<SEC-DOCUMENT>0001133228-19-002209.txt : 20190412
<SEC-HEADER>0001133228-19-002209.hdr.sgml : 20190412
<ACCEPTANCE-DATETIME>20190412132032
ACCESSION NUMBER:		0001133228-19-002209
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190513
FILED AS OF DATE:		20190412
DATE AS OF CHANGE:		20190412
EFFECTIVENESS DATE:		20190412

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:		19745852

	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>e518407_def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Check
the appropriate box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Preliminary
                                         Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Confidential,
                                         for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Definitive
                                         Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Definitive
                                         Additional Materials</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Soliciting
                                         Material Pursuant to Sec. 240.14a-12</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; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
GDL Fund</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)</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"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payment
of Filing Fee (Check the appropriate box):</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">No
                                         fee required</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fee
                                         computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD>
</TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">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):</FONT></TD>
</TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fee
                                         paid previously with preliminary materials.</FONT></TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 190.5pt"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 171.95pt; text-align: center; text-indent: 11.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">One Corporate Center<BR>
Rye, New York 10580-1422<BR>
(914) 921-5070</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 10%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 13, 2019, at 7:30 a.m., local time, at the Bruce Museum, One Museum Drive, Greenwich, Connecticut 06830-7100 (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 0pt 0.5in; text-align: justify; text-indent: -15.95pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in">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 Series C Cumulative Puttable and Callable Preferred Shares (&ldquo;Preferred Shares&rdquo;), voting
together as a single class, one (1) Trustee to be elected by the holders of the Fund&rsquo;s Preferred Shares, voting as a separate
class;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>If properly presented at the Meeting, to vote on a shareholder proposal; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>To consider and vote upon such other matters, including adjournments, as may properly come before said Meeting or any adjournments
thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The close of business on March 21, 2019,
has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and any
adjournments or postponements thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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 URGE YOU TO VOTE PROMPTLY
FOR YOUR FUND&rsquo;S NOMINEES (PROPOSAL 1) AND AGAINST THE SHAREHOLDER PROPOSAL (PROPOSAL 2). SHAREHOLDERS MAY AUTHORIZE THEIR
PROXY BY TELEPHONE OR THE INTERNET. ALTERNATIVELY, SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY
CARD AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 12, 2019</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following general rules for signing proxy
cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to properly
sign your proxy card.</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Registration</U></B></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Valid Signature</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1) &nbsp;ABC Corp.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABC Corp., John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2) &nbsp;ABC Corp.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Doe, Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3) &nbsp;ABC Corp.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c/o John Doe, Treasurer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Doe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4) &nbsp;ABC Corp., Profit Sharing Plan</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trust Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1) &nbsp;ABC Trust</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jane B. Doe, Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2) &nbsp;Jane B. Doe, Trustee</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">u/t/d 12/28/78</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jane B. Doe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Custodian or Estate Accounts</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1) &nbsp;John B. Smith, Cust.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John B. Smith</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2) &nbsp;John B. Smith, Executor</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estate of Jane Smith</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John B. Smith, Executor</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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


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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 10%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 10%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 13, 2019, at 7:30 a.m., local time, at the Bruce Museum, One
Museum Drive, Greenwich, Connecticut 06830-7100 (the &ldquo;Meeting&rdquo;), and at any adjournments or postponements thereof.
A Notice of Internet Availability of Proxy Materials, or the Proxy Materials, will first be mailed to shareholders on or about
April 12, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 Sodali LLC to assist in the solicitation of proxies for an estimated
fee of $1,000 plus reimbursement of expenses. The Fund will pay the costs of the proxy solicitation and the expenses incurred in
connection with preparing, printing, and mailing the Notice of Internet Availability of Proxy Materials and/or Proxy Statement
and its enclosures. If requested, the Fund will also reimburse brokerage firms and others for their expenses in forwarding solicitation
materials to the beneficial owners of its shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The Fund&rsquo;s
most recent annual report, including audited financial statements for the fiscal year ended December 31, 2018, is available upon
request, without charge, by writing to the Secretary of the Fund, One Corporate Center, Rye, New York 10580-1422, calling the Fund
at 800-422-3554, or via the Internet at www.gabelli.com.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 and &ldquo;AGAINST&rdquo; Proposal 2 as described in this Proxy Statement, unless instructions to the
contrary are marked thereon, and at the discretion of the proxy holders as to the transaction of any other business that may properly
come before the Meeting. Any shareholder who has submitted a proxy has the right to revoke it at any time prior to its exercise
either by attending the Meeting and voting his or her shares in person, or by submitting a letter of revocation or a later dated
proxy to the Fund at the above address prior to the date of the Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 0pt 0.05pt; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The close of business on March
21, 2019, has been fixed as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting
and all adjournments or postponements thereof.</P>

