<SEC-DOCUMENT>0001019056-12-000811.txt : 20120628
<SEC-HEADER>0001019056-12-000811.hdr.sgml : 20120628
<ACCEPTANCE-DATETIME>20120628120917
ACCESSION NUMBER:		0001019056-12-000811
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20120628
DATE AS OF CHANGE:		20120628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DAXOR CORP
		CENTRAL INDEX KEY:			0000027367
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				132682108
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22684
		FILM NUMBER:		12931571

	BUSINESS ADDRESS:	
		STREET 1:		350 FIFTH AVENUE
		STREET 2:		SUITE 7120
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118
		BUSINESS PHONE:		2122440555

	MAIL ADDRESS:	
		STREET 1:		350 5TH AVENUE
		STREET 2:		SUITE 7120
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IDANT CORP
		DATE OF NAME CHANGE:	19730823
</SEC-HEADER>
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<DESCRIPTION>FORM N-2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange
Commission on June 28, 2012</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Investment Company Act File No. 8111-22684</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">U. S. SECURITIES AND EXCHANGE COMMISSION</P>

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

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

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM N-2</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(CHECK APPROPRIATE BOX OR BOXES)</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"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT>&nbsp;&nbsp;REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940</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"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>&nbsp;&nbsp;AMENDMENT NO. ____</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: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DAXOR CORPORATION</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of Registrant as specified in
Charter)</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">350 Fifth Avenue (Empire State Building),
Suite 7120<BR>
New York, New York 10118</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">(Address of principal executive offices)</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">Registrant&rsquo;s Telephone Number, including
Area Code: 212-244-0555</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">Joseph Feldschuh, M.D.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; padding-top: 3pt; padding-bottom: 3pt">350 Fifth Avenue (Empire State Building),
Suite 7120<BR>
New York, New York 10118&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</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">COPY TO:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">777 East Wisconsin Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Milwaukee, WI 53202-5306</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Registration Statement has been filed by Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended. Registrant's securities are not being registered under the Securities Act of 1933, as amended, on this Registration Statement.</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: black"><B>PRELIMINARY
PROSPECTUS, SUBJECT TO COMPLETION, DATED JUNE </B></FONT><B>28<FONT STYLE="color: black">, 2012</FONT></B></P>

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

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

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

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
is a medical device manufacturing company which provides additional biotechnology and cryobanking services. While the company is
not primarily engaged in the business of investing, reinvesting, owning, holding or trading in securities, the company is dependent
upon earnings from its investment portfolio to fund operations, and may be deemed a closed-end investment company under the Investment
Company Act of 1940, as amended (the &ldquo;Act&rdquo;). As a result the company is filing this prospectus because it may be deemed
a closed-end investment company under the Act. As such, a substantial portion of the information that is required by this prospectus
is inapplicable to the company.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus
is being filed for the reasons set forth above. Daxor Corporation has always conducted its business as an operating company and
has never been in, or held itself out to be in, the business of investing, reinvesting, owning, holding or trading in securities.
Since the focus of the disclosure in this prospectus relates to traditional investment companies that are engaged in such businesses,
many of the items that are required to be disclosed are inapplicable to the company. As such, the company believes that in order
to convey the depth of information, either qualitatively or quantitatively, to allow an investor to make a rational and informed
decision concerning a potential investment in the company&rsquo;s securities, investors should review, in addition to this prospectus,
the disclosures contained in the company&rsquo;s filings under the Securities Exchange Act of 1934, as amended, including its Annual
Report on Form 10-K for the year ended December 31, 2011 and Current Reports on Form 8-K.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
is not offering any securities pursuant to this prospectus. The company&rsquo;s common stock has continuously been traded since
its initial public offering. The company&rsquo;s common stock is traded on the NYSE MKT Equities Exchange under the symbol DXR.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>There are
risks involved in investing in the Daxor Corporation&rsquo;s stock. See <FONT STYLE="color: black">the &ldquo;Risks Factors&rdquo;
section beginning on page </FONT>8<FONT STYLE="color: black"> of this prospectus.</FONT></B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus
sets forth concisely the information about Daxor Corporation that a prospective investor ought to know before investing to the
extent that an investor perceives the company as a closed-end investment company. This prospectus should be retained for future
reference. Additional information about the company, in the form of a Statement of Additional Information, dated as of the date
of this prospectus, is incorporated herein by reference. The table of contents of the Statement of Additional Information can
be found on page 12 of this prospectus. In addition, the company&rsquo;s Annual Report on Form 10-K for the fiscal year ended
December 31, 2011 is on file with the Securities and Exchange Commission (SEC), and may be obtained, free of charge, upon written
request to the company&rsquo;s Corporate Secretary at 350 Fifth Avenue (Empire State Building), Suite 7120, New York, New York
10118, or by calling 212-330-8500. These documents are also available on the company&rsquo;s website at <U>www.Daxor.com</U> and
on the SEC&rsquo;s website at <FONT STYLE="color: windowtext"><U>www.sec.gov</U></FONT>.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The date of this prospectus and
the accompanying Statement of Additional Information is June 28, 2012.</P>

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

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the
Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P>

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

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<P STYLE="font: bold 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A001">FEE TABLE AND SYNOPSIS</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A002">FINANCIAL HIGHLIGHTS</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A003">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A004">SELLING SHAREHOLDERS</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A005">USE OF PROCEEDS</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A006">GENERAL DESCRIPTION OF DAXOR CORPORATION</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 92%; line-height: 115%; font-style: italic"><FONT STYLE="background-color: white"><I><A HREF="#A007">General</A></I></FONT></TD>
    <TD STYLE="width: 5%; line-height: 115%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-style: italic">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="background-color: white"><A HREF="#A008"><I>Investment Objectives and Policies</I></A></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="background-color: white"><A HREF="#A009"><I>Forward-Looking Statements Regarding Daxor Corporation</I></A></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-style: italic"><FONT STYLE="background-color: white"><I><A HREF="#A010">Investment Management</A></I></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-style: italic">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="background-color: white"><I><A HREF="#A011">Daxor Corporation Common Stock</A></I></FONT></TD>
    <TD STYLE="line-height: 115%; text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><I><A HREF="#A012">Directors and Executive Officers of Daxor Corporation</A></I></TD>
    <TD STYLE="line-height: 115%; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-style: italic"><A HREF="#A013"><I>Security Ownership of Certain Beneficial Owners and Management</I></A></TD>
    <TD STYLE="line-height: 115%; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-style: italic">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><I><A HREF="#A014">Additional Information about Daxor Corporation</A></I></TD>
    <TD STYLE="line-height: 115%; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A015">RISK FACTORS</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A016">ADDITIONAL INFORMATION REGARDING DAXOR CORPORATION</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#A017">TABLE OF CONTENTS FOR THE STATEMENT OF ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="line-height: 115%; tab-stops: right dotted 467.5pt; text-align: right">12</TD></TR>
</TABLE>


<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You should
rely only on the information included or incorporated by reference in this prospectus. Daxor Corporation has not, authorized anyone
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. You should not assume that the information included in this prospectus is accurate as of any date other than the date on
the front of this prospectus. The company&rsquo;s prospects and its business, financial condition and results of operations, each
may have changed since the date on the front of this prospectus. </B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="A001"></A>FEE TABLE AND SYNOPSIS</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Daxor Corporation
is not offering any securities in connection with this prospectus.</P>

<P STYLE="color: rgb(54,95,145); font: bold 10pt/normal Cambria; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="A002"></A>FINANCIAL HIGHLIGHTS</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Not applicable
pursuant to General Instruction, G.3 of Form N-2.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="A003"></A>PLAN OF DISTRIBUTION</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Daxor Corporation
is not offering any securities in connection with this prospectus.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="A004"></A>SELLING SHAREHOLDERS</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Daxor Corporation
is not offering any securities in connection with this prospectus.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="A005"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Daxor Corporation
is not offering any securities in connection with this prospectus.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="A006"></A>GENERAL DESCRIPTION OF DAXOR
CORPORATION</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; background-color: white"><I><A NAME="A007"></A>General</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
is a medical device manufacturing company which provides additional biotechnology and cryobanking services. While the company is
not primarily engaged in the business of investing, reinvesting, owning, holding or trading in securities, the company is dependent
upon earnings from its investment portfolio to fund operations, and may be deemed a non-diversified, closed-end management investment
company under the Investment Company Act of 1940, as amended (the &ldquo;Act&rdquo;). As a result, the company is filing this prospectus
because it may be deemed a closed-end investment company under the Act. Additional information regarding the Registrant is set
forth in the Statement of Additional Information.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A description
of Daxor Corporation&rsquo;s business is hereby incorporated by reference to Part I, Item 1 of the company Annual Report on Form
10-K for the fiscal year ended December 31, 2011.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; background-color: white"><A NAME="A008"></A><I>Investment
Objectives and Policies</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation&rsquo;s
objective is to support and expand its operating businesses, through organic growth (i.e., the rate of business expansion through
internal enhancement of the business and operations as opposed to mergers, acquisitions and takeovers). The company is not primarily
engaged in the business of investing, reinvesting, owning, holding or trading in securities. Funds in excess of the company&rsquo;s
business needs are placed in instruments designed to maximize capital preservation and assure liquidity. The foregoing policies
may be changed without a shareholder vote.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation concentrates
its investments in the utility industry and has an investment policy that calls for a minimum of 80% of the company&rsquo;s investment
portfolio to consist of utility stocks. The Board of Directors has authorized this minimum to be temporarily lowered to 70% when
management deems it to be necessary. At least once a year, the company reviews its investment strategy, and more frequently as
needed, at board meetings.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The investment
portfolio primarily consists of electric utility companies which are publicly traded common and preferred stock. In addition to
receiving income from dividends from the securities held in the investment portfolio, Daxor Corporation also has an investment
policy of selling puts on stocks that it is willing to own. Such options usually have a maturity of less than 1 year. The company
will also sell covered calls on securities within its investment portfolio. Covered calls involve stocks, which usually do not
exceed 15% of the value of the company&rsquo;s portfolio.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
will, at times, sell naked or uncovered calls, as well as, engage in short sales as part of a strategy to mitigate risk. The Company&rsquo;s
net short position will usually amount to less than 15% of the company&rsquo;s portfolio value.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;The portfolio
value is exposed to fluctuations in the general value of electric utilities. An increase of interest rates could affect the company
in two ways; one would be to put downward pressure on the valuation of utility stocks as well as increase Daxor Corporation&rsquo;s
cost of borrowing.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;Electric
utilities operate in an environment of federal, state and local regulations, and they may disproportionately affect an individual
utility. Daxor Corporation&rsquo;s exposure to regulatory risk is mitigated due to the diversity of holdings consisting of 87 separate
common and preferred stocks as of December 31, 2011.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><A NAME="A009"></A><FONT STYLE="font-weight: normal; background-color: white"><I>Forward-Looking
Statements Regarding Daxor Corporation</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Statements
made by Daxor Corporation in this prospectus that are not historical facts may constitute &ldquo;forward-looking statements&rdquo;
within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21 of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). These forward-looking statements are necessarily estimates reflecting
the judgment of the company&rsquo;s senior management based on its current estimates, expectations, forecasts and projections and
include comments that express the company&rsquo;s current opinions about trends and factors that may impact future operating results.
Disclosures that use words such as &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo;
&ldquo;could,&rdquo; &ldquo;plan,&rdquo; &ldquo;expect,&rdquo; &ldquo;project&rdquo; or the negative of these, as well as similar
expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely
on a number of assumptions concerning future events, many of which are outside of the company&rsquo;s control, and involve known
and unknown risks and uncertainties that could cause actual results, performance or achievement, or industry results, to differ
materially from any future results, performance or achievements, expressed or implied by such forward-looking statements. These
risks, uncertainties and other factors which could cause results to differ materially from management&rsquo;s expectations are
discussed in this prospectus. Additional information regarding factors that could cause results to differ materially from management&rsquo;s
expectations is found in the section entitled &ldquo;Risk Factors&rdquo; and the section entitled &ldquo;Risk Factors&rdquo; in
the company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2011. Any such forward-looking statements, whether
made in this report or elsewhere, should be considered in the context of the various disclosures made by the company about its
businesses including, without limitation, the risk factors discussed above.</FONT></P>

