Committee advises the full Board with respect to accounting, auditing, and
financial matters affecting the Fund. As set forth in the Audit Charter, management is responsible for maintaining appropriate
systems for accounting and internal control, and the Fund&rsquo;s independent registered public accounting firm is responsible
for planning and carrying out proper audits and reviews. The independent registered public accounting firm is ultimately accountable
to the Board of Trustees and to the Audit Committee, as representatives of shareholders. The independent registered public accounting
firm for the Fund reports directly to the Audit Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">In performing
its oversight function, at a meeting held on February 22, 2016, the Audit Committee reviewed and discussed with management of the
Fund and Ernst &amp; Young, the audited financial statements of the Fund as of and for the fiscal year ended December 31, 2015,
and the conduct of the audit of such financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">In addition,
the Audit Committee discussed with Ernst &amp; Young the accounting principles applied by the Fund and such other matters brought
to the attention of the Audit Committee by Ernst &amp; Young as required by Auditing Standard No. 16, as amended (AICPA AU-C Section
260), as adopted by the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;). The Audit Committee also
received from Ernst &amp; Young the written disclosures and statements required by the SEC&rsquo;s independence rules, delineating
relationships between Ernst &amp; Young and the Fund, and discussed the impact that any such relationships might have on the objectivity
and independence of Ernst &amp; Young as the independent registered public accounting firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">As set
forth above, and as more fully set forth in the Charter, the Audit Committee has significant duties and powers in its oversight
role with respect to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent audit process.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
members of the Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing
or accounting and are not employed by the Fund for accounting, financial management, or internal control purposes. Moreover, the
Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management
or the Fund&rsquo;s independent registered public accounting firm. Accordingly, the Audit Committee&rsquo;s oversight does not
provide an independent basis to determine that management has maintained appropriate accounting and/or financial reporting principles
and policies, or internal controls and procedures, designed to assure compliance with accounting standards and applicable laws
and regulations. Furthermore, the Audit Committee&rsquo;s considerations and discussions referred to above do not provide assurance
that the audit of the Fund&rsquo;s financial statements has been carried out in accordance with the standards of the PCAOB or that
the financial statements are presented in accordance with generally accepted accounting principles (United States).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Based
on its consideration of the audited financial statements and the discussions referred to above with management and Ernst &amp;
Young, and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Audit Charter and
those discussed above, the Audit Committee recommended to the Fund&rsquo;s Board of Trustees that the Fund&rsquo;s audited financial
statements be included in the Fund&rsquo;s Annual Report for the fiscal year ended December 31, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Submitted by the Audit Committee of the Fund&rsquo;s
Board of Trustees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Michael J. Melarkey, Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Anthony J. Colavita</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Clarence A. Davis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">Salvatore J. Zizza</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">February 22, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Audit Committee met two times during the fiscal year ended December 31, 2015. The Audit Committee is composed of four of the Fund&rsquo;s
Independent Trustees, namely Messrs. Colavita, Davis, Melarkey and Zizza. Each member of the Audit Committee has been determined
by the Board of Trustees to be financially literate. Mr. Melarkey has been designated as the Fund&rsquo;s audit committee financial
expert, as defined in Items 407(d)(5)(ii) and (iii) of Regulation S-K (the &ldquo;Audit Committee Financial Expert&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Nominating Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board of Trustees has a Nominating Committee composed of two of the Fund&rsquo;s Independent Trustees, Messrs. Colavita (Chairman)
and Zizza. Each Nominating Committee member is an Independent Trustee as determined under guidelines of the NYSE. The Nominating
Committee met once during the fiscal year ended December 31, 2015. The Nominating Committee is responsible for identifying and
recommending qualified candidates to the Board in the event that a position is vacated or created. In considering candidates submitted
by shareholders, the Nominating Committee will take into consideration the needs of the Board, the qualifications of the candidate,
and the interests of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.05pt; color: #231F20">The
Nominating Committee believes that the minimum qualifications for serving as a Trustee of the Fund are that the individual demonstrate,
by significant accomplishment in his or her field, an ability to make a meaningful contribution to the Board of Trustees&rsquo;
oversight of the business and affairs of the Fund and have an impeccable record and reputation for honest and ethical conduct in
both his or her professional and personal activities. In addition, the Nominating Committee examines a candidate&rsquo;s specific
experiences and skills, time availability in light of other commitments, potential conflicts of interest, and independence from
management and the Fund. The Fund has adopted specific Trustee qualification requirements that can be found in the Fund&rsquo;s
governing documents and are applicable to all individuals who may be nominated, elected, appointed, qualified or seated to serve