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


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<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: 0.25in">The Fund has two classes
of shares of beneficial interest outstanding: common shares, par value $0.001 per share (&ldquo;Common Shares&rdquo;), and Series
C Cumulative Puttable and Callable Preferred Shares, par value $0.001 per share (&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 16,378,951
Common Shares and 2,624,025 Preferred Shares outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Set forth below is information as to those
shareholders to the Fund&rsquo;s knowledge that beneficially own 5% or more of a class of the Fund&rsquo;s outstanding voting securities
as of the record date.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name and Address of</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount of Shares</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Beneficial Owner(s)</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Title of Class</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>and Nature
    of Ownership</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Percent of
    Class</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario J. Gabelli and affiliates</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,525,125 (beneficial)*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">One Corporate Center</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rye, NY 10580-1422</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lazard Asset Management, LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,096,533 (beneficial)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30 Rockefeller Plaza</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York, NY 10012</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Relative Value Partners Group, LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,109,573 (beneficial)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1033 Skokie Blvd</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suite 470</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NorthBrook, IL 60062</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Raymond James &amp; Associates, Inc.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">895,005 (beneficial)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.5%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">880 Carillon Parkway</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">St. Petersburg, FL 33716</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Relative Value Partners Group, LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">771,387</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(beneficial)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29.4%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1033 Skokie Blvd</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suite 470</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NorthBrook, IL 60062</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mario J. Gabelli and affiliates</FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred</FONT></TD>
    <TD STYLE="width: 36%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">264,141</FONT> (beneficial)**</TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">One Corporate Center</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rye, NY 10580-1422</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Scharf Investments LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">213,602 (beneficial)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5619 Scotts Valley Drive</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Suite 140</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Scotts Valley, CA 95066</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RiverNorth Capital Management</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000 (beneficial)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.7%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">325 N. LaSalle Street</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chicago, IL 60654</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Comprised
                                         of 2,496,936 Common Shares owned directly by Mr. Gabelli, 54,846 Common Shares owned
                                         by a family partnership for which Mr. Gabelli serves as a general partner, 40,239 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 1,933,104 Common Shares owned by GAMCO
                                         Investors, 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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Comprised
                                         of 218,400 Preferred Shares owned directly by Mr. Gabelli, 45,000 Preferred Shares owned
                                         by E3M 2016 LLC, and 741 Preferred Shares in investment partnerships and trust accounts.</FONT></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>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-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Proposal</U></B></FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Common Shareholders</U></B></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Preferred Shareholders</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1. Election of</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common and Preferred Shareholders,</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common and Preferred Shareholders,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Trustees</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">voting together as a single class,</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">voting together as a single class,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">vote to elect two Trustees:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">vote to elect two Trustees:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Edward T. Tokar and</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Edward T. Tokar and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salvatore J. Zizza</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred Shareholders, voting as a separate</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">class, vote to elect one Trustee:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Anthony S. Colavita</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">2. Shareholder Proposal</FONT></TD>
    <TD STYLE="width: 75%"><FONT STYLE="font-size: 10pt">Common and Preferred Shareholders, voting together as a single class
    (if properly presented at the Meeting)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. Other Business</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 1: TO ELECT THREE (3) TRUSTEES
OF THE FUND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>Nominees for the Board of Trustees</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 S. 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 2022 Annual
Meeting of Shareholders or until their successors are duly elected and qualified. Each of the Trustees of the Fund has served in
that capacity since the November 8, 2006 organizational meeting of the Fund, with the exception of Ms. Foley, who became a Trustee
of the Fund on February 23, 2017 and Mr. Colavita, who became a Trustee of the Fund on May 16, 2018. All of the Trustees of the
Fund are also directors or trustees of other investment companies for which Gabelli Funds, LLC (the &ldquo;Adviser&rdquo;) or its
affiliates serve as investment adviser. The classes of Trustees are indicated below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B><U>Nominees to Serve Until 2022
Annual Meeting of Shareholders</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">Anthony S. Colavita<BR>
Edward T. Tokar<BR>
Salvatore J. Zizza</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B><U>Trustees Serving Until 2021 Annual Meeting
of Shareholders</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B><U>Trustees Serving Until 2020 Annual Meeting
of Shareholders</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt">James P. Conn<BR>
Clarence A. Davis</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 is scheduled to
expire at the Fund&rsquo;s 2020 Annual Meeting of Shareholders. Therefore, he is not standing for election at this Meeting. 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; text-align: justify; text-indent: 20.05pt">&nbsp;</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name,
    Position(s),</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 14%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Term
    of</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Office and</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Length of</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 29%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 29%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other
    Directorships</B></FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Portfolios in</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fund Complex<SUP>(3)</SUP></B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Time</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Principal
    Occupation(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Held
    by Trustee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Overseen</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>and
    Age</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Served<SUP>(2)</SUP></U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>During
    Past Five Years</U></B></FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>During
    Past Five Years</U></B></FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>by
    Trustee</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>INTERESTED
    TRUSTEES/NOMINEES<SUP>(4)</SUP>:</U></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Mario
    J. Gabelli</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chairman,
    Chief Executive</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Director
    of Morgan Group</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee
    and</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006**</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer,
    and Chief Investment</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Holdings,
    Inc. (holding</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief
    Investment Officer</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer
    &ndash; Value Portfolios of</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">company);
    Chairman of the</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    76</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">GAMCO
    Investors, Inc. and</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Board
    and Chief Executive</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief
    Investment Officer &ndash; Value</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer
    of LICT Corp.</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Portfolios
    of Gabelli Funds, LLC and GAMCO Asset Management Inc.; Director/Trustee or Chief Investment Officer of other registered investment
    companies within the Gabelli/GAMCO Fund Complex; Chief Executive Officer of GGCP, Inc.; Executive Chairman of Associated Capital
    Group, Inc.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(multimedia
    and communication services company); Director of CIBL, Inc. (broadcasting and wireless communications); Director of ICTC Group
    Inc. (communications)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Edward
    T. Tokar</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Private
    Investor; Senior Managing</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee
    of William &amp; Mary Business</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Director
    of Beacon Trust Company</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">School
    Foundation; Director of CH</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    71</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(trust
    services) (2004-2016); Chief</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Energy
    Group (energy services)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Executive
    Officer of Allied Capital</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2009-2013);
    Director, Teton</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Management
    LLC (1977-2004); Vice</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Advisors,
    Inc. (financial services)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President
    of Honeywell International</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2008-2010)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inc.
    (1977-2004)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>INDEPENDENT
    TRUSTEES/NOMINEES<SUP>(5)</SUP>:</U></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Anthony
    S. Colavita<SUP>(6)(7)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Attorney,
    Anthony S. Colavita, P.C.</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    May 2018*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    57</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>James
    P. Conn<SUP>(6)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former
    Managing Director and</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006***</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief
    Investment Officer of</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    81</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial
    Security Assurance</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Holdings,
    Ltd. (1992-1998)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Clarence
    A. Davis</B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former
    Chief Executive Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Director
    of Telephone &amp; Data</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006***</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">of
    Nestor, Inc. (2007-2009);</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Systems,
    Inc. (telephone</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    77</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former
    Chief Operating Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">services);
    Director of Pennichuck</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2000-2005)
    and Chief Financial</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corp.
    (water supply) (2009-2012)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer
    (1999-2000) of the</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">American
    Institute of Certified</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Public
    Accountants</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Leslie
    F. Foley<SUP>(7)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Attorney;
    Serves on the Boards of</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2017**</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">the
    Addison Gallery of American Art</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    51</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">at
    Phillips Academy Andover,</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">National
    Humanities Center, and</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Greenwich
    Country Day School;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President, Global Ethics &amp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Compliance
    and Associate General</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Counsel
    for News Corporation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2008-2010)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name,
    Position(s),</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Term
    of</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Office and</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Length of</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 29%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other
    Directorships&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number
    of</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Portfolios in</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fund Complex<SUP>(3)</SUP></B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Time</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Principal
    Occupation(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Held
    by Trustee</B></FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Overseen</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>and
    Age</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Served<SUP>(2)</SUP></U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>During
    Past Five Years</U></B></FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>During
    Past Five Years</U></B></FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>by
    Trustee</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>INDEPENDENT TRUSTEES/NOMINEES<SUP>(5)</SUP>:</U></B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Michael J. Melarkey</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Of Counsel in the law firm of</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chairman of Southwest Gas</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since 2006**</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">McDonald Carano Wilson LLP;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corporation (natural gas utility)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age: 69</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Partner in the law firm of</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Avansino, Melarkey, Knobel,</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mulligan &amp; McKenzie</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1980-2015)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Salvatore J. Zizza<SUP>(7)(8)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President of Zizza &amp; Associates Corp.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Director and Chairman of Trans-Lux</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since 2006*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(private holding company); President of</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Corporation (business services);</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age: 73</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bergen Cove Realty Inc.; Chairman of</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Director and Chairman of Harbor</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Harbor Diversified, Inc.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Diversified Inc. (pharmaceuticals)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(pharmaceuticals) (2009-2018);</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2009-2018)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chairman of BAM (semiconductor and</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">aerospace manufacturing) (2000-2018);</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chairman of Metropolitan Paper</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Recycling Inc. (recycling) (2005-2014)</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>OFFICERS:</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 20%; text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Term
    of</B></FONT></TD>
    <TD NOWRAP STYLE="width: 66%; text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Office
    and</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name,
    Position(s)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Length
    of</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Address<SUP>(1)</SUP></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Time</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Principal
    Occupation(s)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>and
    Age</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Served<SUP>(9)</SUP></U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>During
    Past Five Years</U></B></FONT><FONT STYLE="font-size: 8pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Bruce
    N. Alpert</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Executive
    Vice President and Chief Operating Officer of Gabelli Funds, LLC since 1988;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer
    of registered investment companies within the Gabelli/GAMCO Fund Complex;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    67</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Senior
    Vice President of GAMCO Investors, Inc. since 2008</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>John
    C. Ball</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Treasurer
    of funds within the Gabelli/GAMCO Fund Complex since 2017; Vice President and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">Since 2017<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Assistant
    Treasurer of AMG Funds, 2014-2017; Vice President of State Street Corporation,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    43</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2007-2014</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Agnes
    Mullady</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer
    of registered investment companies within the Gabelli/GAMCO Fund Complex</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">since
    2006; President and Chief Operating Officer of the Fund Division of Gabelli Funds,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    60</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">LLC
    since 2015; Chief Executive Officer of G.distributors, LLC since 2010; Senior Vice</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President
    of GAMCO Investors, Inc. since 2009; Vice President of Gabelli Funds, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">since
    2007; Executive Vice President of Associated Capital Group, Inc. since 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Andrea
    R. Mango</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President of GAMCO Investors, Inc. since 2016; Counsel of Gabelli Funds, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Secretary
    and Vice President</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2013</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">since
    2013; Secretary of registered investment companies within the Gabelli/GAMCO</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    46</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fund
    Complex since 2013; Vice President of closed-end funds within the</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gabelli/GAMCO
    Fund Complex since 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Richard
    J. Walz</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief
    Compliance Officer of registered investment companies within the Gabelli/GAMCO</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief
    Compliance Officer</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2013</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fund
    Complex since 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    59</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carter
    W. Austin</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Complex;
    Senior Vice President (since 2015) and Vice President (1996-2015) of Gabelli</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    52</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Funds,
    LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>David
    I. Schachter</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President and/or Ombudsman of closed-end funds within the Gabelli/GAMCO Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2006</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Complex;
    Senior Vice President (since 2015) and Vice President (1999-2015) of</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    65</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">G.research,
    LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Laurissa
    M. Martire</B></FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President and/or Ombudsman of closed-end funds in the Gabelli/GAMCO Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice
    President and</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    2018</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Complex;
    Senior Vice President (since January 2019) and other positions (1999-2019) of</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ombudsman</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">GAMCO
    Investors, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Age:
    42</FONT></TD>
    <TD STYLE="text-align: center; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Address:
                                         One Corporate Center, Rye, NY 10580-1422.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Trustees
                                         who are not considered to be &ldquo;interested persons&rdquo; of the Fund as defined
                                         in the 1940 Act are considered to be &ldquo;Independent&rdquo; Trustees. None of the
                                         Independent Trustees (with the possible exceptions as described in this proxy statement)
                                         nor their family members had any interest in the Adviser or any person directly or indirectly
                                         controlling, controlled by or under common control with the Adviser as of December 31,
                                         2018.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Trustee/Nominee
                                         elected solely by holders of the Fund&rsquo;s Preferred Shares.</FONT></TD>
</TR></TABLE>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mr.
                                         Colavita&rsquo;s father, Anthony J. Colavita, and Ms. Foley&rsquo;s father, Frank J.
                                         Fahrenkopf, Jr., serve as directors of other funds in 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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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;).</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(9)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                         time served in prior officer positions with the Fund. Each officer will hold office for
                                         an indefinite term until the date he or she resigns or retires or until his or her successor
                                         is duly elected and qualifies.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Nominee
                                         to serve, if elected, until the Fund&rsquo;s 2022 Annual Meeting of Shareholders or until
                                         his successor is duly elected and qualifies.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">**</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Term
                                         continues until the Fund&rsquo;s 2021 Annual Meeting of Shareholders or until his or
                                         her successor is duly elected and qualifies.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">***</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Term
                                         continues until the Fund&rsquo;s 2020 Annual Meeting of Shareholders or until his successor
                                         is duly elected and qualifies.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board
believes that each Trustee&rsquo;s experience, qualifications, attributes, or skills on an individual basis and in combination
with those of other Trustees lead to the conclusion that each Trustee should serve in such capacity. Among the attributes or skills
common to all Trustees are their ability to review critically and to evaluate, question, and discuss information provided to them,
to interact effectively with the other Trustees, the Adviser, the sub-administrator, other service providers, counsel, and the
Fund&rsquo;s independent registered public accounting firm, and to exercise effective and independent business judgment in the
performance of their duties as Trustees. Each Trustee&rsquo;s ability to perform his or her duties effectively has been attained
in large part through the Trustee&rsquo;s business, consulting, or public service positions and through experience from service
as a member of the Board and one or more of the other funds in the Fund Complex, public companies, non-profit entities, or other
organizations as set forth above and below. Each Trustee&rsquo;s ability to perform his or her duties effectively also has been
enhanced by education, professional training, and other experience.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Mario
J. Gabelli, CFA. </I>Mr. Gabelli is Chief Investment Officer of the Fund. He serves in the same capacity and as Chairman of the
boards of other funds in the Fund Complex. Mr. Gabelli is Chairman, Chief 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 the Chief Investment Officer of Value Portfolios of Gabelli Funds, LLC and GAMCO Asset Management
Inc. (&ldquo;GAMCO&rdquo;), each of which are asset management subsidiaries of GBL. In addition, Mr. Gabelli is Chief Executive
Officer, Chief Investment Officer, a director and the controlling shareholder of GGCP, Inc. (&ldquo;GGCP&rdquo;), a private company
that holds a majority interest in GBL, and the Chairman of MJG Associates, Inc., which acts as an investment manager of various
investment funds and other accounts. He is Executive Chairman of Associated Capital Group, Inc. (&ldquo;Associated Capital&rdquo;),
a public company that provides alternative management and institutional research services, and is a majority-owned subsidiary of
GGCP. Mr. Gabelli serves as Overseer of the Columbia University Graduate School of Business and as a trustee of Boston College
and Roger Williams University. He serves as a director of the Winston Churchill Foundation, The E.L. Wiegand Foundation, The American-Italian
Cancer Foundation, and The Foundation for Italian Art and Culture. He is Chairman of the Gabelli Foundation, Inc., a Nevada private
charitable trust. Mr. Gabelli serves as Co-President of Field Point Park Association, Inc. Mr. Gabelli received his Bachelor&rsquo;s
degree from Fordham University, M.B.A. from Columbia Business School, and honorary Doctorates from Fordham University and Roger
Williams University.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Edward T. Tokar.
</I>Mr. Tokar 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. He is a private investor. Mr. Tokar was a Senior Managing Director of Beacon Trust Company, a trust services
company from 2004 to 2016. He 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-five 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 Foundation, and currently serves on the Board of the William &amp; Mary Mason School of Business Foundation. Mr. Tokar has
served on</P>