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


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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Daxor
Corporation intends that the forward-looking statements included herein be subject to the above-mentioned statutory safe harbor.
Investors are cautioned not to rely on forward-looking statements. Except as required under the federal securities laws and the
rules and regulations of the SEC, the company does not have any intention or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events, changes in assumptions, or otherwise.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; background-color: white"><A NAME="A010"></A><I>Investment
Management</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The responsibility
of the Board of Directors is to exercise corporate powers and to oversee management of the business of Daxor Corporation. The officers
of the company are principally responsible for its operations. The company is not primarily engaged in the business of investing,
reinvesting, owning, holding or trading in securities. As such, the company has no investment advisors, administrator, affiliated
brokerage, dividend paying agent, non-resident managers, or active portfolio managers. The nature of the instruments in which funds
in excess of immediate capital needs are placed are consistent with capital preservation and liquidity. The Company is dependent
on income from its investment portfolio to support its manufacturing operations and its biotechnology and cryobanking services.
The Company&rsquo;s Chief Executive Officer, Joseph Feldschuh, M.D., is primarily responsible for the day-to-day management of
any such investments.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Joseph Feldschuh,
M.D.</B> has been President of Daxor since 1974. He is on the staff of Montefiore Medical Center. From 1966 to 1983, Dr. Feldschuh
was Director of the Cardiac Metabolic Laboratory at Metropolitan Hospital. He has been a Clinical Associate Professor in both medicine
and pathology at New York Medical College and an Assistant Clinical Professor at Cornell Medical School. He performed the basic
research at the College of Physicians and Surgeons (Columbia University) on the measurement and prediction of normal human blood
volume. He is the co-inventor of the BVA-100 Blood Volume Analyzer and the inventor of the quantitative injection kit for the BVA-100.
Originally trained in Endocrinology, he is Board Certified in Cardiology and Internal Medicine. Dr. Feldschuh is the Chief Scientist
for the company. He has been personally involved in measuring blood volume on more than 4,000 patients during his medical career.
Dr. Feldschuh is also the co-inventor of the Total Body Albumin Analyzer. The Company is in the process of applying for a patent
for the Total Body Albumin Analyzer. In addition to his duties as Chief Scientist of Daxor, Dr. Feldschuh is also responsible for
managing the company&rsquo;s investment portfolio.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Statement
of Additional Information provides additional information about Dr. Feldschuch&rsquo;s compensation. Information about Dr. Feldschuh&rsquo;s
ownership of Daxor Corporation&rsquo;s common stock is provided below under &ldquo;<FONT STYLE="color: black">Security Ownership
of Certain Beneficial Owners and Management.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; background-color: white"><A NAME="A011"></A><I>Daxor
Corporation Common Stock</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders
of the common stock have one vote per share for the election of directors, without provisions for cumulative voting, and on all
other matters. Thus, holders of more than 50% of the shares voting for the election of directors can elect all the directors if
they choose to do so. The common stock is not redeemable and has no conversion or preemptive rights.</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of May 31,2012,
the company&rsquo;s authorized securities consisted of:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Title of Class</B></FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 21%; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Amount Authorized</B></FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 22%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Amount Held by Company or for its<U> </U>Account</B></FONT></TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Amount
Outstanding</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD><FONT STYLE="font-size: 10pt; font-weight: normal">Common Stock</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">10,000,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">5,316,530</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">4,195,102</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><I><A NAME="A012"></A>Directors
and Executive Officers of Daxor Corporation</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following
table sets forth the name, age, current and past five years business experience, directorships, and positions held with Daxor Corporation
by each person who is a director other than Phillip Hudson who is resigning from the Board of Directors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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; background-color: transparent">
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%; width: 25%; text-align: left; vertical-align: bottom">Name and Age</TD>
    <TD STYLE="line-height: 115%; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%; width: 44%">Principal Occupation and Position with the
    Company</TD>
    <TD STYLE="line-height: 115%; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%; text-align: center; width: 25%; vertical-align: bottom">Director Continuously Since</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%">Joseph Feldschuh, M.D., 77</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Chairman of the Board of Directors and President of the Company (1)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">1974</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%">James Lombard, 78</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Director of Administrative Services Division, New York City Council (Retired), Director (2)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">1989</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%">Martin S. Wolpoff, 69</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Educational Consultant, Director, Administration Community School District (Retired), Director (3)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">1989</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%">Robert Willens, 65</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">President &amp; CEO, Robert Willens LLC(4)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">2002</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%">Bernhard Saxe, Esq., 72</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Partner, Foley &amp; Lardner, LLP (retired 2/04) Registered Patent Attorney(5)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">2008</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%">Mario Biaggi, Jr., Esq., 54</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Partner, Biaggi &amp; Biaggi Graduate of Columbia College Graduate of Columbia Law School Former judicial delegate in Bronx County(6)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">2008</TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 5%; line-height: 115%">(1)</TD>
    <TD STYLE="width: 95%; line-height: 115%; text-align: justify"><B>Joseph Feldschuh, M.D.</B> has been President of Daxor since 1974. He is on the staff of Montefiore Medical Center. From 1966 to 1983, Dr. Feldschuh was Director of the Cardiac Metabolic Laboratory at Metropolitan Hospital. He has been a Clinical Associate Professor in both medicine and pathology at New York Medical College and an Assistant Clinical Professor at Cornell Medical School. He performed the basic research at the College of Physicians and Surgeons (Columbia University) on the measurement and prediction of normal human blood volume. He is the co-inventor of the BVA-100 Blood Volume Analyzer and the inventor of the quantitative injection kit for the BVA-100. Originally trained in Endocrinology, he is Board Certified in Cardiology and Internal Medicine. Dr. Feldschuh is the Chief Scientist for the company. He has been personally involved in measuring blood volume on more than 4,000 patients during his medical career. Dr. Feldschuh is also the co-inventor of the Total Body Albumin Analyzer. The Company is in the process of applying for a patent for the Total Body Albumin Analyzer. In addition to his duties as Chief Scientist of Daxor, Dr. Feldschuh is also responsible for managing the company&rsquo;s investment portfolio.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">(2)*</TD>
    <TD STYLE="line-height: 115%; text-align: justify"><B>James A. Lombard</B> holds an undergraduate degree in Business Administration (BBA) from Iona College and a Masters Degree (MBA) in Marketing, Banking, and Finance from New York University Graduate School of Business Administration. Mr. Lombard has retired as Director, Administrative Services Division of the City Council of New York and actively participates in civic and community affairs. Prior to joining the City Council, he worked in the banking industry and held various administrative positions with Citicorp and other major banks.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">(3)*</TD>
    <TD STYLE="line-height: 115%; text-align: justify"><B>Martin S. Wolpoff</B> holds B.A., M.A. and M.S. degrees from the City University of New York.&nbsp; He has been active in community affairs since the 1970's.&nbsp; He has served on his local community board for three decades.</TD></TR>
</TABLE>

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


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<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="line-height: 115%; width: 5%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; width: 95%">He served as Chair of the Board for three years and had been Chair of the Health, Hospitals and Social Services; Education; and Libraries Committees.&nbsp; He was elected to his community school board three times, serving as a board member for nine years and as it's President for three.&nbsp; Mr. Wolpoff sat as a member of a Community Development Corporation board for almost 10 years and was a former member of a Health Systems Agency Board, as well as having been a member and Vice-Chair of the Community Advisory Board for a New York City hospital.&nbsp; He was the non-medical member of the Institutional Review Board of a local hospital.&nbsp; He also served as a member of the board of a volunteer ambulance corps.&nbsp; Mr. Wolpoff is retired from the New York City public school system, having served from 1965 to 2002 as an educator, supervisor and administrator.&nbsp; He is currently an educational consultant and has served as an adjunct university professor.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">(4)*</TD>
    <TD STYLE="line-height: 115%; text-align: justify"><B>Robert Willens</B> started an independent consulting firm for investors in early 2008 called Robert Willens LLC. Prior to that he was a Managing Director in the Capital Markets Department at Lehman Brothers, Inc., in New York where he specialized in tax and accounting issues and in this capacity advised most areas of the firm regarding the optimal structures for corporate capital transactions. He has been instrumental in developing certain financial &ldquo;products&rdquo; with a view towards insuring that these products will provide clients with the desired tax and accounting results. Prior to joining Lehman Brothers in 1987, Mr. Willens was a tax partner in the New York office of what was then known as Peat Marwick. Mr. Willens is a prolific author and has written <U>Taxation of Corporate Capital Transactions</U>, as well as over 200 articles for various professional journals. Each year for the past 10 years, Mr. Willens has been named to <U>Institutional Investor&rsquo;s </U>&ldquo;All-American Research&rdquo; Team. Mr. Willens has been selected, on four different occasions, as one of the 100 &ldquo;Most Influential Accountants&rdquo; in the United States by <U>Accounting Today </U>. Mr. Willens serves as Adjunct Professor (Finance Department) at Columbia University&rsquo;s Graduate School of Business where he teaches the course entitled &ldquo;Investment Banking Tax Factors.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;(5)</TD>
    <TD STYLE="line-height: 115%; text-align: justify"><B>Bernhard Saxe, Esq.</B> is a retired partner&nbsp;in the intellectual property practice group of&nbsp;Foley &amp; Lardner, LLP, and former&nbsp;Vice President of Patent Affairs and Corporate Secretary of Immunomedics, Inc.&nbsp; He is a registered patent attorney and a member of&nbsp;&nbsp;the American Intellectual Property Law Association, American Bar Association and American Chemical Society.&nbsp; He received his J.D. from George Washington University;Ph.D. from Columbia University; and&nbsp;B.A. from Johns Hopkins University in chemistry. Dr. Saxe was named one of the top 10 patent prosecuting attorneys&nbsp;&nbsp;by IP Law and Business<I>, </I>has authored multiple articles pertaining to patent law and&nbsp;&nbsp;given many seminars and lectures&nbsp;on patent law and strategy.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">(6)</TD>
    <TD STYLE="line-height: 115%; text-align: justify"><B>Mario Biaggi, Jr. Esq.</B> is a graduate of Fordham Prep where he was a Maroon Key Honor Society Member as well as Columbia College and Columbia Law School where he was the winner of the Frank Hogan Scholarship named in honor of the legendary Manhattan District Attorney. He graduated Phi Beta Kappa, Cum Laude from Columbia College. Mr. Biaggi was admitted to the bar of the State of New York and later established the law firm of Biaggi &amp; Biaggi with his brother. Mr. Biaggi is an accomplished civil trial attorney who has worked for a variety of public and private clients including the State of New York and the United Federation of Teachers. Mr. Biaggi was elected and re-elected as a judicial delegate in Bronx County and is a past member of the Board of Directors of the Abbott House, a childcare agency and residential treatment center.</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">* (Member of the Audit Committee)</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">As
of the date of this prospectus, the named executive officers of Daxor Corporation are:</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>JOSEPH FELDSCHUH,
M.D. </B>has been President and Chief Executive Officer of Daxor since 1974. He is on the staff of Montefiore Medical Center. From
1966 to 1983, Dr. Feldschuh was Director of the Cardiac Metabolic Laboratory at Metropolitan Hospital. He has been a Clinical Associate
Professor in both medicine and pathology at New York Medical College and an Assistant Clinical Professor at Cornell Medical School.
He performed the basic research at the College of Physicians and Surgeons (Columbia University) on the measurement and prediction
of normal human blood volume. He is the co-inventor of the BVA-100 Blood Volume Analyzer and the inventor of the quantitative injection
kit for the BVA-100. Originally trained in Endocrinology, he is Board Certified in Cardiology and Internal Medicine. Dr. Feldschuh
is the Chief Scientist for the company. He has been personally involved in measuring blood volume on more than 4,000 patients during
his medical career. Dr. Feldschuh is also the co-inventor of the Total Body Albumin Analyzer. The Company is in the process of
applying for a patent for the Total Body Albumin Analyzer. In addition to his duties as Chief Scientist of Daxor, Dr. Feldschuh
is also responsible for managing the company&rsquo;s investment portfolio.</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>STEPHEN FELDSCHUH
</B>is Vice President of Marketing and Development<B> </B>and<B> </B>earned his undergraduate degree in Business Administration
(BS) from Boston University in 1988. He obtained his Master&rsquo;s degree (MBA) in Finance from Baruch College in 1997. After
graduating college, he worked for Bear Stearns &amp; Merrill Lynch as a Commodity Broker &amp; Futures Trader. From 1992 to 1997,
he joined Daxor as Operations Manager with various responsibilities including Quality Assurance of the laboratory. From mid 1997
to 1999, Mr. Feldschuh was a financial analyst doing Mergers &amp; Acquisitions in the staffing industry for Headway Corporate
Resources. Mr. Feldschuh then worked for Delia&rsquo;s Inc. as a Financial Controller until 2001 when he rejoined Daxor Corporation
as Vice President of Operations. In 2003, Mr. Feldschuh was named Chief Financial Officer and Vice President of Operations. In
January, 2007, he was named Chief Operating Officer and relinquished the title of Chief Financial Officer. In October 2011, he
was named Vice President of Marketing and Business Development and relinquished the title of Chief Operating Officer. Stephen Feldschuh
is the son of Dr. Joseph Feldschuh, President and CEO.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>DAVID FRANKEL</B>
was promoted to Chief Financial Officer on January 1, 2007,<B> </B>and<B> </B>joined Daxor Corporation at the end of 2005 as the
Corporate Treasurer. Prior to joining the company, Mr. Frankel was employed as a Controller at Strategic Workforce Solutions in
New York. Prior to that, Mr. Frankel was the Controller at Stern Stewart &amp; Co. from 1997 to 2004, where he oversaw accounting
for nine overseas offices and directly supervised a staff of six in the firm&rsquo;s New York Office. Mr. Frankel earned his Bachelors
Degree (BBA) in Public Accounting from Hofstra University and is licensed as a CPA in New York State.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><I><A NAME="A013"></A>Security
Ownership of Certain Beneficial Owners and Management</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 31, 2012,
Daxor Corporation had issued and outstanding 4,195,102 shares of common stock, par value $.01 per share, each of which entitled
the holder to one vote. Voting is not cumulative.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following
table sets forth certain information as of May 31, 2012, concerning the ownership of the common stock by (a) each person who, to
the company&rsquo;s knowledge, beneficially owned on that date more than 5% of the outstanding common stock, (b) each of the company&rsquo;s
directors and the named executive officers and (c) all directors and executive officers of the company as a group.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="border-bottom: Black 1pt solid; line-height: 115%; padding-left: 10pt; text-indent: -10pt">Name of Beneficial Owner (a) (b)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%; text-align: center; border-bottom: Black 1pt solid">Number of Shares Beneficially Owned(b)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%; text-align: center; border-bottom: Black 1pt solid">Percent of Common Stock(b)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="width: 54%; line-height: 115%; padding-left: 10pt; text-indent: -10pt">Joseph Feldschuh, Chairman, CEO, President, And Director(c)</TD>
    <TD STYLE="width: 3%; line-height: 115%; color: red">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 18%; line-height: 115%; text-align: right">3,109,283</TD>
    <TD STYLE="width: 1%; line-height: 115%; color: red">&nbsp;</TD>
    <TD STYLE="width: 3%; line-height: 115%; color: red">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 18%; line-height: 115%; text-align: right">73.37</TD>
    <TD STYLE="width: 1%; line-height: 115%">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 10pt; text-indent: -10pt">Robert Willens, Director(d)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">20,164</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%; padding-left: 10pt; text-indent: -10pt">Martin S. Wolpoff, Director(e)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">5,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 10pt; text-indent: -10pt">James A. Lombard, Director(f)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">2,500</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%; padding-left: 10pt; text-indent: -10pt">Bernhard Saxe, Esq., Director(g)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 10pt; text-indent: -10pt">Mario Biaggi, Jr., Esq., Director(g)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%; padding-left: 10pt; text-indent: -10pt">Philip N. Hudson(h)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">147,200</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; color: red">&nbsp;</TD>
    <TD STYLE="line-height: 115%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">3.47</TD>
    <TD STYLE="line-height: 115%">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 10pt; text-indent: -10pt">All directors, director nominees and officers as a Group (7 persons) (i)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">3,286,147</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">77.54</TD>
    <TD STYLE="line-height: 115%">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Philip Hudson
was re-elected to the Board of Directors at Daxor Corporation&rsquo;s annual meeting on June 23, 2010. He is resigning from the
Board in order to be able to devote more time to personal matters. He is presently serving as an unpaid consultant to the company
and may run for re-election to the Board of Directors at a future date.</P>