as Trustees. The qualification requirements include: (i) age limits (at least 21 years of age and such maximum age as the Trustees
may in the future determine); (ii) prohibitions regarding any legal disability; (iii) limits on service on other boards; (iv) restrictions
on relationships with investment advisers other than the Fund&rsquo;s adviser; and (v) character and fitness requirements. Additionally,
each Independent Trustee must not be an &ldquo;interested person&rdquo; of the Fund as defined under Section 2(a)(19) of the 1940
Act and may not be or have certain relationships with a shareholder beneficially owning five percent or more of the Fund&rsquo;s
outstanding shares or specified levels of</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"></P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">interest in registered
investment companies. The Fund&rsquo;s By-Laws also provide that a majority of the Trustees then in office may determine by resolution
that a failure to satisfy a particular qualification requirement will not present undue conflicts or impede the ability of the
candidate to discharge the duties of a Trustee or the free flow of information among Trustees or between the Fund&rsquo;s adviser
and the Board. Reference is made to the Fund's governing documents for more details.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Nominating Committee also considers the overall composition of the Board, bearing in mind the benefits that may be derived from
having members who have a variety of experiences, qualifications, attributes or skills useful in overseeing a publicly traded,
highly regulated entity such as the Fund. The Trustees have not determined a maximum age. The Nominating Committee does not have
a formal policy regarding the consideration of diversity in identifying trustee candidates. For a discussion of experiences, qualifications,
attributes, or skills supporting the appropriateness of each Trustee&rsquo;s service on the Fund&rsquo;s Board, see the biographical
information of the Trustees above in the section entitled &ldquo;Information about Trustees and Officers.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund&rsquo;s Nominating Committee adopted a charter on November 8, 2006. The charter is available in the Closed-End Funds &ndash;
Corporate Governance Section on the Fund&rsquo;s website at www.gabelli.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Other Board Related Matters</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Board of Trustees has established the following procedures in order to facilitate communications among the Board and the shareholders
of the Fund and other interested parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><U>Receipt of Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Shareholders
and other interested parties may contact the Board or any member of the Board by mail or electronically. To communicate with the
Board or any member of the Board, correspondence should be addressed to the Board or the Board member(s) with whom you wish to
communicate either by name or title. All such correspondence should be to The GDL Fund, c/o Gabelli Funds, LLC, One Corporate Center,
Rye, NY 10580-1422. To communicate with the Board electronically, shareholders may go to the corporate website at www.gabelli.com
under the heading &ldquo;Contact Us/Email Addresses/Board of Directors (Gabelli Closed-End Funds).&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><U>Forwarding the Communications</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">All
communications received will be opened by the office of the General Counsel of the Adviser for the sole purpose of determining
whether the contents represent a message to one or more Trustees. The office of the General Counsel will forward promptly to the
addressee(s) any contents that relate to the Fund and that are not in the nature of advertising, promotion of a product or service,
or patently offensive or otherwise objectionable material. In the case of communications to the Board of Trustees or any committee
or group of members of the Board, the General Counsel&rsquo;s office will make sufficient copies of the contents to send to each
Trustee who is a member of the group or committee to which the envelope or e-mail is addressed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund does not expect Trustees or nominees for election as Trustee to attend the Meeting. No Trustee or nominee for election as
Trustee attended the Fund&rsquo;s annual meeting of shareholders held on May 11, 2015.</P>

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

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
following table sets forth certain information regarding the compensation of the Trustees by the Fund and officers, if any, who
were compensated by the Fund rather than the Adviser, for the year ended December 31, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>COMPENSATION
TABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>FOR THE YEAR ENDED DECEMBER 31,
2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Aggregate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Aggregate Compensation from</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Compensation from</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>the Fund and Fund Complex</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Name of Person
    and Position</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>the Fund</U></B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>Paid
    to Trustees*</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 50%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>INTERESTED
    TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center; width: 25%; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 15%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 10%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Mario J. Gabelli</B></FONT><FONT STYLE="font-size: 10pt"> &nbsp; &nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee and</FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Chief Investment Officer</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(0)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Edward T. Tokar</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$17,000</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;44,500</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(2)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Anthony J. Colavita</B></FONT><FONT STYLE="font-size: 10pt"> &nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$21,500</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$410,000</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(36)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>James P. Conn</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$19,500</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$231,750</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(22)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Clarence A. Davis</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$19,000</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;30,000</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(3)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Mario D&rsquo;Urso</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee (deceased)</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">8,500</FONT></FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt">
<FONT STYLE="color: #231F20">&nbsp;40,000</FONT></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Arthur V. Ferrara</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$17,000</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$&nbsp;</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">63,000</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(7)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Michael J. Melarkey</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$21,000</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$</FONT><FONT STYLE="font-size: 10pt"> <FONT STYLE="color: #231F20">&nbsp;89,000</FONT></FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(7)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Salvatore J. Zizza</B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Trustee</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$20,000</FONT></TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">$317,500</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">&nbsp;(30)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B><U>OFFICER:</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20"><B>Frank Yodice</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #231F20">$95,000</FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt; color: #231F20">Former Assistant Vice President and Ombudsman</FONT></TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14pt">*</TD><TD STYLE="text-align: justify">Represents the total compensation paid to such persons during the year ended December 31, 2015,
by investment companies (including the Fund) or portfolios that are part of the Fund Complex. The number in parentheses represents
the number of such investment companies and portfolios.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Required Vote</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
election of each of the listed nominees for Trustee of the Fund requires the affirmative vote of the holders of a plurality of
the applicable class or classes of the Fund present in person or represented by proxy at the Meeting, provided a quorum is present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>THE
BOARD OF TRUSTEES, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT THE COMMON AND PREFERRED SHAREHOLDERS VOTE &ldquo;FOR&rdquo;
THE ELECTION OF EACH APPLICABLE NOMINEE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Independent Registered Public Accounting
Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Ernst
&amp; Young LLP, 5 Times Square, New York, NY 10036-6530, has been selected to serve as the Fund&rsquo;s independent registered
public accounting firm for the fiscal year ending December 31, 2016. Ernst &amp; Young acted as the Fund&rsquo;s independent registered
public accounting firm for the fiscal year ended December 31, 2015. The Fund knows of no direct financial or material indirect
financial interest of Ernst &amp; Young in the Fund. A representative of Ernst &amp; Young will not be present at the Meeting,
but will be available by telephone and will have an opportunity to make a statement, if asked, and will be available to respond
to appropriate questions.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt; color: #231F20">Set forth in the table below
are audit fees and non-audit related fees billed to the Fund by Ernst &amp; Young for professional services received during and
for the fiscal years ended December 31, 2014 and 2015, respectively.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Fiscal Year Ended</B></FONT></TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B>Audit</B></FONT></TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>December
    31</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Audit
    Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Related
    Fees</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>Tax
    Fees*</U></B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><B><U>All
    Other Fees</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2014</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$22,700</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$3,500</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$34,145</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">2015</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$23,400</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$3,600</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20">$34,038</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(51,51,51) 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14pt">*</TD><TD STYLE="text-align: justify">&ldquo;Tax Fees&rdquo; are those fees billed by Ernst &amp; Young in connection with tax compliance
services, including primarily the review of the Fund&rsquo;s income tax returns.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Fund&rsquo;s Audit Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the
independent registered public accounting firm to the Fund, and all non-audit services to be provided by the independent registered
public accounting firm to the Fund&rsquo;s Adviser and service providers controlling, controlled by, or under common control with
the Fund&rsquo;s Adviser (&ldquo;affiliates&rdquo;) that provide ongoing services to the Fund (a &ldquo;Covered Services Provider&rdquo;),