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


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<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">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. He was also awarded a CPA designation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Anthony S. Colavita,
Esq. </I>Mr. Colavita has been a practicing attorney with Anthony S. Colavita, P.C. since February 1988. He is Chairman of the
Fund&rsquo;s Nominating Committee. Mr. Colavita serves on comparable or other board committees with respect to other funds in the
Fund Complex on whose boards he sits. Mr. Colavita has been Town Supervisor of the Town of Eastchester, New York since January
2004, with responsibilities for the review, adoption, and administration of a $35 million budget. He has also served as a board
member for multiple not-for-profit corporations and was previously counsel to the New York State Senate. Additionally, Mr. Colavita
was an Eastchester Town Councilman from 1998 to 2003. He has been active on the boards of several community based programs. Mr.
Colavita received his Bachelor of Arts from Colgate University and his Juris Doctor from Pace University School of Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><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; text-align: justify; text-indent: 20pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Clarence A. Davis,
CPA. </I>Mr. Davis was the CEO of Nestor, Inc. until January 2009 and a director of the company until it went into receivership
in June 2009. He is a member of the Fund&rsquo;s Audit Committee and serves in the same capacity for another fund in the Fund Complex
on whose board he sits. Mr. Davis is currently a director and a member of the Audit Committee of Telephone &amp; Data Systems,
Inc. He 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; text-align: justify; text-indent: 20pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Leslie F. Foley</I>.
Ms. Foley is an attorney currently serving on the Boards of the Addison Gallery of American Art at Phillips Academy Andover, the
National Humanities Center, and Greenwich Country Day School. She serves on the boards of other funds in the Fund Complex. Ms.
Foley was previously Vice President, Global Ethics &amp; Compliance and Associate General Counsel for News Corporation. She also
served in the White House Counsel&rsquo;s Office as Associate Counsel to President George W. Bush. Earlier in her career, Ms. Foley
served as Counsel for O&rsquo;Melveny and Myers LLP; Managing Director of Fixed Income Legal at Bear, Stearns &amp; Co. Inc.; associate
at Dewey Ballantine LLP; and law clerk to Judge Diarmuid F. O&rsquo;Scannlain of the United States Court of Appeals for the Ninth
Circuit. She graduated from Yale University <I>magna cum laude </I>and from the University of Virginia School of Law where she
was an editor of the <I>Virginia Law Review</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Michael J. Melarkey,
Esq. </I>Mr. Melarkey, after more than forty years of experience as an attorney specializing in business, estate planning, and
gaming regulatory work, recently retired from the active practice of law, and is of counsel to the firm of McDonald Carano and
Wilson in Reno, Nevada. He is 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</P>

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


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<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">respect to other funds in the Fund Complex
on whose boards he sits. He is currently Chairman of the Board of Southwest Gas Corporation and serves on its Nominating, Corporate
Governance, and Compensation Committees. Mr. Melarkey acts as a trustee and officer for several private charitable organizations,
including as a trustee of The Bretzlaff Foundation and Edwin L. Wiegand Trust. He is an officer of a private oil and gas company.
Mr. Melarkey received his Bachelor&rsquo;s degree from the University of Nevada, Reno, Juris Doctor from the University of San
Francisco School of Law, and Masters of Law in Taxation from New York University School of Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Salvatore J. Zizza.
</I>Mr. Zizza is the President of Zizza &amp; Associates Corp., a private holding company that invests in various industries. He
also serves or has served as Chairman to other companies involved in manufacturing, recycling, real estate, technology, and pharmaceuticals.
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 in the Fund
Complex 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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 situations. From time to time, the Board
establishes additional committees or informal working groups, such as an <I>ad hoc </I>Pricing Committee related to securities
offerings by the Fund, to address specific matters or assigns one of its members to work with trustees or directors of other funds
in the Fund Complex on special committees or working groups that address 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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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; text-align: justify; text-indent: 20pt">&nbsp;</P>

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


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<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: 0.25in">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"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Dollar
    Range of Equity</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate
    Dollar Range of Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Securities Held</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Securities Held
    in the</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Name of Trustee/Nominee</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>in the Fund*<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Family of Investment
    Companies*<SUP>(1)(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>INTERESTED TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Edward T. Tokar</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Anthony S. Colavita</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">E</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Clarence A. Davis</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Leslie F. Foley</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">B</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">D</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">E</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">A</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">E</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: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Key
                                         to Dollar Ranges</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">A.
                                         None</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">B.
                                         $1 &ndash; $10,000</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">C.
                                         $10,001 &ndash; $50,000</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">D.
                                         $50,001 &ndash; $100,000</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">E.
                                         Over $100,000</FONT></P></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">All
shares were valued as of December 31, 2018.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">This
                                         information has been furnished by each Trustee and nominee for election as Trustee as
                                         of December 31, 2018. &ldquo;Beneficial Ownership&rdquo; is determined in accordance
                                         with Rule 16a-1(a)(2) of the 1934 Act.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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;</FONT></TD>
</TR></TABLE>

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


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    <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: 0.25in">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-size: 10pt; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amount
    and Nature of</B></FONT></TD>
    <TD STYLE="width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Percent
    of Shares</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Name of Trustee/Nominee/Officer</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Beneficial Ownership<SUP>(1)</SUP></U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Outstanding<SUP>(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>INTERESTED TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,525,125 Common<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">264,141 Series C<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Edward T. Tokar</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,000 Common</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>INDEPENDENT TRUSTEES/NOMINEES:</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Anthony S. Colavita<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">James P. Conn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,000 Common</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Clarence A. Davis</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Leslie F. Foley</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,977 Common</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,038 Series C</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>EXECUTIVE OFFICERS:</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Bruce N. Alpert</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">John C. Ball</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Andrea R. Mango</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Agnes Mullady</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Richard J. Walz</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</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: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">This
                                         information has been furnished by each Trustee, including each nominee for election as
                                         Trustee, and executive officer as of December 31, 2018. &ldquo;Beneficial Ownership&rdquo;
                                         is determined in accordance with Rule 13d-3 of the 1934 Act. Reflects ownership of Common
                                         Shares unless otherwise noted.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">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 27.3% of the total Common Shares outstanding
                                         and 10.2% of the total Preferred Shares outstanding.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Comprised
                                         of 2,496,936 Common Shares owned directly by Mr. Gabelli, 54,846 Common Shares owned
                                         by a family partnership for which Mr. Gabelli serves as general partner, 40,239 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 1,933,104 Common Shares owned by GAMCO
                                         Investors, 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.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Comprised
                                         of 218,400 Preferred Shares owned by Mr. Gabelli, 45,000 Preferred Shares owned by E3M
                                         2016 LLC, and 741 Preferred Shares in investment partnerships and trust accounts.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mr.
                                         Colavita became a Trustee of the Fund on May 16, 2018.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name of
    Owner and</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name of
    Independent</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Relationships
    to</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Value of</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Percent
    of</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Trustee/Nominee</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Trustee/Nominee</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Company</U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Title
    of Class</U></B></FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Interests<SUP>(1)</SUP></U></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Class<SUP>(2)</SUP></U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gabelli Associates
    Fund</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Membership Interests</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,407,180</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.18%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Same</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gabelli Performance
    Partnership L.P.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Limited Partner Interests</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">302,307</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">This
                                         information has been furnished as of December 31, 2018.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">An
                                         asterisk indicates that the ownership amount constitutes less than 1% of the total interests
                                         outstanding.</FONT></TD>
</TR></TABLE>

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


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<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: 0.25in">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, 2018 amounted to $153,773.
During the fiscal year ended December 31, 2018, the Trustees of the Fund met four times, all of which were regular quarterly Board
meetings. Each Trustee then serving in such capacity attended at least 75% of the Board meetings and of any committee of which
he or she is a member.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 21, 2019. The Audit Charter is available in the Closed-End Funds &ndash; Corporate Governance Section on
the Fund&rsquo;s website at www.gabelli.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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, 2018, 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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In performing its oversight
function, at a meeting held on February 19, 2019, the Audit Committee reviewed and discussed with management of the Fund and Ernst
 &amp; Young the audited financial statements of the Fund as of and for the fiscal year ended December 31, 2018, and the conduct
of the audit of such financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As set forth above,
and as more fully set forth in the Audit Charter, the Audit Committee has significant duties and powers in its oversight role with
respect to the Fund&rsquo;s financial reporting procedures, internal control systems, and the independent audit process.</P>