<P STYLE="font: 10pt/normal 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>
    <TD STYLE="width: 7%; vertical-align: top; line-height: 115%; text-align: justify">*</TD>
    <TD STYLE="width: 3%; vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 90%; vertical-align: bottom; line-height: 115%; text-align: justify">Indicates less than 1%.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(a)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Unless otherwise indicated, the address of each person listed is c/o Daxor Corporation, 350 Fifth Avenue, Suite 7120, New York, New York 10118.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(b)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. In accordance with SEC rules, shares of Common Stock issuable upon the exercise of options or warrants which are currently exercisable or which become exercisable within 60 days following the Record Date are deemed to be beneficially owned by, and outstanding with respect to, the holder of such warrant. Except as indicated by footnote, and subject to community property laws where applicable, to the knowledge of the company, each person listed is believed to have sole voting and investment power with respect to all shares of Common Stock beneficially owned by such person.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(c)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 3,084,283 shares of Common Stock and 25,000 shares of Common Stock issuable upon the exercise of options issued under the company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Option Plan&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(d)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 14,164 shares of Common Stock and 6,000 shares of Common Stock issuable upon the exercise of options issued under the 2004 Option Plan.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(e)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 4,000 shares of Common Stock and 1,000 shares of Common Stock issuable upon the exercise of options issued under the 2004 Option Plan.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(f)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 1,500 shares of Common Stock and 1,000 shares of Common Stock issuable upon the exercise of options issued under the 2004 Option Plan.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(g)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Consists of 1,000 shares of Common Stock issuable upon the exercise of options issued under the 2004 Option Plan.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(h)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 146,200 shares of Common Stock and 1,000 shares of Common Stock issuable upon the exercise of options issued under the 2004 Option Plan.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(i)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">See Footnotes (c) through (h).</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Directors, including
the President of the Company, have options totaling 36,000 shares of common stock exercisable at prices ranging from $11.39 to
$19.11 per share.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 10pt; line-height: 115%; text-indent: -10pt">Name</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; text-align: center">Number of Options Granted</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="width: 73%; padding-left: 10pt; line-height: 115%; text-indent: -10pt">Joseph Feldschuh, M.D</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 24%; line-height: 115%; text-align: right">25,000</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; line-height: 115%; text-indent: -10pt">Robert Willens</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">6,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="padding-left: 10pt; line-height: 115%; text-indent: -10pt">Bernhard Saxe, Esq.</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; line-height: 115%; text-indent: -10pt">Mario Biaggi Jr., Esq.</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="padding-left: 10pt; line-height: 115%; text-indent: -10pt">Martin Wolpoff</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; line-height: 115%; text-indent: -10pt">James Lombard</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="padding-left: 10pt; line-height: 115%; text-indent: -10pt">Philip Hudson</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><I><A NAME="A014"></A>Additional
Information about Daxor Corporation</I></FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.15pt">Information
regarding Daxor Corporation&rsquo;s business, properties and legal proceedings is hereby incorporated by reference to Part I, Items
1, 2 and 3, respectively, of the company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2011.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.15pt">Information
regarding the </FONT>high and low sales prices for Daxor Corporation&rsquo;s common stock and the company&rsquo;s dividend policy
is hereby incorporated by reference to Part II, Item 5 of the company&rsquo;s <FONT STYLE="letter-spacing: 0.15pt">Annual Report
on Form 10-K for the year ended December 31, 2011</FONT>.</P>

<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 101.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 101.1pt">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Financial information
regarding Daxor Corporation is hereby incorporated by reference from Part II, Item 8 of the company&rsquo;s <FONT STYLE="letter-spacing: 0.15pt">Annual
Report on Form 10-K for the year ended December 31, 2011</FONT>.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Selected financial
data regarding Daxor Corporation is hereby incorporated by reference to Part II, Item 6 of the company&rsquo;s <FONT STYLE="letter-spacing: 0.15pt">Annual
Report on Form 10-K for the year ended December 31, 2011</FONT>.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management&rsquo;s
discussion and analysis is hereby incorporated by reference to Part II, Item 7 of Daxor Corporation&rsquo;s <FONT STYLE="letter-spacing: 0.15pt">Annual
Report on Form 10-K for the year ended December 31, 2011.</FONT></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information
regarding Daxor Corporation&rsquo;s changes in and disagreements with accountants on accounting and financial disclosure is hereby
incorporated by reference to Part II, Item 9 of the company&rsquo;s <FONT STYLE="letter-spacing: 0.15pt">Annual Report on Form
10-K for the year ended December 31, 2011</FONT>. There were no changes in and disagreements with accountants on accounting and
financial disclosure for the year ended December 31, 2011.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information
regarding qualitative and quantitative disclosures about Daxor Corporation&rsquo;s market risk is hereby incorporated by reference
to Part II, Item 7A of the company&rsquo;s <FONT STYLE="letter-spacing: 0.15pt">Annual Report on Form 10-K for the year ended December
31, 2011</FONT>.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information
regarding Daxor Corporation&rsquo;s executive compensation and compensation committee interlocks and insider participation for
the last completed fiscal year is hereby incorporated by reference to Part III, Item 11 of the company&rsquo;s <FONT STYLE="letter-spacing: 0.15pt">Annual
Report on Form 10-K for the year ended December 31, 2011</FONT>.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information
regarding certain relationships and relating transactions is incorporated by reference to Part III, Item 13 of Daxor Corporation&rsquo;s
<FONT STYLE="letter-spacing: 0.15pt">Annual Report on Form 10-K for the year ended December 31, 2011</FONT>.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="A015"></A>RISK FACTORS</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
has incurred cumulative net operating losses of $27,192,735 during the five year period ended December 31, 2011. These losses have
mainly resulted from ongoing expenses for marketing and research and development as the company attempts to build a market for
its products. During this same time period, the company&rsquo;s cumulative net income from investments and other items exceeded
the operating losses and provided the necessary funds for its continued research and development and marketing. It is the opinion
of management that the financial health of the company would have been adversely affected if net income from investments during
this time had been substantially less than losses from operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no guarantee
that future net income from investments will continue to completely offset operating losses as was the case for the five year period
ended December 31, 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Sales of Blood
Volume Kits</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In Daxor Corporation&rsquo;s
fiscal year ended December 31, 2011, the sale of Blood Volume Kits accounted for 67.0% of the company&rsquo;s total consolidated
operating revenue. There were four customers (hospitals) that accounted for 63.7% of the company&rsquo;s&nbsp;revenue from&nbsp;Blood
Volume Kits.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management believes
that the loss of any one customer would have an adverse effect on Daxor Corporation&rsquo;s consolidated operating business for
a short period of time. All four of these hospitals have purchased their BVA-100 equipment. Management believes that when more
hospitals purchase equipment, they will continue to purchase Volumex kits. The company continues to seek new customers, so that
any one hospital will represent a smaller percentage of overall sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In Daxor Corporation&rsquo;s
fiscal year ended December 31, 2010, the sale of Blood Volume Kits accounted for 64.6% of the company&rsquo;s total consolidated
operating revenue. There were four customers (hospitals) that accounted for 60.8% of the company&rsquo;s&nbsp;revenue from the
sale of Blood Volume Kits.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As disclosed
in Daxor Corporation&rsquo;s previous filings, the Centers for Medicare and Medicaid Services (CMS) implemented a significant policy
change affecting the reimbursement for all diagnostic radiopharmaceutical products and contrast agents which was effective as of
January 1, 2008. As a result of this policy change, diagnostic radiopharmaceuticals such as the company&rsquo;s Volumex are no
longer separately reimbursable by Medicare for outpatient services. At this time, it is still unclear if this policy change will
also be implemented by private third party health insurance companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The reimbursement
policy for hospital outpatients through December 31, 2007 included payment for both the cost of the procedure to perform a blood
volume analysis (BVA) and the radiopharmaceutical (Daxor&rsquo;s Volumex radiopharmaceutical). CMS&rsquo;s policy now only includes
the reimbursement for the procedure and would require the hospital to absorb the cost of the radiopharmaceutical. There will be
an upward adjustment for the procedure code to include some of the costs of the radiopharmaceutical. However, this upward adjustment
does not entirely cover the costs associated with the procedure and the radiopharmaceutical.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In response to
Medicare&rsquo;s change in its reimbursement policy for diagnostic radiopharmaceuticals, Daxor Corporation has lobbied CMS both
individually and as a member of the Society of Nuclear Medicine&rsquo;s APC Task Force, which is a select group of representatives
from industry and healthcare that represents the more than 16,000 nuclear medicine professionals in the United States. One of the
missions of the APC Task Force is to work directly with the CMS in an attempt to amend the current policy limiting the reimbursement
of diagnostic radiopharmaceuticals for outpatient diagnostic services. There is no guarantee that the APC task force will be successful
in their efforts to persuade the CMS to amend their policy of limiting the reimbursement of diagnostic radiopharmaceuticals for
outpatient diagnostic services. This change in Medicare&rsquo;s reimbursement policy was still in effect at December 31, 2011.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 21,
2010, the U.S. House of Representatives passed The &ldquo;Patient Protection and Affordable Care Act (H.R.3590).&rdquo; This legislation
was signed into law by President Obama on March 23, 2010. The goal of this legislation is to make health care more accessible to
Americans. At this time, the company is unable to quantify how this legislation will affect its operating income. Although it is
possible that increased coverage could lead to greater access to the company&rsquo;s products and services if the reimbursement
rate is lower, this would limit the benefit to Daxor Corporation and could have a negative effect on the company&rsquo;s operating
results and business.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At December 31,
2011, 81.3% of the fair market value of Daxor Corporation&rsquo;s investment portfolio consisted of utility stocks whose market
price can be sensitive to rising interest rates. At December 31, 2010, 80.9% of the company&rsquo;s investment portfolio consisted
of utility stocks. The company&rsquo;s investment policy calls for a minimum of 80% of the investment portfolio to consist of utility
stocks. The Board of Directors has authorized this minimum to be temporarily lowered to 70% when management deems it to be necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At December 31,
2011, the company&rsquo;s investment portfolio consisted of 87 separate stocks. The top five holdings as of this date in the investment
portfolio were the common stock of Entergy, Exelon, First Energy, Bank of America and National Grid. These five holdings comprised
46.5% of the value of the investment portfolio. Entergy, Exelon, First Energy and National Grid accounted for 49.6% of the dividend
income for the year ended December 31, 2011.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
also receives significant income from option sales related to its investment portfolio. The income from options is variable, and
less predictable than income from dividends from the company&rsquo;s portfolio, which have minor variations. The ability of the
company to sell options is related to the market value of its available for sale securities. If there is a decrease in the market
value of the company&rsquo; available for sale securities, this could negatively impact income from option sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is a risk
that in an environment of rising interest rates that the market value of these stocks could decline and the utilities could reduce
their dividend payments to compensate for increased interest expense. This could have an adverse effect on Daxor Corporation&rsquo;s
ability to fund research and development and marketing efforts necessary to build a market for the company&rsquo;s products.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
has a significant dependence on a single individual, Dr. Joseph Feldschuh, who is the CEO of the company. Dr. Feldschuh is the
Chief Scientist of the company and is believed to have more experience with blood volume measurement than any other physician in
the United States. He is involved in assisting and advising various physician groups that are conducting research. His scientific
knowledge would be difficult to replace.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dr. Feldschuh
is also the sole individual responsible for investment decisions with respect to Daxor Corporation&rsquo;s investment portfolio.
The loss of his services in this area would be expected to result in a material reduction in return on the company&rsquo;s assets.&nbsp;
If the Company was to lose Dr. Feldschuh&rsquo;s services in this area for any reason, the Board of Directors would investigate
alternatives for providing investment management services.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation&rsquo;s
patents for the BVA 100 expired in&nbsp;2010. The company filed two additional patent applications for an automated instrument
to measure human blood volume in March of 2012. The filings describe innovations which will be incorporated into the company&rsquo;s
BVA-100 Blood Volume Analyzer. These applications supplement the patent application filed in the fourth quarter of 2011 for a Total
Body Albumin Analyzer. The company does not know when, or if these patent applications will be approved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The blood volume
analyzer, however, works most efficiently with the tracer injection kit system which has a separate patent and which expires in
2016. It is possible that another company could develop another version of the Blood Volume Analyzer which would use a different
tracer injection kit. To the best of the company&rsquo;s knowledge, this has not happened yet and management views the development
of a competing tracer injection kit as unlikely.</P>