if the engagement relates directly to the operations and financial reporting of the Fund. The Audit Committee may delegate its
responsibility to pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the
Chairman must report his decision(s) to the Audit Committee at its next regularly scheduled meeting after the Chairman&rsquo;s
pre-approval of such services. The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval
of such services in accordance with applicable laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval
responsibilities to other persons (other than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of
any permissible non audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services
provided to the Fund, the Adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues
paid by the Fund to its independent registered public accounting firm during the year in which the permissible non-audit services
are provided; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit
services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee
or the Chairman prior to the completion of the audit. All of the audit and tax services described above for which Ernst &amp; Young
billed the Fund fees for the fiscal year&rsquo;s ended December 31, 2014 and December 31, 2015 were pre-approved by the Audit Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">For
the fiscal years ended December 31, 2014 and 2015, Ernst &amp; Young has represented to the Fund that it did not provide any non-audit
services (or bill any fees for such services) to the Adviser or any Covered Services Provider.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Audit Committee was not required to consider whether the provision of non-audit services that were rendered to the Adviser or Covered
Service Providers that were not pre-approved was compatible with maintaining Ernst &amp; Young&rsquo;s independence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>The Investment Adviser and Administrator</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Gabelli
Funds, LLC is the Fund&rsquo;s Adviser and Administrator and its business address is One Corporate Center, Rye, New York 10580-1422.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Section 16(a) Beneficial Ownership Reporting
Compliance</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Section
16(a) of the 1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s executive officers
and Trustees, executive officers and directors of the Adviser, certain other affiliated persons of the Adviser, and persons who
own more than 10% of a registered class of the Fund&rsquo;s securities to file reports of ownership and changes in ownership with
the SEC and the NYSE and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on the Fund&rsquo;s
review of the copies of such forms it received, if any, for the fiscal year ended December 31, 2015, the Fund believes that during
that year such persons complied with all such applicable filing requirements, with the exception of Mr. Melarkey, who filed two
late Form 4 filings after the reporting period.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>Broker Non-Votes and Abstentions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">For
purposes of determining the presence of a quorum for transacting business at the Meeting, abstentions (or &ldquo;withheld votes&rdquo;
with respect to the election of Trustees) and broker &ldquo;non-votes&rdquo; (that is, proxies from brokers or nominees indicating
that such persons have not received instructions from the beneficial owner or other persons entitled to vote shares on a particular
matter with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present
but that have not been voted. Accordingly, shareholders are urged to forward their voting instructions promptly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Because
the Fund requires a plurality of votes to elect each nominee for Trustee, abstentions and broker non-votes, if any, will not be
counted as votes cast, but will have no effect on the result of the vote. Abstentions and any broker non-votes, however, will be
considered to be present at the Meeting for purposes of determining the existence of a quorum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Brokers
holding shares of the Fund in &ldquo;street name&rdquo; for the benefit of their customers and clients will request the instructions
of such customers and clients on how to vote their shares on Proposal 1 before the Meeting. Under the rules of the NYSE, such brokers
may, for certain &ldquo;routine&rdquo; matters, grant discretionary authority to the proxies designated by the Board to vote if
no instructions have been received from their customers and clients prior to the date specified in the brokers&rsquo; request for
voting instructions. Proposal 1 is a &ldquo;routine&rdquo; matter and accordingly beneficial owners who do not provide proxy instructions
or who do not return a proxy card may have their shares voted by broker-dealer firms in favor of Proposal 1. A properly executed
proxy card or other authorization by a beneficial owner of shares that does not specify how the beneficial owner&rsquo;s shares
should be voted on Proposal 1 may be deemed an instruction to vote such shares in favor of the proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Shareholders
of the Fund will be informed of the voting results of the Meeting in the Fund&rsquo;s Semiannual Report for the six months ended
June 30, 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20"><B>&ldquo;Householding&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">Please
note that only one document (i.e., an annual or semiannual report or one set of proxy soliciting materials) may be delivered to
two or more shareholders of the Fund who share an address, unless the Fund has received instructions to the contrary. To request
a separate copy of a document, or for instructions regarding how to request a separate copy of these documents or regarding how
to request a single copy if multiple copies of these documents are received, shareholders should contact the Fund at the address
and phone number set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>OTHER MATTERS TO COME BEFORE THE
MEETING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
Trustees of the Fund do not intend to present any other business at the Meeting nor are they aware that any shareholder intends