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


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<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: 0.25in">The members of the Audit
Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and
are not employed by the Fund for accounting, financial management, or internal control purposes. Moreover, the Audit Committee
relies on and makes no independent verification of the facts presented to it or representations made by management or the Fund&rsquo;s
independent registered public accounting firm. Accordingly, the Audit Committee&rsquo;s oversight does not provide an independent
basis to determine that management has maintained appropriate accounting and/or financial reporting principles and policies, or
internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations.
Furthermore, the Audit Committee&rsquo;s considerations and discussions referred to above do not provide assurance that the audit
of the Fund&rsquo;s financial statements has been carried out in accordance with the standards of the PCAOB or that the financial
statements are presented in accordance with generally accepted accounting principles (United States).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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, 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>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">Michael J. Melarkey, Chairman<BR>
Clarence A. Davis<BR>
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">February 19, 2019</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit Committee
met two times during the fiscal year ended December 31, 2018. The Audit Committee is composed of three of the Fund&rsquo;s Independent
Trustees, namely Messrs. Melarkey (Chairman), Davis, 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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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
twice during the fiscal year ended December 31, 2018. The Nominating Committee is responsible for identifying and recommending
qualified candidates to the Board in the event that a position is vacated or created. 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; text-align: justify; text-indent: 20pt">&nbsp;</P>

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

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


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<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">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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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; text-indent: 20pt">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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, promotions of a product or service, or patently offensive or
otherwise objectionable material. In the case of communications to the Board of Trustees or any committee or group of members of
the Board, the General Counsel&rsquo;s office will make sufficient copies of the contents to send to each Trustee who is a member
of the group or committee to which the envelope or e-mail is addressed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 15, 2018.</P>

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


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<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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth certain information
regarding the compensation of the Trustees by the Fund and officers, if any, who were compensated by the Fund rather than the Adviser,
for the year ended December 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 169.25pt"><B>&nbsp;</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; font-size-adjust: none; font-stretch: normal">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; background-color: White"><FONT STYLE="font-size: 8pt">Aggregate</FONT></TD><TD NOWRAP STYLE="font-weight: bold; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; background-color: White"><FONT STYLE="font-size: 8pt">Aggregate
    Compensation from</FONT></TD>
    <TD NOWRAP STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; background-color: White"><FONT STYLE="font-size: 8pt">Compensation
    from</FONT></TD><TD NOWRAP STYLE="font-weight: bold; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; background-color: White"><FONT STYLE="font-size: 8pt">the
    Fund and Fund Complex</FONT></TD>
    <TD NOWRAP STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; background-color: White"><FONT STYLE="font-size: 8pt"><U>Name of Person and Position</U></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="font-weight: bold; text-align: center; background-color: White"><FONT STYLE="font-size: 8pt"><U>the
    Fund</U></FONT></TD><TD NOWRAP STYLE="font-weight: bold; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="font-weight: bold; text-align: center; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Paid
    to Trustees<SUP>(1)</SUP></U></B></FONT></TD>
    <TD NOWRAP STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="background-color: White; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt"><U>INTERESTED TRUSTEES:</U></FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Mario J. Gabelli</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Trustee and</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 49%; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Chief Investment Officer</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 3%; text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="width: 14%; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 3%; background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0
                                         </FONT></TD>
    <TD STYLE="width: 2%; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(0)</FONT></TD>
    <TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Edward T. Tokar</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">17,000</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,000
                                         </FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt"><U>INDEPENDENT TRUSTEES/NOMINEES:</U></FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Anthony
    J. Colavita<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">6,863</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">271,124
                                         </FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(30)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Anthony
    S. Colavita<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">12,910</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">117,352
                                         </FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(23)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">James P. Conn</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">20,500</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">273,500
                                         </FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(26)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Clarence A. Davis</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">19,000</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,000
                                         </FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Arthur V. Ferrara</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Trustee (deceased)</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">17,000</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">71,000</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Leslie F. Foley</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">17,000</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">44,879
                                         </FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(10)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Michael J. Melarkey</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">22,000</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">189,567</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Salvatore J. Zizza</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">Trustee</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">21,500</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">325,000</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; background-color: White"><FONT STYLE="font-size: 8pt">OFFICER:</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Peter
    M. Baldino<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">Assistant Vice President and Ombudsman</FONT></TD>
    <TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt">95,000</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="background-color: White; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt">&nbsp;</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: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Represents
                                         the total compensation paid to such persons during the year ended December 31, 2018,
                                         by investment companies (including the Fund) or portfolios that are part of the Fund
                                         Complex. The number in parentheses represents the number of such investment companies
                                         and portfolios.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Mr.
                                         Anthony J. Colavita resigned as a Trustee of the Fund on May 16, 2018.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mr.
                                         Anthony S. Colavita became a Trustee of the Fund on May 16, 2018.</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Mr.
                                         Baldino resigned as Assistant Vice President and Ombudsman of the Fund on December 31,
                                         2018.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Required Vote for Proposal 1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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. A &ldquo;plurality&rdquo;
vote means that the nominees who receive the largest number of votes cast (even if they receive less than a majority) will be elected
as trustees. Since the nominees are running unopposed, each nominee only needs one vote to be elected if there is a quorum present
at the Meeting.</P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROPOSAL 2: A SHAREHOLDER PROPOSAL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A shareholder (the
 &ldquo;Shareholder Proponent&rdquo;) has informed the Fund that it intends to submit a proposal (the &ldquo;Shareholder Proposal&rdquo;)
at the Meeting and has requested that the Fund include the proposal in this year&rsquo;s proxy material. <B><U>The Board of Trustees
unanimously recommends that you vote AGAINST the Shareholder Proposal.</U></B> The Shareholder Proposal and the supporting statement
for it (the Supporting Statement) are set forth below together with the Board&rsquo;s explanation for opposing the Shareholder&rsquo;s
Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B>RESOLVED:
</B>All investment advisory and management agreements between The GDL Fund and Gabelli Funds, LLC shall be terminated by the Fund,
pursuant to the right of stockholders as embodied in Section 15(a)(3) of the Investment Company Act of 1940 and as required to
be included in such agreements, at the earliest date the Fund is legally permitted to do so; provided, however, that if the Board
proposes, and shareholders approve, at this meeting, a plan to liquidate or open-end the Fund within one year, then the investment
advisory and management agreements between The GDL Fund and Gabelli Funds, LLC shall remain in effect as long as necessary to implement
these actions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The GDL Fund
has traded at an extremely large discount to its NAV for years (over 13% on average since inception), effectively holding shareholders
captive, since they can only exit their investment for substantially less than its value. Meanwhile, owners and/or affiliates of
the Fund&rsquo;s Adviser:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Collect expenses the Board notes (with no apparent irony) are &ldquo;above average&rdquo;.&nbsp;&nbsp;The investment advisory fees alone totaled $51.4 mln from 12/31/07-12/31/17, equaling 1.9% (!) of the Fund&rsquo;s average net assets over the period.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Collected fees for being &ldquo;dealer manager&rdquo; of the 2008 rights offering that led to the Fund adding a total of $51.7 mln in interest expense on its preferred shares from 12/31/07-12/31/17 (interest expense the Fund&rsquo;s underlying return has not come close to hurdling).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Collected $3.3 mln in commissions from the Fund from 12/31/07-12/31/17.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Picked up $450,000 from 12/31/07-12/31/17 for their doubtlessly invaluable assistance in calculating the Fund&rsquo;s ever-declining NAV.&nbsp;&nbsp;(The Fund, in fact, has seen its net asset value per share decline in EVERY SINGLE calendar year since its inception.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Have produced consistently poor performance, with GDL shareholders suffering a 1.53% since-inception annualized total return (with dividends reinvested) as of 11/26/18, well behind, say, ticker SHY, a 1-3 year Treasury Bond ETF, at 1.75%.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Can cement their own position by voting their shares in favor of the continuation of these excessive fees for poor performance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In our view,
by allowing such a large discount to persist, by giving current management a &ldquo;pass&rdquo; despite awful performance, and
by setting such a low bar for the collection of incentive fees, the Board has ignored its fiduciary duty. In a recent press release,
it even mentions a possible &ldquo;common share rights offering&rdquo;! Instead of being diluted or coerced into ponying up more
capital, shareholders deserve the opportunity to receive full value for their shares today.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In addition to voting for our proposal, then,
we hope that all GDL shareholders will join us in asking management for, and voting in favor of, a proposal to liquidate or open-end
the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Who are we? We are an
open-end mutual fund (Matisse Discounted Closed-End Fund Strategy, MDCEX) which has owned shares of GDL continuously for the past
year. Feel free to contact us about this matter; we are happy to discuss. Contact Eric Boughton, CFA, at (503) 210-3005.</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>

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<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: 0.25in">Neither the Fund nor its Board is responsible
for the contents of the Shareholder Proposal or the Supporting Statement of the Shareholder Proponent.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STATEMENT IN FAVOR OF THE EXISTING MANAGER
OF THE GDL FUND, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your Fund&rsquo;s Board unanimously opposes
this Shareholder Proposal by an Activist seeking to terminate the Fund&rsquo;s Investment Adviser, which has routinely and by a
large margin outperformed the Fund&rsquo;s benchmark since the Fund&rsquo;s inception 12 years ago.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Termination of the Investment Adviser would
leave the Fund without an adviser and unable, for an indeterminate period of time, to pursue the Fund&rsquo;s investment objective.
Your Board cannot imagine a worse outcome for shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This proposal claims the Investment Adviser
should be fired because its performance has been poor, because shareholders are &ldquo;captive&rdquo; and cannot sell their shares
at fair value and because the Investment Adviser has received high fees from the Fund. These claims are simply not accurate. Let&rsquo;s
look at the facts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-align: justify; text-indent: -8.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OUTPERFORMANCE.&nbsp;&nbsp;Since inception 12 years ago, before the Great Recession of 2008, the Fund has outperformed its benchmark by over 2% per year on a NAV basis with only two modestly down years. During that period the Fund has paid over $253 million in returns and capital to shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MARKET LIQUIDITY.&nbsp;&nbsp;The Fund&rsquo;s shares trade freely on the NYSE with an average volume of over 20,000 shares per day.&nbsp;&nbsp;While the Fund&rsquo;s shares trade at a discount to their net asset value, this phenomenon enables market investors to earn an enhanced return on their investment.&nbsp;&nbsp;Because shareholders buy and sell at a discount, there is no sense in which they are held &ldquo;captive&rdquo; and unable to realize value.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FAIR FEES.&nbsp;&nbsp;The Fund pays the Investment Adviser a minimum fee of 0.50% of total average net assets per year.&nbsp;&nbsp;This fee level increases only to the extent the Investment Adviser outperforms the Fund&rsquo;s benchmark. The Investment Adviser has done that most of the time, and as a result, has received incremental performance fees.&nbsp;&nbsp;The brokerage commissions paid by the Fund to an affiliate of the Investment Adviser have averaged less than $0.03 per share and trade execution by this affiliate for the funds managed by the Investment Adviser, including the Fund, has been consistently rated considerably better than average by an independent firm used by the Board to assess the quality of trade execution. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ultimate goal of this Activist is not
even to terminate the Investment Adviser but to liquidate or open-end the Fund. Your Board believes this is inconsistent with the
purpose for which the Fund was created: to provide investors with a merger arbitrage fund in a closed-end structure seeking to
provide positive returns not correlated with the general equity market by materially outperforming an index of 3-month Treasury
bills. Your Board believes the Activist is more interested in making a quick profit for itself than in participating in the long-term
performance of the Fund. Despite recently proposing a similar proposal for another closed-end, this Activist failed to attend the
fund&rsquo;s annual shareholder meeting. The proposal wasted the fund&rsquo;s, the adviser&rsquo;s, and its shareholders&rsquo;
time and money.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your Board believes it is in your best
interest for the Fund to retain its current structure as a closed-end fund, the benefits of which include a stable pool of assets,
which allows the Investment Adviser to pursue the investment strategy without having to manage purchase and redemption requests.
This is particularly advantageous in a merger arbitrage strategy to avoid the problem of having to sell positions prior to closing
of the merger in order to satisfy redemptions.</P>