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of
Daxor Corporation&rsquo;s orders for Volumex syringes are filled by a single FDA approved radio pharmaceutical manufacturer. This
manufacturer is the only one approved by the FDA in the United States to manufacture Volumex for interstate commerce. If this manufacturer
were to cease filling the Volumex syringes for the company before the company had a chance to make alternative arrangements, the
effect on the company&rsquo;s operating revenue could be material. In January 2007, the Company purchased two 10,000 square foot
buildings in Oak Ridge, Tennessee to expand its research, development, and manufacturing capabilities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is a risk
of delay until regulatory approvals are received for any new products Daxor Corporation may attempt to bring to market in the future.
At this point, management is unable to assess how long such a delay would be or the effect on sales that it could have.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="A016"></A>ADDITIONAL INFORMATION REGARDING
DAXOR CORPORATION</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
has filed a Registration Statement on Form N-2, including amendments thereto, with the Securities and Exchange Commission, Washington,
D.C. This prospectus does not contain all of the information set forth in the Registration Statement, including any exhibits and
schedules thereto. For further information with respect to the company, reference is made to the Registration Statement. Statements
contained in this prospectus as to the contents of any contract or other document referred to are not necessarily complete and
in each instance reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement,
each such statement being qualified in all respects by such reference. Copies of the Registration Statement may be inspected without
charge at the Securities and Exchange Commission&rsquo;s principal office in Washington, D.C., and copies of all or any part thereof
may be obtained from the Securities and Exchange Commission upon the payment of certain fees prescribed by the Securities and Exchange
Commission<B>. </B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
previously filed annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy
any document that the company files at the Public Reference Room of the SEC at 100 F Street, N.E., Washington, D.C. 20549. You
may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC
maintains an Internet site at http://www.sec.gov, from which interested persons can electronically access the company&rsquo;s SEC
filings, including the registration statement, of which this prospectus is a part, and the exhibits and schedules thereto.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows
Daxor Corporation to &ldquo;incorporate by reference&rdquo; information into this prospectus and any accompanying prospectus supplements,
which means that the company can disclose important information to you by referring you to other documents filed separately with
the SEC. The information incorporated by reference is considered part of this prospectus, and information filed with the SEC subsequent
to this prospectus and prior to the termination of the particular offering referred to in such prospectus supplement will automatically
be deemed to update and supersede this information. The company incorporates by reference into this prospectus and any accompanying
prospectus supplement the documents listed below (excluding any portions of such documents that have been &ldquo;furnished&rdquo;
but not &ldquo;filed&rdquo; for purposes of the Exchange Act):</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt/115% Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="width: 93%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed on March 28, 2012; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Symbol; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt/115% Symbol; text-align: justify">&middot;</TD>
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Proxy Statement on Schedule 14A, filed on June 1, 2012.&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daxor Corporation
will provide without charge upon written or oral request to each person, including any beneficial owner, to whom a prospectus is
delivered, a copy of any and all of the documents which are incorporated by reference into this prospectus but not delivered with
this prospectus (other than exhibits unless such exhibits are specifically incorporated by reference in such documents).</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: 3pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;You
may request a copy of these documents by writing or telephoning Daxor Corporation at:</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Investor Relations<BR>
Daxor Corporation</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">350 Fifth Avenue (Empire State Building),
Suite 7120<BR>
New York, New York 10118</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(212)-330-8512&nbsp;</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="A017"></A>TABLE OF CONTENTS FOR THE STATEMENT
OF ADDITIONAL INFORMATION</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B001">HISTORY OF DAXOR CORPORATION</A></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B002">INVESTMENT OBJECTIVE AND INVESTMENT RESTRICTIONS</A></TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B003">ADDITIONAL INVESTMENT POLICIES AND RESTRICTIONS</A></TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B004">MANAGEMENT OF THE COMPANY</A></TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 92%; line-height: 115%"><A HREF="#B005">Directors and Officers</A></TD>
    <TD STYLE="width: 5%; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B006">Board Leadership Structure</A></TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B007">Audit Committee</A></TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B008">Board&rsquo;s Risk Oversight Role</A></TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B009">Qualifications of the Trustees</A></TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B010">Equity Ownership of Directors</A></TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B011">Board Compensation</A></TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B012">CONTROL PERSONS</A></TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B013">INVESTMENT ADVISORY AND OTHER SERVICES</A></TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B014">Code of Ethics</A></TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%"><A HREF="#B015">Proxy Voting Procedures</A></TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B016">PORTFOLIO TRANSACTIONS AND BROKERAGE</A></TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt"><A HREF="#B017">DESCRIPTION OF SHARES</A></TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="line-height: 115%; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; font: 10pt/115% Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt"><A HREF="#B018">REPURCHASE OF SHARES</A></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt"><FONT STYLE="font-size: 10pt"><A HREF="#B019">TAX MATTERS</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt/115% Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt"><A HREF="#B020"><FONT STYLE="font-size: 10pt">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt"><FONT STYLE="font-size: 10pt"><A HREF="#B021">ADDITIONAL INFORMATION</A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; tab-stops: right dotted 467.5pt"><A HREF="#B022"><FONT STYLE="font-size: 10pt">FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">16</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/normal Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: center; text-indent: -12.25pt"><B>SUBJECT
TO COMPLETION, DATED JUNE 28, 2012</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: center; text-indent: -12.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: center; text-indent: -12.25pt"><B>STATEMENT
OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: center; text-indent: -12.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: center; text-indent: -12.25pt"><B>Dated
June 28, 2012</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: center; text-indent: -12.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-align: center; text-indent: -12.25pt"><B>DAXOR CORPORATION</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">350 Fifth Avenue (Empire State Building),
Suite 7120</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10118</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">(212)-330-8500</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt 20pt; text-align: justify; text-indent: 0.5in">Daxor Corporation
is a medical device manufacturing company which provides additional biotechnology and cryobanking services. While the company is
not primarily engaged in the business of investing, reinvesting, owning, holding or trading in securities, the company is dependent
upon earnings from its investment portfolio to fund operations, and may be deemed a closed-end investment company under the Investment
Company Act of 1940, as amended (the &ldquo;Act&rdquo;). As a result, the company is filing this statement of additional information
(&ldquo;SAI&rdquo;) because it may be deemed a closed-end investment company under the Act.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0.25in 20pt; text-align: justify; text-indent: 0.5in"><B>This
SAI is not a prospectus and is authorized for distribution to investors only if preceded or accompanied by Daxor Corporation&rsquo;s
prospectus dated June 28, 2012 (the &ldquo;Prospectus&rdquo;), as supplemented from time to time, which is incorporated herein
by reference. This SAI should be read in conjunction with the Prospectus, a copy of which may be obtained without charge by contacting
your financial intermediary or by calling the company at (212)-330-8500, by writing to the company at the address above or from
the company&rsquo;s website (http://www.Daxor.com). You may also obtain a copy of the Prospectus on the website of the Securities
and Exchange Commission (&ldquo;SEC&rdquo;), http://www.sec.gov.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The information
contained in, or that can be accessed through, the Daxor Corporation&rsquo;s website is not part of the Prospectus or this SAI.
Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus.</P>

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

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 90%"><A HREF="#B001">HISTORY OF DAXOR CORPORATION</A></TD>
    <TD STYLE="width: 10%; text-align: center">3</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B002">INVESTMENT OBJECTIVE AND INVESTMENT RESTRICTIONS</A></TD>
    <TD STYLE="text-align: center">3</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B003">ADDITIONAL INVESTMENT POLICIES AND RESTRICTIONS</A></TD>
    <TD STYLE="text-align: center">4</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B004">MANAGEMENT OF THE COMPANY</A></TD>
    <TD STYLE="text-align: center">6</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B005">Directors and Officers</A></TD>
    <TD STYLE="text-align: center">6</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B006">Board Leadership Structure</A></TD>
    <TD STYLE="text-align: center">8</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B007">Audit Committee</A></TD>
    <TD STYLE="text-align: center">8</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B008">Board&rsquo;s Risk Oversight Role</A></TD>
    <TD STYLE="text-align: center">9</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B009">Qualifications of the Trustees</A></TD>
    <TD STYLE="text-align: center">9</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B010">Equity Ownership of Directors</A></TD>
    <TD STYLE="text-align: center">9</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B011">Board Compensation</A></TD>
    <TD STYLE="text-align: center">9</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B012">CONTROL PERSONS</A></TD>
    <TD STYLE="text-align: center">10</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B013">INVESTMENT ADVISORY AND OTHER SERVICES</A></TD>
    <TD STYLE="text-align: center">12</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B014">Code of Ethics</A></TD>
    <TD STYLE="text-align: center">13</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; padding-left: 10pt"><A HREF="#B015">Proxy Voting Procedures</A></TD>
    <TD STYLE="text-align: center">13</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B016">PORTFOLIO TRANSACTIONS AND BROKERAGE</A></TD>
    <TD STYLE="text-align: center">13</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B017">DESCRIPTION OF SHARES</A></TD>
    <TD STYLE="text-align: center">14</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B018">REPURCHASE OF SHARES</A></TD>
    <TD STYLE="text-align: center">14</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B019">TAX MATTERS</A></TD>
    <TD STYLE="text-align: center">14</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B020">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></TD>
    <TD STYLE="text-align: center">15</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B021">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: center">15</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><A HREF="#B022">FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="text-align: center">16</TD>
</TR></TABLE>