to do so. If, however, any other matters, including adjournments, are properly brought before the Meeting, the persons named in
the accompanying proxy will vote thereon in accordance with their judgment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: #231F20"><B>SHAREHOLDER NOMINATIONS AND PROPOSALS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">All
proposals by shareholders of the Fund that are intended to be presented pursuant to Rule 14a-8 under the 1934 Act (&ldquo;Rule
14a-8&rdquo;) at the Fund&rsquo;s next Annual Meeting of Shareholders to be held in 2017 (the &ldquo;2017 Annual Meeting&rdquo;)
must be received by the Fund for consideration for inclusion in the Fund&rsquo;s 2017 proxy statement and 2017 proxy relating to
that meeting no later than November 29, 2016. Rule 14a-8 specifies a number of procedural and eligibility requirements to be satisfied
by a shareholder submitting a proposal for inclusion in the Fund&rsquo;s proxy materials pursuant to Rule 14a-8. Any shareholder
contemplating submissions of such a proposal is referred to Rule 14a-8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.1pt; color: #231F20">The
Fund&rsquo;s By-Laws require shareholders that wish to nominate Trustees or make proposals to be voted on at an Annual Meeting
of the Fund&rsquo;s Shareholders (and which are not proposed to be included in the Fund&rsquo;s proxy materials pursuant to Rule
14a-8) to provide timely notice of the nomination or proposal in writing. To be considered timely for the 2017 Annual Meeting,
the shareholder notice (and information summarized below and summarized fully in the Fund&rsquo;s By-Laws) must be sent to the
Fund's Secretary, c/o Gabelli Funds, LLC, One Corporate Center,</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">Rye, NY 10580-1422, and
must be received by the Secretary no earlier than December 10, 2016 and no later than January 9, 2017; provided, however, that
if the 2017 Annual Meeting is to be held on a date that is earlier than April 14, 2017 or later than June 3, 2017, such notice
must be so received not later than the close of business on the 10th day following the date on which notice of the date of the
annual meeting was mailed or public disclosure of the date of such annual meeting was made, whichever occurred first. In no event
shall the adjournment or postponement of an annual meeting, or the public announcement of such an adjournment or postponement,
commence a new time period (or extend any time period) for the giving of a shareholder's notice as described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">In order
for a shareholder of record to propose a nominee for Trustee, such shareholder must furnish written notice setting forth specified
information about the nominee and associates of the nominee, the shareholder(s) of record (and if different, each beneficial owner
on whose behalf the nomination is being made) and associates of the shareholder(s), as well as an executed certificate by the nominee
relating to the nominee&rsquo;s disclosure of any agreement, arrangement or understanding with any person or entity other than
the Fund in connection with service as a Trustee of the Fund, the nominee&rsquo;s consent to serve as a Trustee if elected and
the nominee&rsquo;s satisfaction of the Trustee qualifications set forth in the Fund&rsquo;s governing documents. If requested
by the Nominating Committee, the proposing shareholder will need to also submit a completed and signed trustee&rsquo;s questionnaire,
including a supplement, relating to the nominee&rsquo;s satisfaction of the qualifications requirements set forth in the governing
documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20">The
foregoing description of the procedures for a shareholder of the Fund properly to make a nomination for election to the Board or
to propose other business for the Fund is only a summary and is not complete. Copies of the Fund&rsquo;s governing documents, including
the provisions that concern the requirements for shareholder nominations and proposals, are available on the EDGAR Database on
the SEC&rsquo;s website at www.sec.gov. The Fund will also furnish, without charge, a copy of its governing documents to a shareholder
upon request, which may be requested by writing to the Fund&rsquo;s Secretary, c/o Gabelli Funds, LLC, One Corporate Center, Rye,
NY 10580-1422. Any shareholder of the Fund considering making a nomination or other proposal should carefully review and comply
with those provisions of the Fund&rsquo;s governing documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; color: #231F20"><B>IT IS IMPORTANT THAT PROXIES BE
RETURNED PROMPTLY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; color: #231F20"><B>SHAREHOLDERS
MAY PROVIDE THElR VOTE BY TELEPHONE OR THE INTERNET BY FOLLOWING THE INSTRUCTIONS ACCOMPANYING THE PROXY CARD, VOTING INSTRUCTION
FORM OR SET FORTH IN THE NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIALS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20">March 29, 2016</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: right">GDL-PS-2016</P>



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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PROXY TABULATOR</font></B></I><i></i></p> </td>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>P.O. BOX 9112</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>To vote by Internet</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>FARMINGDALE, NY 11735</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Go to website </font><b><font face="Arial" style='font-size:8pt'>www.proxyvote.com</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions provided on the website.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Telephone</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Call </font><b><font face="Arial" style='font-size:8pt'>1-800-690-6903</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Mail</font></b></td> </tr>
		<tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement.</font></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Check the appropriate boxes on the proxy card below.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Sign and date the proxy card.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Return the proxy card in the envelope provided.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse;'>

 <tr style='height:12.6pt;'>
        <td colspan="2" style=' height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></p> </td>