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


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<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"><U>(Y)our Fund</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board believes the
Shareholder Proposal that shareholders are asked to vote on is self-serving. The Board believes it hurts long-term investors, particularly
small individual investors. It is consistent with similar attempts by other entities, perhaps even coordinating among themselves
on an undisclosed basis, that are set up to market their funds by forcing closed-end funds to tender for their shares; thereby
using such initiatives to raise more assets, regardless of the impact on the long-term holders of the targeted fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board believes these actions are disruptive,
time consuming, and designed to self-serve capital raising groups similar to the Activist. Such efforts impact the investments
of long-term investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">(Y)our Fund should remain
focused on executing its investment strategy for the benefit of all shareholders, including small investors. The Fund provides
access to an investment strategy with a long record of generating absolute returns uncorrelated to the broader equity markets.
The GDL Fund is the only closed-end fund devoted to absolute returns in a merger arbitrage strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt"><B><I></I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 85%; border: Black 1pt solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; padding-right: 5pt; padding-left: 5pt; padding-top: 5pt"><B><I>&ldquo;Arbitrage sometimes promises much greater returns than Treasury Bills and, equally <BR>
 &nbsp;&nbsp;<BR>
important,
    cools any temptation we may have to relax our standards for long-term <BR>
 &nbsp;&nbsp;<BR>
investments.&rdquo;</I></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 5pt; padding-left: 5pt"><I>Warren E. Buffett &ndash; 1988 Letter to Shareholders</I></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 29pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Below the Fund will address each statement
made in the Shareholder Proposal and clarify various points for your consideration and vote.</P>

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


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

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; padding-left: 0.25pt; padding-top: 3pt"><I>Statement: &ldquo;Have produced consistently poor
performance, with GDL shareholders suffering a 1.53% <BR>
 &nbsp;&nbsp;<BR>
since-inception annualized total return (with dividends reinvested) as of
11/26/18, well behind, say, <BR>
 &nbsp;&nbsp;<BR>
ticker SHY, a 1-3 year Treasury Bond ETF, at 1.75%.&rdquo;</I></P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-indent: -8.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First and foremost, The GDL Fund&rsquo;s benchmark since inception has been the ICE Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index, not SHY, which is an exchange traded fund tracking the ICE U.S. Treasury 1-3 Year Bond Index.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The ICE Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index has returned 0.85% per year since inception of the Fund, significantly less than the 1.75% figure incorrectly cited for use of comparison by the Activist.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In addition, the 1.53% return that is referenced by the Activist is a market price return, not a NAV return. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The deals The GDL Fund invests in typically close within a span of a few months, rather than a few years. As such, the 3-Month U.S. Treasury Bill Index is more relevant and appropriate to the merger arbitrage strategy. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31pt"><TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 85%; border: Black 1pt solid">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; padding-top: 5pt; width: 100%"><B><I>&ldquo;Arbitrage is an alternative
    to Treasury Bills as a short-term parking place for money - <BR>
 &nbsp;&nbsp;<BR>
a choice that combines potentially higher returns with higher
    risks. To date, our <BR>
 &nbsp;&nbsp;<BR>
returns from the funds committed to arbitrage have been many times higher than they <BR>
 &nbsp;&nbsp;<BR>
would have been had
    we left those funds in Treasury Bills. Nonetheless, one bad <BR>
 &nbsp;&nbsp;<BR>
experience could change the scorecard markedly.&rdquo;</I></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 5pt; padding-left: 5pt"><I>Warren E. Buffett &ndash; 1986
    Letter to Shareholders</I></TD></TR>
</TABLE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31pt"><B>&nbsp;</B></P>


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    <!-- Field: /Page -->

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

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; padding-left: 0.25pt; padding-top: 3pt; padding-bottom: 3pt"><I>Statement:
 &ldquo;Collected $3.3 mln in commissions from the Fund from 12/31/07-12/31/17&rdquo;</I></P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.5pt; text-indent: -8.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Due to the nature of merger arbitrage and the fact that mergers typically close within a 3 to 6 month time frame, annual portfolio turnover is typically greater than 200%, as the proceeds from one deal closing are used to fund the purchase of new deals.&nbsp;&nbsp;The high turnover rate for the Fund is inherent in the &ldquo;deal process,&rdquo; disclosed in the Fund&rsquo;s annual reports to shareholders, and fully expected by informed market participants.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As shown in the chart below for the three most recent years available, The GDL Fund&rsquo;s total commissions as a percentage of total net assets attributable to common shares have been notably below that of merger arbitrage competitors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commissions are directed in accordance with our best execution policy (as discussed in the Fund&rsquo;s prospectus).</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 24%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>GDL</U></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>MERFX</U></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>ARBFX</U></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>GDL</U></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>MERFX</U></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>ARBFX</U></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 8%; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>GDL</U></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>MERFX</U></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><U>ARBFX</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Commissions (m)</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$0.3</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$4.8</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$4.8</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$0.4</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$9.5</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$3.9</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$0.3</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$17.4</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$4.2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net Assets* (m)</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">335</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,315</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,869</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">348</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,918</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,868</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">364</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,756</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,066</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Turnover</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">233%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">166%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">362%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">284%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">182%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">363%</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">268%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">157%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">321%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Commissions as %</B></FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>of Total Net Assets</B></FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.09%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.21%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.26%</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.12%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.32%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.21%</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.09%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.37%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.20%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Commissions as %</B></FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Common Assets</B></FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.12%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.21%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.26%</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.16%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.32%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.21%</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; background-color: Silver"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.12%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.37%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.20%</B></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"><FONT STYLE="font-size: 8pt">MERFX = The Merger Fund ARBFX
= The Arbitrage Fund</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">2018 data for MERFX and ARBFX
not available at the time of this writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">* GDL&rsquo;s net assets attributable
to common &amp; preferred shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Assumption is MERFX and ARBFX
have no leverage.</FONT></P>

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


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<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>