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

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



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

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="B001"></A>HISTORY OF DAXOR CORPORATION</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Daxor Corporation
is a medical device manufacturing company which provides additional biotechnology and cryobanking services. The company was originally
incorporated in New York State as Iatric Corporation in May 1971 for cryobanking services and continues these services through
its wholly-owned subsidiary, Scientific Medical Systems. In October 1971, the name Iatric Corporation was changed to Idant Corporation.
In May 1973, the name Idant Corporation was changed to Daxor Corporation.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;The
company&rsquo;s principal executive offices are located at 350 Fifth Avenue, Suite 7120, New York, NY 10118. The &ldquo;Investor
Relations&rdquo; section of the company&rsquo;s website currently provides free copies of the company&rsquo;s annual reports on
Form 10-K, quarterly reports on Form 10-Q, and any current reports on Form 8-K, Forms 3, 4 and 5.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;For
the past 16 years, the company&rsquo;s major focus has been the creation and development of the BVA-100&reg; Blood Volume Analyzer,
an instrument that rapidly and accurately measures human blood volume. This instrument is used in conjunction with Volumex&reg;
, a single-use radiopharmaceutical diagnostic injection and collection kit. The Company also offers cryobanking services for blood
storage through Scientific Medical Systems and for semen storage through Idant, a subsidiary of Scientific Medical Systems. The
company also owns the Daxor Oak Ridge Operations (DORO) facility in Oak Ridge, TN, which manufactures, tests, and develops next-generation
models of the BVA-100&reg; .</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;The
company maintains an internet website at <U>www.daxor.com</U> and a website for the Scientific Medical Systems subsidiary at <U>www.Idant.com</U>.
The websites for Daxor and Scientific Medical Systems describe the operations of each company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">While the company is not primarily
engaged in the business of investing, reinvesting, owning, holding or trading in securities, the company is dependent upon earnings
from its investment portfolio to fund operations, and may be deemed a closed-end investment company under the Investment Company
Act of 1940, as amended (the &ldquo;Act&rdquo;). As a result, the company is filing this SAI because it may be deemed a closed-end
investment company under the Act.</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="B002">INVESTMENT OBJECTIVE AND INVESTMENT
RESTRICTIONS</A></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt 20pt; text-align: justify; text-indent: 0.5in">Daxor Corporation&rsquo;s
objective is to support and expand its operating business segment through organic growth (i.e., the rate of business expansion
through internal enhancement of the business and operations as opposed to mergers, acquisitions and takeovers). The company is
not primarily engaged in the business of investing, reinvesting, owning, holding or trading in securities. As a result, the company
has no fundamental investment policies or significant investing practices, activities, objectives or techniques, except as set
forth below. Funds in excess of the company&rsquo;s immediate capital needs are placed in instruments designed to maximize capital
preservation and assure liquidity. Objectives are achieved by focusing management and employee effort on the company&rsquo;s business
of manufacturing medical devices and providing additional biotechnology and cryobanking services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The company&rsquo;s
investment policy calls for a minimum of 80% of the company&rsquo;s investment portfolio to consist of utility stocks. The Board
of Directors has authorized this minimum to be temporarily lowered to 70% when management deems it to be necessary. At least once
a year, the company reviews its investment strategy, and more frequently as needed, at board meetings.</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The investment portfolio primarily
consists of electric utility companies which are publicly traded common and preferred stock. In addition to receiving income from
dividends from the securities held in the investment portfolio, the company also has an investment policy of selling puts on stocks
that it is willing to own. Such options usually have a maturity of less than one year. The company will also sell covered calls
on securities within its investment portfolio. Covered calls involve stocks, which usually do not exceed 15% of the value of the
company&rsquo;s portfolio.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The company
will, at times, sell naked or uncovered calls, as well as, engage in short sales as part of a strategy to mitigate risk. Such short
sales are usually less than 15% of the company&rsquo;s portfolio value.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The company has
adopted the following investment restrictions which are matters of fundamental policy. The company&rsquo;s investment restrictions
cannot be changed without approval of the holders of (i) 67% of the company&rsquo;s common stock present or represented at a meeting
of shareholders at which the holders of more than 50% of the common stock are present or represented; or (ii) more than 50% of
the outstanding interests of shareholders:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/115% Times New Roman, Times, Serif; margin-top: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10%"></TD><TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; width: 82%"><FONT STYLE="font-size: 10pt">The company may borrow money to the extent permitted under the Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The company may issue senior securities to the extent permitted under the Act.<B>. </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The company may not engage in the business of underwriting securities
issued by other persons, except to the extent that it may be deemed to be an &ldquo;underwriter&rdquo; within the meaning of the
Securities Act of 1933 in the disposition of its investment securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The company may concentrate its investments in the utility industry.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The company may invest in real estate or commodities to the extent
permitted under the Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The company may make loans to other persons to the extent permitted
under the Act.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><A NAME="B003"></A>&nbsp;ADDITIONAL INVESTMENT
POLICIES AND RESTRICTIONS</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Primary investment
strategies are described in the Prospectus. The following is a description of the various investment policies in which Daxor Corporation
may be engaged, whether as a primary or secondary strategy, and a summary of certain attendant risks.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><I>Common
Stocks. </I>Common stocks generally represent an ownership interest in an issuer, without preference over any other class of securities,
including such issuer&rsquo;s debt securities, preferred stock and other senior equity securities. Common stocks are entitled
to the income and increase in the value of the assets and business of the issuer after all its debt obligations and obligations
to preferred shareholders are satisfied. Common stocks generally have voting rights. Common stocks fluctuate in price in response
to many factors, including historical and prospective earnings of the issuer, the value of its assets, general economic conditions,
interest rates, investor perceptions and market liquidity.</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><I>Preferred Stocks. </I>&nbsp;&nbsp;Preferred stocks with predominantly
equity investment characteristics, like common stocks, represent an equity ownership in an issuer. Generally, preferred stocks
have a priority of claim over common stocks in dividend payments and upon liquidation of the issuer. Unlike common stocks, preferred
stocks do not usually have voting rights. Preferred stocks in some instances are convertible into common stocks. Although they
are equity securities, preferred stocks have certain characteristics of both debt securities and common stocks. They are debt-like
in that their promised income is contractually fixed. They are like common stocks in that they do not have rights to precipitate
bankruptcy proceedings or collection activities in the event of missed payments. Furthermore, they have many of the key characteristics
of equity due to their subordinated position in an issuer&rsquo;s capital structure and because their quality and value are heavily
dependent on the profitability of the issuer rather than on any legal claims to specific assets or cash flows.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">In order
to be payable, dividends on preferred stock must be declared by the issuer&rsquo;s board of directors. In addition, distributions
on preferred stock may be subject to deferral and thus may not be automatically payable. Income payments on some preferred stocks
are cumulative, causing dividends and distributions to accrue even if not declared by the board of directors or otherwise made
payable. Other preferred stocks are non-cumulative, meaning that skipped dividends and distributions do not continue to accrue.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Shares of
preferred stock have a liquidation value that generally equals their original purchase price at the date of issuance. The market
values of preferred stocks may be affected by favorable and unfavorable changes impacting the issuers&rsquo; industries or sectors.
They also may be affected by actual and anticipated changes or ambiguities in the tax status of the security and by actual and
anticipated changes or ambiguities in tax laws, such as changes in corporate and individual income tax rates or the characterization
of dividends as tax-advantaged.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><I>Equity
Put and Call Options. </I>&nbsp;&nbsp; The company may purchase and sell &ldquo;call&rdquo; and &ldquo;put&rdquo; options on securities
and securities indices which are listed on a national securities exchange or in the over-the- counter markets as a means of increasing
exposure or hedging the value of the company&rsquo;s investment portfolio.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">A &ldquo;call&rdquo;
option is a contract that gives the holder of the option the right to buy from the writer (<I>i.e.</I>, the seller) of the option,
in return for a premium paid, the security underlying the option at a specified exercise price at any time during the term of the
option. The writer of the call option has the obligation upon exercise of the option to deliver the underlying security upon payment
of the exercise price during the option period. A &ldquo;put&rdquo; option is a contract that gives the holder of the option the
right to sell to the writer (<I>i.e.</I>, the seller), in return for the premium, the underlying security at a specified price
during the term of the option. The writer of the put option, who receives the premium, has the obligation to buy the underlying
security upon exercise, at the exercise price during the option period.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">If the company
has written an option, it may terminate its obligation by effecting a closing purchase transaction. This is accomplished by purchasing
an option of the same series as the option previously written. There can be no assurance that a closing purchase transaction can
be effected when the company so desires. An exchange- traded option may be closed out only on an exchange which provides a secondary
market for an option of the same series.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><I>Short
Sales. </I>A short sale is the sale of a security that the company does not own in anticipation of purchasing the same security
at a later date at a lower price. To make delivery to the counterparty, the company must borrow the security, and the company is
obligated to return the security to the lender, which is accomplished by a later purchase of the security by the company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><I>Portfolio
Trading and Turnover Rate. </I>Portfolio trading may be undertaken to accomplish the investment objectives of the company. While
the company may engage in portfolio trading when considered appropriate, short-term trading in the company&rsquo;s portfolio will
not be used as the primary means of achieving the company&rsquo;s investment objective. The company expects a moderate level of
annual portfolio turnover. The turnover rate is not expected to exceed 100% under normal circumstances. However,
there are no limits on the rate of portfolio turnover, and investments may be sold without regard to length of time held when,
in the company&rsquo;s opinion, investment considerations warrant such action. A higher portfolio turnover rate results in correspondingly
greater brokerage commissions and other transactional expenses that are borne by the company.</P>

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

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="B004"></A>MANAGEMENT OF THE COMPANY</P>

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt"><A NAME="B005"></A>Directors and Officers</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The management
of Daxor Corporation is the responsibility of the Board of Directors. None of the directors who are not &ldquo;interested persons&rdquo;
of the company (as defined in the Act) has ever been a director or employee of, or consultant to, the company or its affiliates.
The officers of the company serve annual terms and are elected on an annual basis.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The
Board of Directors has an Audit Committee. The Board does not have a standing nominating committee or a charter with respect
to the process for nominating directors for election to the company&rsquo;s Board of Directors. The company qualifies as a
&ldquo;controlled company&rdquo; under NYSE MKT rules, as Dr. Joseph Feldschuh controls more than 50% of the
company&rsquo;s voting power, as evidenced by the company&rsquo;s ownership records. As a result, The NYSE MKT continued
listing standards do not require the company to have a nominating committee, compensation and stock option committee, or a
written charter. Shareholders and members of the company&rsquo;s Board submit nominees for election to the company&rsquo;s
Board of Directors to Dr. Feldschuh for his consideration.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">There
are no non-resident directors or understandings between directors or officers pursuant to which he was selected as a director
or officer. As the company has no investment advisers or underwriters, information solicited in connection with officers of such
entities serving on the board or material factors for approving investment advisory contract is either not applicable or does
not exist.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The names
and business addresses of the Directors of the company, their principal occupations and other affiliations during the past five
years, the number of portfolios each oversees and other directorships they hold, or have held during the past five years, are set
forth below. There is no &ldquo;Fund Complex&rdquo; as defined in the Act.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Name,
                                                                       Address</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>and
        Age</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 11%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Position(s)
                                                                       Held with Company</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 11%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Term
                                                                       of Office and Length of Time Served</B></P></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 20%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Principal
                                                                       Occupation(s) During Past Five Years</B></P></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 11%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Number
                                                                       of Portfolios in the Fund Complex Overseen By Directors</B></P></TD>
    <TD STYLE="width: 3%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 11%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Other
                                                                       Directorships Held (during past five years) by Director&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&ldquo;Noninterested Persons&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">James Lombard</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">350 Fifth
        Avenue (Empire State Building), Suite 7120 New York, New York 10118</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Age: 78</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Indefinite, Director since 1989</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Director of Administrative Services Division, New York City
        Council (Retired).</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">None</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Martin S. Wolpoff</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">350 Fifth
        Avenue (Empire State Building), Suite 7120 New York, New York 10118</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Age: 69</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Indefinite, Director since 1989</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Educational Consultant, Director, Administration Community
        School District (Retired).</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">None</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Robert Willens</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">350 Fifth
        Avenue (Empire State Building), Suite 7120 New York, New York 10118</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Age: 65</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Indefinite, Director since 1989</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">President &amp; CEO, Robert Willens LLC.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">EGA Emerging Global Shares Trust</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Bernhard Saxe, Esq.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">350 Fifth
        Avenue (Empire State Building), Suite 7120 New York, New York 10118</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Age: 72</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Indefinite, Director since 2008</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Partner, Foley &amp; Lardner, LLP (retired 2/04), Registered Patent Attorney.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">None</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Mario Biaggi, Jr., Esq.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">350 Fifth
        Avenue (Empire State Building), Suite 7120 New York, New York 10118</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Age: 54</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Indefinite, Director since 2008</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Partner, Biaggi &amp; Biaggi Graduate of Columbia College Graduate of Columbia Law School Former judicial delegate in Bronx County.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">None</TD></TR>
</TABLE><BR STYLE="clear: both">

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; text-align: center; border-bottom: Black 1pt solid">


        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Name, Address</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>and Age</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P></TD>
    <TD STYLE="width: 3%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Position(s) Held with Company</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P></TD>
    <TD STYLE="width: 3%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Term
of Office and Length of Time Served&nbsp;</B></P></TD>
    <TD STYLE="width: 3%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Principal
Occupation(s) During Past Five Years&nbsp;</B></P></TD>
    <TD STYLE="width: 3%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Number
of Portfolios in the Fund Complex Overseen By Directors&nbsp;</B></P></TD>
    <TD STYLE="width: 3%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Other
Directorships Held (during past five years) by Director&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&ldquo;Interested Person&rdquo;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Joseph Feldschuh, M.D.</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">350 Fifth Avenue (Empire State Building), Suite
7120 New York, New York 10118&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Age: 77</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chairman, President and Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Indefinite, Director since 1974</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chairman of the Board of Directors and President of the Company.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">None</TD></TR>
</TABLE>