        <td style='height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

 <tr style='height:12.6pt;'>
        <td colspan="2" style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>E03274-P75382</font></p> </td>
        <td style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>KEEP THIS PORTION FOR YOUR RECORDS</font></p> </td> </tr>
 <tr>
        <td width="24%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
                        <p style=' margin-left:0in;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="34%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>DETACH AND RETURN THIS PORTION ONLY</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td ></td>
        <td ></td> </tr> </table>
            </div>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:3pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td colspan="2" valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-top:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="14" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THE GDL FUND</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="13" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>COMMON SHAREHOLDER</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=middle rowspan=2 style='background:black; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="8" rowspan=2 valign=bottom >
                      <p style=' margin-left:3pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Election of Trustees &#151; The Board of Trustees recommends a vote <u>FOR</u> each of the nominees listed.</font></b></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Withhold</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For All</font></b><br> <b><font face="Arial" style='font-size:7pt'>Except</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</font></p> </td>
        <td rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p>
                        </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p></td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="7" valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect two (2) Trustees of the Fund:</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Edward T. Tokar</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td rowspan=2 valign=middle style=' background:black;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>B</font></B></font></p> </td>
        <td colspan="18" rowspan=2 >
                        <p style=' margin-left:3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="19" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="18" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="10" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;border-top:solid black .5pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black .5pt;border-top:solid black .5pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature [PLEASE SIGN WITHIN BOX]</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature (Joint Owners)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="10" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="15" ></td>
                    <td width="1" ></td>
        <td width="38" ></td>
                    <td width="43" ></td>
        <td width="111" ></td>
                    <td width="86" ></td>
        <td width="83" ></td>
                    <td width="1" ></td>
        <td width="87" ></td>
                    <td width="1" ></td>
        <td width="106" ></td>
                    <td width="9" ></td>
        <td width="1" ></td>
                    <td width="55" ></td>
        <td width="66" ></td>
                    <td width="50" ></td>
        <td width="42" ></td>
                    <td width="64" ></td>
        <td width="66" ></td>
                    <td width="225" ></td>
        <td width="3" ></td>
                    <td width="31" ></td>
        <td width="30" ></td>
 </tr> </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:10pt'>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:10pt'>The Notice and Proxy Statement is available at www.proxyvote.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&#9660;&nbsp;&nbsp;&nbsp;</font><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></B><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&#9660;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse;'>
 <tr>
        <td width="62%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> </p> </td>
        <td width="37%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>E03275-P75382</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="2%" valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GDL FUND</font></B></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>This proxy is solicited on behalf of the Board of Trustees</font></b></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies
of the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The GDL Fund (the &#147;Fund&#148;), which the undersigned is entitled to vote at the Annual Meeting of Shareholders
of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830
on Monday, May 9, 2016, at 11:00 A.M., and at any adjournments thereof (the &#147;Meeting&#148;). The undersigned hereby acknowledges receipt of the
Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein. In
their discretion, the proxies are authorized to vote upon such other business as may properly come before the Meeting.</font></p>

            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>This proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this proxy
will be voted <strong>FOR</strong> the election of the nominees as Trustees and in the discretion of the proxy holder as to any other matter that may
properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</font></B></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PROXY TABULATOR</font></B></I><i></i></p> </td>
        <td width="50%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>P.O. BOX 9112</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>To vote by Internet</font></b></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><I><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>FARMINGDALE, NY 11735</font></B></I><i></i></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Go to website </font><b><font face="Arial" style='font-size:8pt'>www.proxyvote.com</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions provided on the website.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Telephone</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement and have the proxy card below at hand.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Call </font><b><font face="Arial" style='font-size:8pt'>1-800-690-6903</font></b></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Follow the instructions.</font></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><b><font face="Arial" style='font-size:8pt'>To vote by Mail</font></b></td> </tr>