<DIV STYLE="border: Black 1pt solid; padding: 5pt; top: 5pt; bottom: 5pt; left: 5pt; right: 5pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; padding-left: 0.25pt; padding-top: 3pt; padding-bottom: 3pt"><I>STATEMENT:
 &ldquo;The GDL Fund has traded at an extremely large discount to its NAV for years (over 13% <BR>
 &nbsp;&nbsp;<BR>
on average since inception), effectively
holding shareholders captive, since they can only exit their <BR>
 &nbsp;&nbsp;<BR>
investment for substantially less than its value.&rdquo;</I></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-left: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>Comparative
Results<SUP>(a)</SUP>&nbsp;</B></P></TD>
    <TD STYLE="width: 24%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B><U>Cumulative Performance</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>ICE
    Bank of America</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>The GDL Fund</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>The GDL Fund</B></FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Merrill
    Lynch 3 Month U.S.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Period</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(NAV)<SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(Market Price)<SUP>(c)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Treasury
    Bill Index</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1
    Year</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1.8)%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1.6)%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3
    Year</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.8%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7.9%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5
    Year</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11.0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.3%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10
    Year</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">36.3%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">55.2%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Since
    Inception*</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">35.1%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21.5%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10.8%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Annual
    Average Return*</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2.6%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>1.6%</B></FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*
    January 31, 2007</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><B><U>Annual Performance</U></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>ICE
    Bank of America</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>The GDL Fund</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>The GDL Fund</B></FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Merrill
    Lynch 3 Month U.S.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Year</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(NAV)<SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>(Market Price)<SUP>(c)</SUP></B></FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Treasury
    Bill Index</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1.8)%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1.6)%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.5%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.7%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.9%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.1%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.8%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.3%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2015</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.1%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2014</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.9%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(0.1)%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.0%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6.3%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7.8%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2012</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.5%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7.7%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2011</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.3%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2.5)%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2010</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.1%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.7%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2009</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.7%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20.0%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2008</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4.1)%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8.4)%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2007*</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.4%</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(14.6)%</FONT></TD>
    <TD STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.6%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 92%; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><I>Returns
    represent past performance and do not guarantee future results. Investment returns and the principal value of an investment
    will fluctuate. The Fund&rsquo;s use of leverage may magnify the volatility of net asset value changes versus funds that do
    not employ leverage. When shares are sold, they may be worth more or less than their original cost. Current performance may
    be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent
    month end. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the
    investment objectives, risks, charges, and expenses of the Fund before investing. </I>The ICE Bank of America Merrill Lynch
    3 Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full
    month. At the end of the month, that issue is sold and rolled into the outstanding Treasury Bill that matures closest to,
    but not beyond three months from the re-balancing date. To qualify for selection, an issue must have settled on or before
    the re-balancing (month end) date. Dividends are not reinvested for the ICE Bank of America Merrill Lynch 3 Month U.S. Treasury
    Bill Index. You cannot invest directly in an index. Merger Arbitrage involves primarily announced transactions, typically
    with limited or no exposure to situations which pre-, post-date or situations in which no formal announcement is expected
    to occur. Opportunities are frequently presented in cross border, collared and international transactions which incorporate
    multiple geographic regulatory institutions, with typically involve minimal exposure to corporate credits. Merger Arbitrage
    strategies typically have over 75% of positions in announced transactions over a given market cycle.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    returns and average annual returns reflect changes in the NAV per share and reinvestment of distributions at NAV on the ex-dividend
    date and are net of expenses. Since inception return is based on an initial NAV of $19.06. The cumulative return is the aggregate
    total return of the investment for the period of time presented.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    returns and average annual returns reflect changes in closing market values on the NYSE and reinvestment of distributions.
    Since inception return is based on an initial offering price of $20.00. The cumulative return is the aggregate total return
    of the investment for the period of time presented.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund has successfully delivered a positive absolute NAV return and consistently outperformed its benchmark, performing well during various market cycles, including the Great Recession of 2008.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The presence of the discount in the Fund&rsquo;s market price was well known to our investors and was understood when they invested or reinvested distributions in the Fund.&nbsp;&nbsp;While trading at or about NAV (as some of the closed-end funds managed by our Investment Adviser do) would be beneficial for any original investors who may still hold shares in the Fund, there are significant, well recognized advantages of buying a closed-end fund trading at a discount.&nbsp;&nbsp;The discount enables shareholders to invest in the underlying assets of a fund at a below-market price for those assets and earn return at a higher rate than if the investment were made at NAV or a premium.&nbsp;&nbsp;This advantage extends to dividend reinvestments, which are made at prevailing market prices. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The GDL Fund&rsquo;s shares trade freely on the NYSE and the notion that shareholders are &ldquo;captive&rdquo; is misleading and factually incorrect.&nbsp;&nbsp;Closed-end funds may trade at a discount in the market and the risks inherent with this dynamic are well disclosed to the broader public. &nbsp;Any shareholder of GDL who purchased shares in the market over time has done so at a price/discount dictated market forces at that time. </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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 41%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>ICE
    3</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center"></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Month
    T-</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Growth
    of $100,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>GDL
    (Price)</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Bill
    Index</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">YTD 2019*</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">125,419</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">111,087</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2018</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">121,447</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">110,722</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2017</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">123,447</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">108,689</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2016</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">117,906</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,762</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2015</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">112,516</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,408</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2014</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">108,064</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,354</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2013</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">108,140</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,322</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2012</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,324</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,247</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2011</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">93,178</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,151</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2010</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">95,576</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">107,097</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2009</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">93,960</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">106,969</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2008</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">78,281</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">106,745</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2007</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">85,450</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">104,590</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">* Through 2/21/19</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>In fact, cognizant of this dynamic and steadfast in its goal of creating value for all shareholders, The GDL Fund consistently
buys back its shares under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, as well, providing even further liquidity
to the market as well as augmenting the Fund&rsquo;s Net Asset Value (NAV).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The GDL Fund &ndash; Common Shares &ndash; Repurchase Plan</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Average</B></FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total
    Shares</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investment</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Average</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Year</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Repurchased</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investment</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>per Share</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>NAV</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>YTD 2019*</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">274,875</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2,572,578</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$9.36</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$11.19</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2018</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">912,392</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,379,546</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.18</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11.21</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2017</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">640,334</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,394,437</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.99</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11.75</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2016</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,273,240</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,561,413</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.87</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11.86</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2015</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">721,143</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,321,258</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10.15</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.11</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2014</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">793,044</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,757,103</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11.04</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.62</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2013</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">120,151</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.02</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13.45</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2012</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">32,510</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">404,488</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.44</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14.18</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2011</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">89,021</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,133,250</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.73</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14.55</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2010</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,100</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">134,536</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13.32</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15.03</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2009</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,700</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">485,000</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14.39</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16.06</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2008</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">89,100</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,301,541</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14.61</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17.30</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2007</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,500</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">173,799</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16.55</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19.17</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="text-align: right; vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total Shares Repurchased</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;&nbsp;</B></FONT><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif">* Through 3/12/19&nbsp;&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,889,959</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>$49,739,099</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>$10.17</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>$12.07</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</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>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; padding-left: 0.25pt; padding-top: 3pt; padding-bottom: 3pt"><I>Statement:
 &ldquo;Meanwhile, owners and/or affiliates of the Fund&rsquo;s Adviser collect expenses the Board notes <BR>
 &nbsp;&nbsp;<BR>
(with no apparent irony)
are &ldquo;above average&rdquo;. The investment advisory fees alone totaled $51.4 mln from <BR>
 &nbsp;&nbsp;<BR>
12/31/07-12/31/17, equaling 1.9% (!)
of the Fund&rsquo;s average net assets over the period.&rdquo;</I></P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.4pt; text-indent: -8.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As set out in the original prospectus, The GDL Fund has a fee structure consisting of a 0.50% minimum base management fee.&nbsp;&nbsp;In addition, the Investment Adviser may receive an incremental annual performance fee based on the total return of the Fund during that calendar year compared to the 3-Month U.S. Treasury Bill Index.&nbsp;&nbsp;In 2018, the Fund did not outperform its benchmark, and therefore collected only the minimum fee. In comparison, according to the Activist&rsquo;s latest annual filing, the Activist&rsquo;s management fee of 0.99% is higher than its peer group average.&nbsp;&nbsp;In addition, last year the Activist&rsquo;s fund suffered a negative return of 9%.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The GDL Fund has only paid advisory fees in accordance with the terms of its advisory agreement. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">According to the Activist&rsquo;s latest annual filing for its Matisse Discounted Closed End Fund Strategy, &ldquo;The Trustees then compared the advisory fee and expense ratio of the Fund to other comparable funds.&nbsp;&nbsp;The Trustees noted that the management fee and expense ratio were both higher than the peer group average.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>Incentive Fee Structure<SUP>(a)</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%">&nbsp;</TD><TD STYLE="text-align: justify; width: 40%">The maximum management fee of 2.00% is earned if the <BR>
 &nbsp;&nbsp;<BR>
Fund&rsquo;s performance exceeds the
                                T-Bill Index by 6.0 <BR>
 &nbsp;&nbsp;<BR>
percentage points or more</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><IMG SRC="e518407_img01.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">(a) ICE Bank of America Merrill
Lynch 3-Month U.S. Treasury Bill Index (the &ldquo;T-Bill Index&rdquo;)</FONT></P>

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


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

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; padding-left: 0.25pt; padding-top: 3pt; padding-bottom: 3pt"><I>Statement:
 &ldquo;Picked up $450,000 from 12/31/07-12/31/17 for their doubtlessly invaluable assistance in <BR>
 &nbsp;&nbsp;<BR>
calculating the Fund&rsquo;s ever-declining
NAV. (The Fund, in fact, has seen its net asset value per share decline <BR>
 &nbsp;&nbsp;<BR>
in EVERY SINGLE calendar year since its inception.)&rdquo;</I></P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.75pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Calculating NAV is a necessary part of every registered fund&rsquo;s cost structure, including the Activist&rsquo;s fund.&nbsp;&nbsp;In the case of the GDL Fund, this expense is paid by the Fund to its Investment Adviser and the Adviser then pays it over to the Fund&rsquo;s subadministrator, which performs the calculation.&nbsp;&nbsp;As a result, the Investment Adviser has not &ldquo;picked up&rdquo; $450,000 for this activity.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <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>

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; padding-left: 0.25pt; padding-top: 3pt; padding-bottom: 3pt"><I>Statement:
 &ldquo;Collected fees for being &lsquo;dealer manager&rsquo; of the 2008 rights offering that led to the Fund <BR>
 &nbsp;&nbsp;<BR>
adding a total of
$51.7 mln in interest expense on its preferred shares from 12/31/07-12/31/17 (interest <BR>
 &nbsp;&nbsp;<BR>
expense the Fund&rsquo;s underlying return
has not come close to hurdling).&rdquo;</I></P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.75pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The preferred shares were sold to the holders of the Fund&rsquo;s common shares in a rights offering.&nbsp;&nbsp;Holders of proportionate interests in both common and preferred shares are indifferent to which class of shares their return is attributable to.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Despite the use of the term &ldquo;interest expense,&rdquo; it is important to highlight that the distributions to GDL&rsquo;s preferred shares heavily represent dividends.&nbsp;&nbsp;These dividends are generally taxed at a more advantageous rate than interest income.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The GDL Fund has paid for the services of a dealer manager, and it is important to note that some of these fees were used to reimburse the brokers who assisted in the rights offering.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<DIV STYLE="padding: 5pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; padding-left: 0.25pt; padding-top: 3pt; padding-bottom: 3pt"><I>Statement:
 &ldquo;Can cement their own position by voting their shares in favor of the continuation of these <BR>
 &nbsp;&nbsp;<BR>
excessive fees for poor performance.&rdquo;</I></P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 34.75pt; text-indent: -13.7pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All Gabelli Funds portfolio managers follow the Wall Street adage &ldquo;Eat Your Own Cooking&rdquo;. Morningstar considers it best practice for fund managers to have more than $1 million invested in their funds.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Fund&rsquo;s investment management team believes in the Fund, owning over $42 million (28%) of the Fund&rsquo;s common shares.&nbsp;&nbsp;The team pays the same fees as all shareholders.&nbsp;&nbsp;Stated another way, (y)our team has &ldquo;skin in the game&rdquo;.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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: 0.25in; text-align: justify">The Board has carefully considered and evaluated
the Shareholder Proposal and concluded that the Fund, as currently advised, remains a viable investment option and presents a favorable
investment opportunity for shareholders. The Board believes that replacing the Investment Manager, liquidation of the Fund or conversion
to an open-end fund is not in the best interest of the Fund and its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><B>For the reasons discussed above, the
Board unanimously recommends that the shareholders vote <U>AGAINST</U> the Shareholder Proposal.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Required Vote for Proposal 2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Approval of Proposal
2 requires the affirmative vote of a &ldquo;majority of the outstanding voting securities,&rdquo; defined in the 1940 Act to mean
the lesser of the vote of (i) 67% or more of the voting shares present at the Meeting, if the holders of more than 50% of the outstanding
voting shares are present or represented by proxy; or (ii) the holders of more than 50% of the outstanding voting shares of the
Fund. Abstentions and broker non-votes are counted as present but are not considered votes cast. As a result, they have the same
effect as a vote against Proposal 2. WE DO NOT EXPECT THAT BROKERS WILL BE ENTITLED TO VOTE ON PROPOSAL 2 UNLESS THEY RECEIVE INSTRUCTIONS
FROM UNDERLYING BENEFICIAL OWNERS.</P>