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

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


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: left; margin-left: 20pt"><B><A NAME="B006"></A>Board Leadership
Structure</B></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The Board
of Directors is currently comprised of six members, five of whom are independent or disinterested persons, which means that they
are not &ldquo;interested persons&rdquo; of the company as defined in Section 2(a)(19) of the Act (&ldquo;Independent Trustees&rdquo;).
The Board has general oversight responsibility with respect to the operation of the company, and has established an Audit Committee
to assist the Board in performing its oversight responsibilities.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">As Chairman
of the Board, Dr. Feldschuh is the presiding officer at all meetings of the Board of Directors. The company does not have a lead
independent director. The company has determined that its leadership structure is appropriate given the size and structure of the
company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><A NAME="B007"></A>Audit
Committee</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The Audit
Committee operates pursuant to a Charter approved by the Board of Directors, a copy of which is available on the company&rsquo;s
website. The Charter sets forth the responsibilities of the Audit Committee. The functions of the Audit Committee include, among
others, to meet with the independent registered public accounting firm of the company to review the scope of the company&rsquo;s
audit, the company&rsquo;s financial statements and internal accounting controls, and to meet with management concerning these
matters, internal audit activities and other matters. The Audit Committee currently consists of Robert Willens, James Lombard and
Martin S. Wolpoff, all of whom are considered independent under the rules promulgated by The NYSE MKT and, in addition, are not
&ldquo;interested persons&rdquo; of the company as defined in Section 2(a)(19) of the Investment Company Act. Robert Willens serves
as Chairperson of the Audit Committee and has been designated as the audit committee financial expert under the Sarbanes-Oxley
Act. The Audit Committee met four times in fiscal 2011.</P>

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

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

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

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><A NAME="B008"></A>Board&rsquo;s
Risk Oversight Role</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The day-to-day
management of various risks relating to the administration and operation of the company is the responsibility of management and
other service providers retained by the Board of Directors or by management, most of whom employ professional personnel who have
risk management responsibilities. The Board of Directors oversees this risk management function consistent with and as part of
its oversight duties. The Board of Directors performs this risk management oversight function directly and, with respect to various
matters, through its committees. The Board of Directors has been advised that it is not practicable to identify all of the risks
that may impact the company or to develop procedures or controls that are designed to eliminate all such risk exposures, and that
applicable securities law regulations do not contemplate that all such risks be identified and addressed.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in"><A NAME="B009"></A>Qualifications
of the Trustees</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;Dr.
Joseph Feldschuh has been the Chief Executive Officer and a director of the company since its inception. His experience and
skills in the company&rsquo;s business operations, as well as his familiarity with the company, led to the conclusion that he
should serve as a director. Each of Bernhard Saxe, Robert Willens, Mario Biaggi, James Lombard and Martin S. Wolpoff takes a
conservative and thoughtful approach to addressing issues facing the company. Information indicating certain of the specific
experience and qualifications of each of these Directors relevant to the Board of Directors&rsquo; belief that the Directors
should serve in this capacity is provided in the table above. This combination of skills and attributes led to the conclusion
that each of Messrs. Bernhard Saxe, Robert Willens, Mario Biaggi, James Lombard and Martin S. Wolpoff should serve as a
director.&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt"><A NAME="B010"></A>Equity Ownership of Directors</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 20pt; text-align: justify; text-indent: 0.5in">As of
December 31, 2011, the dollar range of shares of the company beneficially owned by Dr. Joseph Feldschuh is over $100,000. As
of December 31, 2011, the dollar range of shares of the company beneficially owned by Bernhard Saxe is $1-$10,000. As of
December 31, 2011, the dollar range of shares of the company beneficially owned by Robert Willens is over $100,000. As of
December 31, 2011, the dollar range of shares of the company beneficially owned by Mario Biaggi is $1-$10,000. As of December
31, 2011, the dollar range of shares of the company beneficially owned by James Lombard is $10,001-$50,000. As of December
31, 2011, the dollar range of shares of the company beneficially owned by Martin S. Wolpoff is $10,001-$50,000.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt"><A NAME="B011"></A>Board Compensation</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">In June 2011, all
six of the then current outside directors attended the annual meeting and were paid $1,000 each for the meeting and a board meeting
which took place on the same day. Every Director who attended was paid $750 for each board meeting which took place respectively
in March, September and December 2011. Any Director who participates in a meeting via teleconference instead of attending receives
$375 for the meeting. The company also reimburses Directors for any travel expense incurred to attend meetings. An employee director
receives no fees for Board participation.</P>

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

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



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt 20pt; text-align: justify; text-indent: 0.5in">The compensation
paid to current and former Directors in 2011 is set forth in the following table. There is no &ldquo;Fund Complex&rdquo; as defined
in the Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; line-height: 115%; font-weight: bold; text-align: justify; vertical-align: bottom; padding-left: 5pt">Name</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Compensation</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>From Company</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pension or</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Retirement Benefits</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Accrued As Part of</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company Expenses</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Annual Benefits</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Upon Retirement</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total Compensation</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>from Company and Fund</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Complex Paid</B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to Director</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-style: italic; padding-left: 5pt">Interested Person:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%; padding-left: 5pt; text-align: left; vertical-align: bottom">Joseph Feldschuh, M.D.</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">338,406</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">338,406</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; font-style: italic; padding-left: 5pt; text-align: left; vertical-align: bottom">Noninterested Persons:</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="padding-left: 5pt; text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: left">James Lombard</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">4,249</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">4,249</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: left">Martin S. Wolpoff</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">4,434</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">4,434</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="padding-left: 5pt; text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0">Robert Willens</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">5,618</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">5,618</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: left">Bernhard Saxe, Esq.</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">1,750</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">1,750</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD STYLE="padding-left: 5pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: left">Mario Biaggi, Jr., Esq.</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">2,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">2,500</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 5pt; text-align: left; vertical-align: bottom"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: left">Phillip N. Hudson</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">4,434</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">None</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">$</TD>
    <TD STYLE="line-height: 115%; text-align: center; vertical-align: bottom">4,434</TD></TR>
</TABLE><BR STYLE="clear: both">

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%; padding-left: 5pt">*</TD><TD STYLE="text-align: justify; width: 85%">Philip Hudson was re-elected to the Board of Directors at Daxor Corporation&rsquo;s annual meeting
on June 23, 2010. He is resigning from the Board in order to be able to devote more time to personal matters. He is presently serving
as an unpaid consultant to the company and may run for re-election to the Board of Directors at a future date.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><A NAME="B012"></A>CONTROL PERSONS</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">On May 31,
2012, Daxor Corporation had issued and outstanding 4,195,102 shares of common stock, par value $.01 per share, each of which entitled
the holder to one vote. Voting is not cumulative.</P>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The following
table sets forth certain information as of May 31, 2012, concerning the ownership of the common stock by (a) each person who,
to the company&rsquo;s knowledge, beneficially owned on that date more than 5% of the outstanding common stock, (b) each of the
company&rsquo;s directors and the named executive officers and (c) all directors and executive officers of the company as a group.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid">Name of Beneficial Owner (a) (b)</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Number of Shares Beneficially Owned(b)</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">Percent of Common Stock(b)</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="width: 56%; line-height: 115%; padding-left: 20pt; text-indent: -10pt">Joseph Feldschuh, Chairman, CEO, President, And Director(c)</TD>
    <TD STYLE="width: 2%; line-height: 115%; color: red">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 18%; line-height: 115%; text-align: right">3,109,283</TD>
    <TD STYLE="width: 1%; line-height: 115%; color: red">&nbsp;</TD>
    <TD STYLE="width: 2%; line-height: 115%; color: red">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 18%; line-height: 115%; text-align: right">73.37</TD>
    <TD STYLE="width: 1%; line-height: 115%">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt">Robert Willens, Director(d)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">20,164</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt">Martin S. Wolpoff, Director(e)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">5,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt">James A. Lombard, Director(f)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">2,500</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt">Bernhard Saxe, Esq., Director(g)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt">Mario Biaggi, Jr., Esq., Director(g)</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">&nbsp;</TD>
    <TD STYLE="line-height: 115%">*&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt; padding-bottom: 1pt">Philip N. Hudson(h)</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">147,200</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; color: red; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">3.47</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%; padding-left: 20pt; text-indent: -10pt; padding-bottom: 1pt">All directors, director nominees and officers as a Group (7 persons) (i)</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">3,286,147</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">77.54</TD>
    <TD STYLE="line-height: 115%; padding-bottom: 1pt">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Philip Hudson was
re-elected to the Board of Directors at Daxor Corporation&rsquo;s annual meeting on June 23, 2010. He is resigning from the Board
in order to be able to devote more time to personal matters. He is presently serving as an unpaid consultant to the company and
may run for re-election to the Board of Directors at a future date.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; vertical-align: top; line-height: 115%; text-align: justify">*</TD>
    <TD STYLE="width: 3%; vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 90%; vertical-align: bottom; line-height: 115%; text-align: justify">Indicates less than 1%.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(a)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Unless otherwise indicated, the address of each person listed is c/o Daxor Corporation, 350 Fifth Avenue, Suite 7120, New York, New York 10118.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(b)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and generally includes voting or investment power with respect to securities. In accordance with SEC rules, shares of Common Stock issuable upon the exercise of options or warrants which are currently exercisable or which become exercisable within 60 days following the Record Date are deemed to be beneficially owned by, and outstanding with respect to, the holder of such warrant. Except as indicated by footnote, and subject to community property laws where applicable, to the knowledge of the company, each person listed is believed to have sole voting and investment power with respect to all shares of Common Stock beneficially owned by such person.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(c)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 3,084,283 shares of Common Stock and 25,000 shares of Common Stock issuable upon the exercise of options issued under the company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Option Plan&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(d)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 14,164 shares of Common Stock and 6,000 shares of Common Stock issuable upon the exercise of options issued under the company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Option Plan&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(e)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 4,000 shares of Common Stock and 1,000 shares of Common Stock issuable upon the exercise of options issued under the company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Option Plan&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(f)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 1,500 shares of Common Stock and 1,000 shares of Common Stock issuable upon the exercise of options issued under the company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Option Plan&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(g)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Consists of 1,000 shares of Common Stock issuable upon the exercise of options issued under the company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Option Plan&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(h)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">Includes 146,200 shares of Common Stock and 1,000 shares of Common Stock issuable upon the exercise of options issued under the company&rsquo;s 2004 Stock Option Plan (the &ldquo;2004 Option Plan&rdquo;).</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; line-height: 115%; text-align: justify">(i)</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; text-align: justify">See Footnotes (c) through (h).</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Directors, including
the President, have options totaling 36,000 shares of common stock exercisable at prices ranging from $11.39 to $19.11 per share.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="line-height: 115%; text-align: center">Number of Options</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; line-height: 115%">Name</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; line-height: 115%; text-align: center">Granted</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="width: 40%; line-height: 115%">Joseph Feldschuh, M.D</TD>
    <TD STYLE="width: 2%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 15%; line-height: 115%; text-align: right">25,000</TD>
    <TD STYLE="width: 2%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%">Robert Willens</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">6,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%">Bernhard Saxe, Esq.</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%">Mario Biaggi Jr., Esq.</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%">Martin Wolpoff</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="line-height: 115%">James Lombard</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(234,249,232)">
    <TD STYLE="line-height: 115%">Philip Hudson</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: right">1,000</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 20pt; text-align: center"><A NAME="B013"></A>INVESTMENT ADVISORY AND OTHER
SERVICES</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The responsibility
of the Board of Directors is to exercise corporate powers and to oversee management of the business of Daxor Corporation. The officers
of the company are principally responsible for its operations. The company is not primarily engaged in the business of investing,
reinvesting, owning, holding or trading in securities. As such, the company has no investment advisors, administrator, affiliated
brokerage, dividend paying agent, non-resident managers, or active portfolio manager. The nature of the instruments in which funds
in excess of immediate capital needs are placed are consistent with capital preservation and liquidity. The company&rsquo;s Chief
Executive Officer, Joseph Feldschuh, M.D., is primarily responsible for the day-to-day management of any such investments.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Dr. Feldschuh
has been President of Daxor since 1974. He is on the staff of Montefiore Medical Center. From 1966 to 1983, Dr. Feldschuh was Director
of the Cardiac Metabolic Laboratory at Metropolitan Hospital. He has been a Clinical Associate Professor in both medicine and pathology
at New York Medical College and an Assistant Clinical Professor at Cornell Medical School. He performed the basic research at the
College of Physicians and Surgeons (Columbia University) on the measurement and prediction of normal human blood volume. He is
the co-inventor of the BVA-100 Blood Volume Analyzer and the inventor of the quantitative injection kit for the BVA-100. Originally
trained in Endocrinology, he is Board Certified in Cardiology and Internal Medicine. Dr. Feldschuh is the Chief Scientist for the
company. He has been personally involved in measuring blood volume on more than 4,000 patients during his medical career. Dr. Feldschuh
is also the co-inventor of the Total Body Albumin Analyzer. The Company is in the process of applying for a patent for the Total
Body Albumin Analyzer. In addition to his duties as Chief Scientist of Daxor, Dr. Feldschuh is also responsible for managing the
company&rsquo;s investment portfolio and does not oversee any other investment portfolios for the company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Since Dr.
Feldschuh owns more than 50% of Daxor stock, the company is considered a controlled corporation. As a result, he could be seen
as having more discretion than most Chief Executive Officers in determining his annual compensation. He also functions as the Chief
Scientist for the company and directly supervises the scientific development process of our products as well as the ongoing development
of scientific research protocols. He also regularly interacts with physicians at various medical institutions who are using the
Blood Volume Analyzer. In reviewing the salaries of Chief Scientific Officers at pharmaceutical and scientific companies, many
of these individuals earn annual salaries from $300,000 to over $1,000,000.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Dr. Feldschuh
has deliberately elected to draw a salary that is well below what the company believes is the market rate for someone with his
responsibilities and qualifications. It is the belief of the Board of Directors that annual compensation of two or three times
what he is currently earning could easily be justified. The decision to keep his annual compensation at well below market rate
has been made as part of an effort to preserve capital in light of the company&rsquo;s ongoing losses from operations.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The Board
of Directors reviews Dr. Feldschuh&rsquo;s compensation each year. The Board of Directors votes on his salary at this time. The
Board of Directors is in agreement that his annual compensation is well below market rate for someone with his experience and qualifications.
The information related to Dr. Feldschuh&rsquo;s compensation contained in the company&rsquo;s <FONT STYLE="color: black">Proxy
Statement on Schedule 14A, filed on June 1, 2012, is incorporated herein by reference</FONT>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt"><A NAME="B014"></A>Code of Ethics</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The company
has a Code of Ethics and Business Conduct which was approved by the Board of Directors in March 2005. The Code of Ethics and Business
Conduct applies to all directors, officers, employees and other representatives of the Company including the Chief Executive Officer
and Chief Financial Officer. A copy of the Code of Ethics and Business Conduct is available for free at <U>www.daxor.com</U>.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt"><A NAME="B015"></A>Proxy Voting Procedures</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0 20pt; text-align: justify; text-indent: 0.5in">The company
is responsible for voting proxies on securities held in its portfolio. When the company receives a proxy, the decision regarding
how to vote such proxy will be made by Dr. Feldschuh in accordance with its proxy voting procedures.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0 20pt; text-align: justify; text-indent: 0.5in">The vote
with respect to most routine issues presented in proxy statements is expected to be cast in accordance with the position of the
issuer&rsquo;s management, unless it is determined by Dr. Feldschuh or the Board of Directors that supporting management&rsquo;s
position would adversely affect the investment merits of owning the issuer&rsquo;s security. However, each issue will be considered
on its own merits, and a position of management found not to be in the best interests of the company&rsquo;s shareholders will
not be supported.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Proxies solicited
by issuers whose securities are held by the company will be voted solely in the interests of the shareholders of the company. Any
conflict of interest will be resolved in the way that will most benefit the company and its shareholders. If the conflict of interest
is determined to be material, the conflict shall be disclosed to the Board of Directors and Dr. Feldschuh will follow the instructions
of the Board of Directors.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">The company
is required to annually file Form N-PX, which lists the company&rsquo;s complete proxy voting record for the most recent 12-month
period ending June 30. &nbsp;The company&rsquo;s proxy voting record is available without charge, upon request, by calling the
company toll-free at (212)330-8500 <FONT STYLE="color: black">and on the SEC&rsquo;s website at </FONT><U>www.sec.gov</U><FONT STYLE="color: black">.</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">&nbsp;</FONT></P>