		<tr>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><font face="Arial" style='font-size:8pt'>1)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Read the Proxy Statement.</font></td> </tr>
             <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>2)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Check the appropriate boxes on the proxy card below.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>3)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Sign and date the proxy card.</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:.15in;margin-right:0in;text-indent:-.15in;text-align:left;margin-top:0in;margin-bottom:0in;'><font face="Arial" style='font-size:8pt'>4)</font><font face="Arial" style='font-size:8pt'>&nbsp;&nbsp;</font><font face="Arial" style='font-size:8pt'>Return the proxy card in the envelope provided.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse;'>

 <tr style='height:12.6pt;'>
        <td colspan="2" style=' height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</font></p> </td>
        <td style='height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>

 <tr style='height:12.6pt;'>
        <td colspan="2" style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>E03276-P75382</font></p> </td>
        <td style='border-bottom:dashed black 1.5pt; height:12.6pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>KEEP THIS PORTION FOR YOUR RECORDS</font></p> </td> </tr>
 <tr>
        <td width="24%" valign=bottom >
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="40%" valign=bottom >
                        <p style=' margin-left:0in;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom: 0in;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="34%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>DETACH AND RETURN THIS PORTION ONLY</font></p> </td> </tr>
 <tr>
        <td ></td>
                    <td ></td>
        <td ></td> </tr> </table>
            </div>
<p style=' margin-bottom:0pt; margin-top:2pt;text-align:center;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</font></B></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:3pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td colspan="2" valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-top:solid black 2.25pt;'><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="14" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>THE GDL FUND</font></B></p> </td>
                <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="13" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>SERIES B PREFERRED SHAREHOLDER</font></B></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=middle rowspan=2 style='background:black; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>A</font></B></font></p> </td>
        <td colspan="8" rowspan=2 valign=bottom >
                      <p style=' margin-left:3pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Election of Trustees &#151; The Board of Trustees recommends a vote <u>FOR</u> each of the nominees listed.</font></b></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>Withhold</font></b><br> <b><font face="Arial" style='font-size:7pt'>All</font></b></p> </td>
        <td rowspan=2 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:7pt'>For All</font></b><br> <b><font face="Arial" style='font-size:7pt'>Except</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:7pt'>To withhold authority to vote for any individual&nbsp;nominee(s), mark &#147;For All Except&#148; and write the&nbsp;name(s)&nbsp;of the nominee(s) on the line below.</font></p> </td>
        <td rowspan=4 valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p>
                        </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p></td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>1.</font></p> </td>
        <td colspan="7" valign=bottom >
                      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>To elect three (3) Trustees of the Fund:</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td rowspan=2 valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font face=Wingdings>o</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Nominees:</font></b></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-bottom:solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="7" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:4pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>01)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Edward T. Tokar</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>02)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Salvatore J. Zizza</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>03)</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Anthony J. Colavita</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td rowspan=2 valign=middle style=' background:black;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font COLOR="#FFFFFF"><B><font FACE="ARIAL" STYLE='FONT-SIZE:15PT'>B</font></B></font></p> </td>
        <td colspan="18" rowspan=2 >
                        <p style=' margin-left:3pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><b><font face="Arial" style='font-size:8pt'>Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="19" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="18" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:8pt'>Please sign this proxy exactly as your name(s) appear(s) in the records of the Fund. If joint owners, either may sign. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title.</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td colspan="2" valign=bottom style=' border-left:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p></td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="10" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style=' border-right:solid black .5pt;border-top:solid black .5pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black .5pt;border-top:solid black .5pt'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="4" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 1.5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature [PLEASE SIGN WITHIN BOX]</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="4" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="5" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Signature (Joint Owners)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font face="Arial" style='font-size:6pt'>Date</font></p> </td>