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


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    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Ernst &amp; Young LLP,
One Commerce Square, 2005 Market Street, Philadelphia, PA 19103, has been selected to serve as the Fund&rsquo;s independent registered
public accounting firm for the fiscal year ending December 31, 2019. Ernst &amp; Young acted as the Fund&rsquo;s independent registered
public accounting firm for the fiscal year ended December 31, 2018. The Fund knows of no direct financial or material indirect
financial interest of 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; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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, 2017 and 2018, respectively.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fiscal
    Year Ended</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Audit</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>December 31</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Audit Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Related Fees</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>Tax Fees*</U></B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B><U>All Other Fees</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$24,100</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$7,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$3,700</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1,072</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2018</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$24,800</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$3,800</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1,148</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: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 8pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&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.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The Fund&rsquo;s Audit
Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent registered
public accounting firm to the Fund, and all non-audit services to be provided by the independent registered public accounting firm
to the Fund&rsquo;s Adviser and service providers controlling, controlled by, or under common control with the Fund&rsquo;s Adviser
(&ldquo;affiliates&rdquo;) that provide ongoing services to the Fund (a &ldquo;Covered Services Provider&rdquo;), if the engagement
relates directly to the operations and financial reporting of the Fund. The Audit Committee may delegate its responsibility to
pre-approve any such audit and permissible non-audit services to the Chairman of the Audit Committee, and the Chairman must report
his decision(s) to the Audit Committee at its next regularly scheduled meeting after the Chairman&rsquo;s pre-approval of such
services. The Audit Committee may also establish detailed pre-approval policies and procedures for pre-approval of such services
in accordance with applicable laws, including the delegation of some or all of the Audit Committee&rsquo;s pre-approval responsibilities
to other persons (other than the Adviser or the Fund&rsquo;s officers). Pre-approval by the Audit Committee of any permissible
non audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to
the Fund, the Adviser, and any Covered Services Provider constitutes not more than 5% of the total amount of revenues paid by the
Fund to its independent registered public accounting firm during the year in which the permissible non-audit services are provided;
(ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services;
and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee or the
Chairman prior to the completion of the audit. All of the audit and tax services described above for which Ernst &amp; Young billed
the Fund fees for the fiscal years ended December 31, 2017 and December 31, 2018 were pre-approved by the Audit Committee. For
the fiscal year ended December 31, 2017 and December 31, 2018, the audit related fees reflected in the table above relate to review
of the registration statement and all other fees relate to Passive Investment Company identification database subscription fees
billed on an annual basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">For the fiscal years ended December 31, 2017
and 2018, 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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The Audit Committee
was not required to consider whether the provision of non-audit services that were rendered to the Adviser or Covered Service Providers
that were not pre-approved was compatible with maintaining Ernst &amp; Young&rsquo;s independence.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Gabelli Funds, LLC is the Fund&rsquo;s Adviser
and Administrator and its business address is One Corporate Center, Rye, New York 10580-1422.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Section 16(a)
of the 1934 Act and Section 30(h) of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s executive officers and Trustees,
executive officers and directors of the Adviser, certain other affiliated persons of the Adviser, and persons who own more than
10% of a registered class of the Fund&rsquo;s securities to file reports of ownership and changes in ownership with the SEC and
the NYSE and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on the Fund&rsquo;s review of the
copies of such forms it received, if any, for the fiscal year ended December 31, 2018, the Fund believes that during that year
such persons complied with all such applicable filing requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt"><B>Broker Non-Votes and Abstentions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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 on Proposal 1. In contrast, because the Shareholder Proposal requires
the affirmative vote of a majority of the outstanding voting shares or of a specified percentage of the outstanding voting shares
entitled to vote on Proposal 2, abstentions and broker non-votes, if any, will have the effect of a vote &ldquo;against&rdquo;
Proposal 2. 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 0pt 0.05pt; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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 and Proposal 2 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.
Because Proposal 2 is considered non-routine, we do not expect that brokers will be able to vote on Proposal 2 if they have not
received instructions from the underlying beneficial owners of the shares, and the shares will be considered broker non-votes in
that event. 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 or Proposal 2 may be deemed an instruction to vote such shares in
favor of Proposal 1 and against Proposal 2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Shareholders of the Fund will
be informed of the voting results of the Meeting in the Fund&rsquo;s Semiannual Report for the six months ended June 30, 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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 0pt 100.3pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The Trustees of the
Fund do not intend to present any other business at the Meeting nor are they aware that any shareholder intends to do so. If, however,
any other matters, including adjournments, are properly brought before the Meeting, the persons named in the accompanying proxy
will vote thereon in accordance with their judgment.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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 2020 (the &ldquo;2020 Annual Meeting&rdquo;) must be received by the Fund for
consideration for inclusion in the Fund&rsquo;s 2020 proxy statement and 2020 proxy relating to that meeting no later than December
14, 2019. 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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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 2020 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, Rye, NY 10580-1422, and must be received by the Secretary no earlier than December 15, 2019 and no later
than January 14, 2020; provided, however, that if the 2020 Annual Meeting is to be held on a date that is earlier than April 18,
2020 or later than June 7, 2020, such notice must be 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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">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 0pt 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><B>IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify"><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">April 12, 2019</P>

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


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

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


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    <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-top: 0pt; text-align: right; margin-bottom: 0pt">GDL-PS-2019</P>

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

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

<!-- Field: Page; Sequence: 37 -->
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    <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="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="internet.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="telephone.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="mail.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<DIV ALIGN="LEFT">

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



 <TR STYLE="height: 12.6pt">

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

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

        <TD STYLE="height: 12.6pt">

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



 <TR STYLE="height: 12.6pt">

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

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E76644-P20567</FONT></P> </TD>

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

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

 <TR>

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

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

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

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

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

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

 <TR>

        <TD></TD>

                    <TD></TD>

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

            </DIV>

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

<DIV ALIGN="LEFT">

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

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

        <TD STYLE="vertical-align: bottom; border-top: black 2.25pt solid">

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

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

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

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

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

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                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD ROWSPAN="2" STYLE="vertical-align: middle; background-color: black">

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

        <TD COLSPAN="8" ROWSPAN="2" STYLE="text-align: left; vertical-align: middle">

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: Arial; font-size: 8pt"><B>Election
                      of Trustees &#151; The Board of Trustees recommends a <BR>
vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

        <TD ROWSPAN="2" STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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" STYLE="vertical-align: 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" STYLE="vertical-align: 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 STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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" STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: 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>

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                        <P STYLE="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>

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                        <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>

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                        </TD>

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        <TD STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: top">

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

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

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect 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 STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: 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" STYLE="vertical-align: 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" STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

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

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

        <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid">

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

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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



<TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

                                                                                                                                <TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center; background-color: Black"><FONT STYLE="font: 15pt Arial, Helvetica, Sans-Serif; color: White"><B>B</B></FONT></TD>
        <TD COLSPAN="13" STYLE="text-align: left; vertical-align: middle; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>If
        properly presented at the Meeting: Shareholder Proposal &mdash; <BR>
The Board of Trustees recommend a vote <U>AGAINST</U>
        Proposal 2.</B></FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>&nbsp;For</B></FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>&nbsp;Against</B></FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>&nbsp;Abstain</B></FONT></TD>
        <TD STYLE="vertical-align: bottom">&nbsp;</TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.</FONT></TD>
        <TD COLSPAN="14" STYLE="vertical-align: bottom; text-align: justify; padding-left: 2pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>RESOLVED:
        </B>All investment advisory and management agreements between The GDL Fund and Gabelli Funds, LLC shall be terminated
        by the Fund, pursuant to the right of stockholders as embodied in Section 15(a)(3) of the Investment Company Act of 1940
        and as required to be included in such agreements, at the earliest date the Fund is legally permitted to do so; provided,
        however, that if the Board proposes, and shareholders approve, at this meeting, a plan to liquidate or open-end the Fund
        within one year, then the investment advisory and management agreements between The GDL Fund and Gabelli Funds, LLC shall
        remain in effect as long as necessary to implement these actions.</FONT></TD>
        <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
        <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
        <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
        <TD STYLE="vertical-align: bottom">&nbsp;</TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>


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

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        <TD STYLE="vertical-align: bottom">

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        <TD STYLE="vertical-align: bottom">

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  <TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid">&nbsp;</TD>
        <TD STYLE="vertical-align: bottom; background-color: Black; text-align: center"><FONT COLOR="#FFFFFF"><B><FONT FACE="ARIAL" STYLE="font-size: 15pt">C</FONT></B></FONT></TD>
        <TD COLSPAN="13" STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt; padding-left: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Authorized
        Signatures &#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</B></FONT></TD>
        <TD STYLE="vertical-align: bottom">&nbsp;</TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
        <TD STYLE="vertical-align: bottom">&nbsp;</TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">&nbsp;</TD></TR>
<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD COLSPAN="15" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial; 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></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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                        <P STYLE="margin-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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

        <TD STYLE="vertical-align: bottom; border-left: black 2.25pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Date</FONT></P> </TD>

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

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

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 6pt">Signature [Joint Owners]</FONT></P> </TD>