<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-left: 20pt"><A NAME="B016"></A>PORTFOLIO TRANSACTIONS AND BROKERAGE</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Subject to the
supervision of the Board of Directors, Dr. Feldschuh is responsible for decisions to purchase and sell securities for the company,
the negotiation of the prices to be paid and the allocation of transactions among various dealer firms. Transactions on stock exchanges
involve the payment by the company of brokerage commissions. There generally is no stated commission in the case of securities
traded in the over-the-counter market but the price paid by the company usually includes an undisclosed dealer commission or mark-up.
Transactions in the over-the-counter market can also be placed with broker-dealers who act as agents and charge brokerage commissions
for effecting over-the-counter transactions. The company may place its over-the-counter transactions either directly with principal
market makers, or with broker-dealers.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-left: 20pt"><A NAME="B017"></A>DESCRIPTION OF SHARES</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">The holders
of the common stock have one vote per share for the election of directors, without provisions for cumulative voting, and on all
other matters. Thus, holders of more than 50% of the shares voting for the election of directors can elect all the directors if
they choose to do so. The common stock is not redeemable and has no conversion or preemptive rights.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; margin-left: 20pt"><A NAME="B018"></A>REPURCHASE OF SHARES</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Shareholders
do not have the right to cause the company to redeem their shares. The shares trade in the open market.</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center; margin-left: 20pt"><A NAME="B019"></A>TAX
MATTERS</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Set forth
below is a summary of certain United States federal income tax considerations applicable to the company. This discussion does not
purport to be a complete description of the income tax considerations that may be applicable to an investment in the company.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt 20pt; text-align: justify; text-indent: 0.5in">The company
continues to be subject to Federal income tax as an ordinary C Corporation, which to the extent the company has net operating loss
carryforward limitations, could result in a corresponding reduction in its net assets and the amount of income available for distribution
to its shareholders.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Under Internal revenue
code section 542 a company is defined as a personal holding company (&ldquo;PHC&rdquo;) if it meets both an ownership test and
an income test. The ownership test is met if a company has five or fewer shareholders that own more than 50% of the company, which
is applicable to the company. The income test is met if PHC income items such as dividends, interest and rents exceed 60% of adjusted
ordinary gross income. Adjusted ordinary income is defined as all items of income except capital gains. For the years ended December
31, 2011 and 2010, more than 60% of the company&rsquo;s adjusted gross income came from items defined as PHC income</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Determining the
PHC tax liability requires computing the company&rsquo;s &ldquo;undistributed PHC income&rdquo; and taxing such PHC income at the
statutory rate of 15%. Undistributed PHC income is current year taxable income of the company, exclusive of the net operating loss
carry forward deduction that is allowed for regular tax purposes. The company incurred no liability for PHC for the year ended
December 31, 2011 because there was no undistributed PHC income. Undistributed PHC income for the year ended December 31, 2010
was $5,500,000.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">The calculation
does allow for certain deductions and the most significant of these deductions are long-term capital gains and dividends paid.
In 2011 the company had net long term capital gains of $1,015,022 and paid dividends of $1,054,450. In 2010, the company had minimal
long-term capital gains and paid dividends of $4,229,520.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">In 2011
and 2010, the company had net short-term capital gains totaling $3,545,000 and $17,872,000, respectively. Short term capital gains
are not a deduction for PHC tax purposes, and therefore the company had undistributed PHC income in 2010 of $5,500,000 that gave
rise to the PHC tax liability. The company had no PHC tax liability in 2011 due to the loss that was incurred.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0 20pt; text-align: center"><A NAME="B020"></A>INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Rotenberg Meril
Solomon Bertiger &amp; Guttilla, P.C. has been appointed as independent registered public accounting firm for the company, providing
audit services, tax return preparation, and assistance and consultation with respect to the preparation of filings with the SEC.
Rotenberg Meril Solomon Bertiger &amp; Guttilla, P.C. is located at Park 80 West, 250 Pehle Avenue, Suite 101, Saddle Brook, New
Jersey, 07663.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: center"><A NAME="B021"></A>ADDITIONAL INFORMATION</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Daxor Corporation
has filed a Registration Statement on Form N-2, including amendments thereto, with the Securities and Exchange Commission, Washington,
D.C. This SAI and the prospectus do not contain all of the information set forth in the Registration Statement, including any exhibits
and schedules thereto. For further information with respect to the company, reference is made to the Registration Statement. Statements
contained in this prospectus as to the contents of any contract or other document referred to are not necessarily complete and
in each instance reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement,
each such statement being qualified in all respects by such reference. Copies of the Registration Statement may be inspected without
charge at the Securities and Exchange Commission&rsquo;s principal office in Washington, D.C., and copies of all or any part thereof
may be obtained from the Securities and Exchange Commission upon the payment of certain fees prescribed by the Securities and Exchange
Commission<B>. </B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Daxor Corporation
previously filed annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy
any document that the company files at the Public Reference Room of the SEC at 100 F Street, N.E., Washington, D.C. 20549. You
may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC
maintains an Internet site at http://www.sec.gov, from which interested persons can electronically access the company&rsquo;s SEC
filings, including the registration statement, of which this prospectus is a part, and the exhibits and schedules thereto.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">The SEC allows Daxor
Corporation to &ldquo;incorporate by reference&rdquo; information into this prospectus and any accompanying prospectus supplements,
which means that the company can disclose important information to you by referring you to other documents filed separately with
the SEC. The information incorporated by reference is considered part of this prospectus, and information filed with the SEC subsequent
to this prospectus and prior to the termination of the particular offering referred to in such prospectus supplement will automatically
be deemed to update and supersede this information. The company incorporates by reference into this prospectus and any accompanying
prospectus supplement the documents listed below (excluding any portions of such documents that have been &ldquo;furnished&rdquo;
but not &ldquo;filed&rdquo; for purposes of the Exchange Act):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: center">&nbsp;</TD><TD STYLE="width: 5%; text-align: center">&bull;</TD><TD STYLE="text-align: justify; width: 90%">Annual Report on Form 10-K for the
fiscal year ended December 31, 2011, filed on March 28, 2012; and</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&bull;</TD><TD STYLE="text-align: justify">Proxy Statement on Schedule 14A, filed
on June 1, 2012.</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">Daxor
Corporation will provide without charge upon written or oral request to each person, including any beneficial owner, to whom a
prospectus is delivered, a copy of any and all of the documents which are incorporated by reference into this prospectus but not
delivered with this prospectus (other than exhibits unless such exhibits are specifically incorporated by reference in such documents).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">You
may request a copy of these documents by writing or telephoning Daxor Corporation at:</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Investor Relations<BR>
Daxor Corporation</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">350 Fifth Avenue (Empire State Building),
Suite 7120<BR>
New York, New York 10118</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(212)-330-8500</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="B022"></A>FINANCIAL STATEMENTS</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">Financial
statements prepared in accordance with 210.5-01 through 210.5-04 of Regulation S-X can be found in the company&rsquo;s Annual
Report on Form 10-K for the fiscal year ended December 31, 2011, which is incorporated herein by reference.</P>


<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART C &ndash; OTHER INFORMATION</B></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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 25.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></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">
    <TD>(1)</TD>
    <TD COLSPAN="2">Financial Statements:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Financial statements prepared in accordance with 210.5-01 through 210.5-04 of Regulation S-X can be found in Daxor Corporation&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is incorporated by reference into the Statement of Additional Information.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD COLSPAN="2">Exhibits:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 8%">(a)</TD>
    <TD STYLE="width: 82%">Certificate of Incorporation &ndash; Filed herewith.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>Bylaws &ndash; Filed as Exhibit 3.2 to Daxor Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2009, filed on March 29, 2010, and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)(1)</TD>
    <TD>See Item 25(2)(a).&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)(2)</TD>
    <TD STYLE="text-align: justify">Specimen Stock Certificate &ndash; Filed as Exhibit 4.1 to Daxor Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2009, filed on March 29, 2010, and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(f)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(g)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(h)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(j)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(k)(1)</TD>
    <TD STYLE="text-align: justify">Agreement of Lease Dated as of December 19, 2002 &ndash; Filed as Exhibit 10.1 to Daxor Corporation&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2009, filed on March 29, 2010, and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(k)(2)</TD>
    <TD STYLE="text-align: justify">2004 Stock Option Plan &ndash; Filed as Exhibit 4(a) to Daxor Corporation&rsquo;s Form S-8, filed on July 6, 2004, and incorporated herein by reference.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(l)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(m)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(n)</TD>
    <TD>Consent of Rotenberg Meril Solomon Bertiger &amp; Guttilla, P.C. &ndash; Filed herewith.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(o)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(p)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(q)</TD>
    <TD>Not Applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(r)</TD>
    <TD>Code of Ethics &ndash; Filed herewith.</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 26.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>MARKETING ARRANGEMENTS</B></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-indent: 0.5in">Not applicable.</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 27.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></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-indent: 0.5in">Not applicable.</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 28.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference
is made to Item 11 of Daxor Corporation&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is
incorporated herein by reference. Further, with respect to subsidiaries of Daxor Corporation, reference is made to Exhibit 21.1
to Daxor Corporation&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which is incorporated herein
by reference.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 29.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>NUMBER OF HOLDERS OF SECURITIES</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of May 31, 2012,
the aggregate number of record holders of the common stock was as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">Title of Class</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">Number of Record Holders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(234,249,232)">
    <TD>Common Stock, par value $.01 per share</TD>
    <TD>&nbsp;</TD>
    <TD>124</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 30.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>INDEMNIFICATION</B></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-indent: 0.5in">The Certificate of Incorporation and Bylaws
of Daxor Corporation provide that Daxor Corporation shall indemnify any person to the full extent permitted by the New York Business
Corporation Law. Reference is hereby made to Sections 722-725 of the New York Business Corporation Law relating to the indemnification
of the officers and directors, which Sections are hereby incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Daxor Corporation also has indemnification
Agreements with each of its directors.</P>