        <td colspan="3" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="6" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="10" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td colspan="3" valign=bottom style=' border-bottom:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:7pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="15" ></td>
                    <td width="1" ></td>
        <td width="38" ></td>
                    <td width="43" ></td>
        <td width="111" ></td>
                    <td width="86" ></td>
        <td width="83" ></td>
                    <td width="1" ></td>
        <td width="87" ></td>
                    <td width="1" ></td>
        <td width="106" ></td>
                    <td width="9" ></td>
        <td width="1" ></td>
                    <td width="55" ></td>
        <td width="66" ></td>
                    <td width="50" ></td>
        <td width="42" ></td>
                    <td width="64" ></td>
        <td width="66" ></td>
                    <td width="225" ></td>
        <td width="3" ></td>
                    <td width="31" ></td>
        <td width="30" ></td>
 </tr> </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<!-- EEDocs PBEnd-->
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:12pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font face="Arial" style='font-size:10pt'>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:</font></b></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font face="Arial" style='font-size:10pt'>The Notice and Proxy Statement is available at www.proxyvote.com.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&#9660;&nbsp;&nbsp;&nbsp;</font><B><font FACE="ARIAL" STYLE='FONT-SIZE:8PT'>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></B><font style='font-size:10pt'>&nbsp;&nbsp;&nbsp;&#9660;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' margin-left:0pt;border-collapse:collapse;'>
 <tr>
        <td width="62%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;margin-right:1.45pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> </p> </td>
        <td width="37%" valign=bottom style='border-top: dashed black 1.5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'> <font FACE="ARIAL" STYLE='FONT-SIZE:7PT'>E03277-P75382</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse; '>
 <tr>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:solid black 2.25pt;border-bottom:none;border-right:none; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-top:solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:solid black 2.25pt; border-left:none;border-bottom:none;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="2%" valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="47%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td width="3%" valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-left:solid black 2.25pt; '>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:10PT'>THE GDL FUND</font></B></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><b><font face="Arial" style='font-size:10pt'>This proxy is solicited on behalf of the Board of Trustees</font></b></p>
<p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>The undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies
of the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The GDL Fund (the &#147;Fund&#148;), which the undersigned is entitled to vote at the Annual Meeting of Shareholders
of the Fund to be held at The Cole Auditorium, The Greenwich Library, 101 West Putnam Avenue, Greenwich, Connecticut 06830
on Monday, May 9, 2016, at 11:00 A.M., and at any adjournments thereof (the &#147;Meeting&#148;). The undersigned hereby acknowledges receipt of the
Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote said shares as indicated herein. In
their discretion, the proxies are authorized to vote upon such other business as may properly come before the Meeting.</font></p>

            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>A majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:8pt;margin-bottom:0pt;'><font face="Arial" style='font-size:10pt'>This proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this proxy
will be voted <strong>FOR</strong> the election of the nominees as Trustees and in the discretion of the proxy holder as to any other matter that may
properly come before the Meeting. Please refer to the Proxy Statement for a discussion of Proposal No. 1.</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><B><font FACE="ARIAL" STYLE='FONT-SIZE:9PT'>PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</font></B></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:none;border-right:solid black .5pt; '>
                        <p style=' margin-left:8.65pt;margin-right:0in;text-indent:-8.65pt;text-align:left;margin-top:0in;margin-bottom: 0in;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style='border-top:none; border-left:none;border-bottom:solid black .5pt;border-right:solid black .5pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-right: solid black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0in;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom style='border-top:none;border-left: solid black 2.25pt;border-bottom:solid black 2.25pt;border-right: none;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:5pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom style=' border-bottom:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-top:none;border-left: none;border-bottom:solid black 2.25pt;border-right:solid black 2.25pt; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:8pt'>&nbsp;</font></p> </td> </tr>
 </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<!-- EEDocs PBStart-->
<hr NOSHADE="NOSHADE" ALIGN=CENTER WIDTH="100%" SIZE=4>
<!-- EEDocs PBEnd-->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