        <TD STYLE="vertical-align: 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>

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                        <P STYLE="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>

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

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P> </TD>

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

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

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

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

        <TD COLSPAN="3" VALIGN="BOTTOM" STYLE="border-bottom: black 2.25pt solid">

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

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

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

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

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

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

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

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

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<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>

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                        <P STYLE="margin: 2pt 1.45pt 0pt 0pt; text-indent: 0pt; text-align: right"> </P> </TD>

        <TD WIDTH="37%" VALIGN="BOTTOM" STYLE="border-top: black 1.5pt dashed">

  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E76645-P20567</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" STYLE="width: 100%; border-collapse: collapse">

 <TR>

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

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD STYLE="width: 2%; vertical-align: bottom; border-left: black 2.25pt solid">

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="width: 48%; vertical-align: 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 STYLE="width: 48%; vertical-align: 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 STYLE="width: 2%; vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE
                                         GDL FUND</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Trustees</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies of
the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of The GDL Fund (the &quot;Fund&quot;), which the undersigned is entitled to vote at the Annual
Meeting of Shareholders of the Fund to be held at the Bruce Museum, One Museum Drive, Greenwich, Connecticut 06830-7100 on
Monday, May 13, 2019, at 7:30 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned hereby
acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to vote
said shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may
properly come before the Meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Trustees, <B>AGAINST </B>Proposal 2, 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 and Proposal No. 2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD VALIGN="BOTTOM" STYLE="border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 </TABLE>

</DIV>

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    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B><I>PROXY
    TABULATOR</I></B></FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><BR>
    <FONT STYLE="color: #221E1F"><B><I>P.O. BOX 9112</I></B></FONT></FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="internet.jpg" ALT="" STYLE="width: 39px; height: 31px"></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Internet</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>FARMINGDALE,
    NY 11735</I></B></FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Go
    to website <FONT STYLE="color: #221E1F"><B>www.proxyvote.com</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions provided on the website.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="telephone.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Telephone</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement and have the proxy card <FONT STYLE="color: #221E1F">below at hand.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Call
    <FONT STYLE="color: #221E1F"><B>1-800-690-6903</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Follow
    the instructions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD ROWSPAN="5" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><IMG SRC="mail.jpg" ALT=""></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>To
                                         vote by Mail</B></FONT></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">1)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Read
    the Proxy Statement.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">2)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Check
    the appropriate box on the proxy card below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">3)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Sign
    and date the proxy card.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif; color: #221E1F">4)</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Return
    the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<DIV ALIGN="LEFT">

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



 <TR STYLE="height: 12.6pt">

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

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

        <TD STYLE="height: 12.6pt">

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



 <TR STYLE="height: 12.6pt">

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

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E76646-P20567</FONT></P> </TD>

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

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

 <TR>

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

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

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

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

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

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

 <TR>

        <TD></TD>

                    <TD></TD>

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

            </DIV>

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

<DIV ALIGN="LEFT">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom; border-top: black 2.25pt solid">

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

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

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

        <TD STYLE="vertical-align: bottom; border-top: black 2.25pt solid">

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

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

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

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

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

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

        <TD STYLE="vertical-align: bottom; border-top: black 2.25pt solid">

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

        <TD STYLE="vertical-align: bottom; border-top: black 2.25pt solid">

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

        <TD STYLE="vertical-align: bottom; border-top: black 2.25pt solid">

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

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

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

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

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

 <TR>

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom; border-top: black 2.25pt solid; border-right: black 2.25pt solid; border-left-style: none; border-bottom-style: none">

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

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD ROWSPAN="2" STYLE="vertical-align: middle; background-color: black">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-family: ARIAL; font-size: 15pt; color: #FFFFFF"><B>A</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"><FONT STYLE="font-family: Arial; font-size: 8pt"><B>Election
                      of Trustees &#151; The Board of Trustees recommends a <BR>
vote <U>FOR</U> each of the nominees listed.</B></FONT></P> </TD>

        <TD ROWSPAN="2" STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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" STYLE="vertical-align: 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" STYLE="vertical-align: 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 STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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" STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: top">

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

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

                      <P STYLE="margin-left: 3pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT FACE="Arial" STYLE="font-size: 8pt">To
                      elect 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 STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: 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" STYLE="vertical-align: 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" STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

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

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

        <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid">

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

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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

 <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

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

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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 STYLE="vertical-align: 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 STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

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




                                                                                                                                <TR>

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

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

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

                      <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: left; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial">Anthony
S. 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 STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

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

        <TD STYLE="vertical-align: bottom">

                        <P STYLE="margin-left: 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">

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        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center; background-color: Black"><FONT STYLE="font: 15pt Arial, Helvetica, Sans-Serif; color: White"><B>B</B></FONT></TD>
        <TD COLSPAN="13" STYLE="text-align: left; vertical-align: bottom; padding-left: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>If
        properly presented at the Meeting: Shareholder Proposal &mdash; <BR>
The Board of Trustees recommend a vote <U>AGAINST</U>
        Proposal 2.</B></FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>&nbsp;For</B></FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>&nbsp;Against</B></FONT></TD>
        <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif"><B>&nbsp;Abstain</B></FONT></TD>
        <TD STYLE="vertical-align: bottom">&nbsp;</TD>
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<TR>
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        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
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        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
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        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.</FONT></TD>
        <TD COLSPAN="14" STYLE="vertical-align: bottom; text-align: justify; padding-left: 2pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>RESOLVED:
        </B>All investment advisory and management agreements between The GDL Fund and Gabelli Funds, LLC shall be terminated
        by the Fund, pursuant to the right of stockholders as embodied in Section 15(a)(3) of the Investment Company Act of 1940
        and as required to be included in such agreements, at the earliest date the Fund is legally permitted to do so; provided,
        however, that if the Board proposes, and shareholders approve, at this meeting, a plan to liquidate or open-end the Fund
        within one year, then the investment advisory and management agreements between The GDL Fund and Gabelli Funds, LLC shall
        remain in effect as long as necessary to implement these actions.</FONT></TD>
        <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
        <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
        <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Wingdings">&#111;</FONT></TD>
        <TD STYLE="vertical-align: bottom">&nbsp;</TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
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        <TD COLSPAN="2" VALIGN="BOTTOM">

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        <TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid">&nbsp;</TD>
        <TD STYLE="vertical-align: bottom; text-align: center; background-color: Black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt; color: White"><B>C</B></FONT></TD>
        <TD COLSPAN="13" STYLE="text-align: left; vertical-align: middle">&nbsp;<FONT STYLE="font-family: Arial; font-size: 8pt"><B>Authorized Signatures
&#151; This section must be completed for your vote to be counted. &#151; Sign and Date Below</B></FONT></TD>
        <TD STYLE="vertical-align: bottom">&nbsp;</TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom">&nbsp;</TD>
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<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
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        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
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<TR>
        <TD COLSPAN="2" STYLE="vertical-align: bottom; border-left: black 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
        <TD COLSPAN="15" STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; 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></TD>
        <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD>
        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>


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                        <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>

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<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>

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<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>

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  <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font: 7pt ARIAL">E76647-P20567</FONT></P> </TD> </TR></TABLE>

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                        <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>

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                        <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>

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                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-bottom: black 0.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE
                                         GDL FUND</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>This
proxy is solicited on behalf of the Board of Trustees</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
undersigned hereby appoints Mario J. Gabelli, Andrea R. Mango and Agnes Mullady, and each of them, attorneys and proxies
of the undersigned, with full powers of substitution and revocation, to represent the undersigned and to vote on behalf of
the undersigned all shares of The GDL Fund (the &quot;Fund&quot;), which the undersigned is entitled to vote at the
Annual Meeting of Shareholders of the Fund to be held at the Bruce Museum, One Museum Drive, Greenwich, Connecticut
06830-7100 on Monday, May 13, 2019, at 7:30 a.m., and at any adjournments thereof (the &quot;Meeting&quot;). The undersigned
hereby acknowledges receipt of the Notice of Meeting and Proxy Statement and hereby instructs said attorneys and proxies to
vote said shares as indicated herein. In their discretion, the proxies are authorized to vote upon such other business as may
properly come before the Meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #221E1F"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">A
majority of the proxies present and acting at the Meeting in person or by substitute (or, if only one shall be so present, then
that one) shall have and may exercise all of the power and authority of said proxies hereunder. The undersigned hereby revokes
any proxy previously given.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">This
proxy, if properly executed, will be voted in the manner directed by the undersigned shareholder. If no direction is made, this
proxy will be voted <B>FOR </B>the election of the nominees as Trustees, <B>AGAINST </B>Proposal 2, 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 and Proposal No. 2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #221E1F">&nbsp;</P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD STYLE="vertical-align: bottom; border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD STYLE="vertical-align: bottom; border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><B><FONT FACE="ARIAL" STYLE="font-size: 9pt">PLEASE VOTE, SIGN AND DATE ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></B></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

        <TD STYLE="vertical-align: bottom; border-top-style: none; border-left: black 2.25pt solid; border-bottom-style: none; border-right: black 0.5pt solid">

                        <P STYLE="margin: 0in 0in 0in 8.65pt; text-indent: -8.65pt; text-align: left"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD COLSPAN="2" VALIGN="BOTTOM" STYLE="border-top-style: none; border-left-style: none; border-bottom: black 0.5pt solid; border-right: black 0.5pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: center; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

        <TD STYLE="vertical-align: bottom; border-right: black 2.25pt solid">

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 0in; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD> </TR>

 <TR>

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

                        <P STYLE="margin-left: 8.65pt; text-indent: -8.65pt; text-align: left; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD>

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

                        <P STYLE="margin-left: 0pt; text-indent: 0pt; text-align: right; margin-top: 2pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P> </TD> </TR>

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K_P!W_P#T/_Y=^!P:>I=8M?@R, 8 P!@# & , 8 P!@# & , 8 P!@'__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>internet.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 internet.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>mail.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 mail.jpg
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MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>telephone.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 telephone.jpg
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MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