<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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 31.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 32.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>LOCATION OF ACCOUNTS AND RECORDS</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Records of the Registrant
are maintained at its principal business address at 350 Fifth Avenue (Empire State Building), Suite 7120 New York, New York 10118.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 33.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>MANAGEMENT SERVICES</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><B>ITEM 34.</B></TD><TD STYLE="width: 5%"></TD><TD STYLE="text-align: justify; width: 85%"><B>UNDERTAKINGS</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</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: justify; text-indent: 0.5in">Pursuant to the requirements
of the Investment Company Act of 1940, Registrant has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, New York, on the 28<SUP>th</SUP> day of June, 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>DAXOR CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 55%; font-size: 10pt; border-bottom: Black 1pt solid">/s/ Joseph Feldschuh</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Joseph Feldschuh, M.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
the requirements of the Investment Company Act of 1940, this registration statement has been signed by the following persons in
the capacities and on the dates stated. Each person whose signature appears below constitutes and appoints Joseph Feldschuh as
his or her true and lawful attorney-in-fact and agent, acting along with full power of substitution and resubstitution, for him
or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective
amendments) and exhibits to the registration statement on Form N-2 and any and all amendments thereto, and to file the same, with
the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, full power and authority to do and perform
each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; border-bottom: black 1pt solid; text-align: center">Signature</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: black 1pt solid; text-align: center">Title</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: black 1pt solid; text-align: center">Date</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Joseph Feldschuh</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>June 28, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Joseph Feldschuh, M.D.</TD>
    <TD>&nbsp;</TD>
    <TD>Chairman of the Board of Directors</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Principal Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ David Frankel</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD>June 28, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>David Frankel</TD>
    <TD>&nbsp;</TD>
    <TD>Principal Financial and Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Robert Willens</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>June 28, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Robert Willens</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ James Lombard</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>June 28, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>James Lombard</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Martin Wolpoff</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>June 28, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Martin Wolpoff</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"></TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Mario Biaggi, Esq</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Bernhard Saxe</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>June 28, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Bernhard Saxe, Esq</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">/s/ Philip N. Hudson</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD>
    <TD>&nbsp;</TD>
    <TD>June 28, 2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt">Philip N. Hudson</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</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; text-align: center; text-indent: 0.5in"><B>EXHIBIT INDEX</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; text-align: left; font-weight: bold; border-bottom: Black 1pt solid">EXHIBIT NUMBER</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 74%; text-align: center; font-weight: bold; border-bottom: Black 1pt solid">DOCUMENT DESCRIPTION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>Certificate of Incorporation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(n)</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Rotenberg Meril Solomon Bertiger &amp; Guttilla, P.C.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(r)</TD>
    <TD>&nbsp;</TD>
    <TD>Code of Ethics.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>ex_a.htm
<DESCRIPTION>EXHIBIT (A)
<TEXT>
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<P STYLE="margin: 0"></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right">Exhibit (a)</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center">CERTIFICATE OF
INCORPORATION OF</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Under Section 402 of<BR>
The Business Corporation Law</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned, a natural person over the
age of twenty-one years, for the purpose of forming a corporation pursuant to the provisions of the Business Corporation Law of
the State of New York; hereby certifies that:</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">FIRST: The name of the Corporation is IATRIC
CORPORATION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">SECOND: The purposes for which the Corporation
is formed are as follows:</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To carry on, in all or any of the several branches thereof, the business of purchasing, selling,
processing, distributing, importing., exporting, warehousing, storing, preserving, maintaining, manufacturing, and otherwise dealing
in and with chemicals of every nature and description whatever, any and all ingredients, compounds and derivatives thereof, and
any and all natural or synthetic substances and materials.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">B.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To apply for, obtain, register, purchase, lease or otherwise acquire, and to hold, own, use,
develop, operate, sell, assign, grant licenses with respect to, and otherwise dispose of, copyrights, trademarks, trade names,
brands, labels, patent rights and letters patent of the United States and of any other country or government.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">C.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To investigate and report with respect to, and to undertake, carry on, assist and participate
in, the organization, management, consolidation and liquidation of financial, commercial, mercantile, manufacturing, industrial
and other domestic and foreign corporations, associations, syndicates and joint ventures) and, for all purposes, to acquire and
take over the properties, manage the affairs and conduct the business of the same.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">D.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To borrow money and other property without limit as to amount for any of the purposes of the
Corporation, and to issue its own bonds, notes, debentures and other obligations and evidences of indebtedness of any and every
nature therefor, and to secure the same by mortgage, encumbrance, pledge, hypothecation or deed of trust of the whole or any part
of the property, real and personal, tangible and intangible, of the Corporation, and to issue its own bonds, notes, debentures
and other obligations and evidences of indebtedness of any and every nature without any such security, and to sell and otherwise
dispose of any or all such bonds, notes, debentures and other obligations and evidences of indebtedness.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">E.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To buy, invest in, acquire, own, hold, sell, assign, transfer, mortgage, pledge, exchange,
distribute, or otherwise dispose of and generally deal</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-indent: 0.5in"></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in"><FONT STYLE="font-size: 10pt">in and with all or any part of the shares of stock, options to purchase
shares of stock, securities and other interests in, and bonds, debentures, notes, obligations, and other evidences of indebtedness
of, any corporations or associations, domestic or foreign, or any government, state, municipality or subdivision thereof, domestic
or foreign, and to pay therefor in cash or to issue in exchange therefor shares of stock, options to purchase shares of stock,
securities or other interests in, or bonds, debentures, notes, obligations or other evidences of indebtedness of the Corporation,
and to exercise while the holder thereof any and all rights, powers and privileges of individual owners or holders, including the
right to vote thereon, and to do any act or thing designed to protect, preserve, promote or enhance the value of any such shares
of stock, options to purchase shares of stock, securities, other interests, bonds, debentures, notes, obligations and other evidences
of indebtedness.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">F.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To render advisory, investigatory, supervisory, investment, managerial and other services
to any corporation, association, concern, firm, syndicate, trust, joint venture, partnership, individual, government, state or
municipality or subdivision thereof.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">G.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To act in any capacity whatever as financial, commercial or business agent or representative,
general or special, or as factor, broker or in any other capacity whatever for, and to effect any and all transactions of every
kind, character or description whatever for the account of, any corporation, association, concern, firm, syndicate, trust, joint
venture, partnership, individual, government, state or municipality or subdivision thereof.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">H.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To take, purchase, acquire, own, hold, sell, assign, transfer, convey, exchange, convert,
pledge, hypothecate, mortgage, encumber and otherwise dispose of, the shares of its own stock, bonds, notes, debentures and other
obligations and evidences of indebtedness, secured and unsecured. </FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To have one or more offices, and to carry on and conduct all or any of its operations and
business, within and without the United States.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">J.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">To enter into all guaranties, contracts and other commitments, and to do all of the things,
suitable and conducive to the furtherance of the business of the Corporation, and to engage in any other activity which may promote
the interests or enhance the value of the property of the Corporation to the fullest extent permitted by law.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">K.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">In general, to do and perform everything which may be necessary, advisable, suitable or proper
for the conduct of its business and for the purpose of carrying out the objects and purposes hereinbefore enumerated, and to carry
on any other similar business in connection with the foregoing, and to have and exercise all the powers conferred by law upon corporations,
and, so far as permitted by law, to do any or all of the things hereinbefore set forth to the same extent as natural persons might
or could do.</FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0.5in"></P>

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<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The foregoing clauses shall be construed,
both as objects and purposes, in furtherance and not in limitation of the general powers conferred by the laws of the State of
New York; and the enumeration herein of specific objects and purposes shall not be held to limit or restrict in any way the general
powers of the Corporation, and the Corporation may do all and everything necessary, advisable, suitable or proper for the accomplishment
of any of the objects or purposes hereinbefore enumerated, either alone or in associations with other corporations, associations,
concerns, firms, syndicates, trusts, joint ventures, partnerships or individuals, to the same extent and as fully as natural persons
might or could do, as principals, agents, contractors or otherwise.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">THIRD: The office of the Corporation is to
be located in the City, County and State of New York.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">FOURTH: The aggregate number of shares which
the Corporation Shall have the authority to issue shall be 2,000,000, of one class only, with a par value of $0.01 per share.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">FIFTH: The Secretary of State is designated
as agent of the Corporation upon whom process against it may be served. The post office address to which the Secretary of State
shall mail a copy of any process against it served upon him is: c/o Rosenman Colin Kaye Petschek Freund &amp; Emil, 575 Madison
Avenue, New York, New York 10022.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">IN WITNESS WHEREOF, I have made, signed and
acknowledge this Certificate of Incorporation this ______ day of May, 1971.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 50%; vertical-align: bottom; border-bottom: Black 1pt solid">Stephen W. Palley</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">440 East 62nd Street</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">New York, New York 10021</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">STATE OF NEW YORK</TD>
    <TD STYLE="width: 75%">)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>:&nbsp; ss:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COUNTY OF NEW YORK</TD>
    <TD>)</TD></TR>
</TABLE>
<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">On this ______ day of 1971, before me personally
came Stephen W. Palley, to me known and known to me to be the person described in and who executed the foregoing Certificate of
Incorporation, and he duly acknowledged to me that he executed the same.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Notary Public</TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned, the sole incorporator of
IATRIC CORPORATION (the &ldquo;Corporation&rdquo;), a New York Corporation, does hereby acknowledge and consent to the following
resolutions for and on behalf of the Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 1in">RESOLVED, that a certified copy of
the Certificate of Incorporation of the Corporation and an amendment thereto as filed on May 5 and May 17, 1971, respectively,
by the Department of State of New York, shall be filed in the Minute Book of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 1in">RESOLVED, that after due consideration
of each section of the proposed By-Laws of the Corporation, the By-Laws are hereby adopted for and on behalf of the Corporation
and that a copy of the By-Laws be filed in the Minute Book of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 1in">RESOLVED, that Morton E. David is
hereby elected a director of the Corporation to hold office until the first annual meeting of shareholders of the Corporation and
until his successor is ally elected and qualified.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%">Dated:</TD>
    <TD STYLE="width: 93%">New York, New York</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>May 19, 1971</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/Stephen W. Palley</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Stephen W. Palley</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 61%"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Witnessed:</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Under Section 805 of the<BR>
Business Corporation Law</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">Pursuant to the provisions of Section 805
of the Business Corporation Law, the undersigned, sole incorporator of Iatric Corporation, hereby certifies that:</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">FIRST: The name of the Corporation is IATRIC
CORPORATION.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">SECOND: The Certificate of Incorporation
of the Corporation was filed by the Department of State on May 5, 1971.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">THIRD: The following is hereby added to the
Certificate of Incorporation as Article SIXTH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 1in">No holder of outstanding shares of
capital stock of the Corporation shall, as such, have any right to purchase or subscribe for any shares of any class of stock of
the Corporation, or any rights or options to purchase shares of any class of stock of the Corporation, which the Corporation may
issue or sell, or any shares of any class of stock of the Corporation acquired by it after the issue thereof.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">FOURTH: The Corporation having no shareholders
and no subscribers for shares, and having elected no directors or officers, the amendment to its Certificate of Incorporation has
been authorized by the written consent of the sole incorporator of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">IN WITNESS WHEREOF, I have signed this
Certificate of Amendment to the Certificate of Incorporation and affirm that the statement made herein are true under the penalties
of perjury on May 14, 1971.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">IATRIC CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By _____________________________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Stephen W. Palley, Incorporator</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">STATE OF NEW YORK</TD>
    <TD STYLE="width: 75%">)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>:&nbsp; ss:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COUNTY OF NEW YORK</TD>
    <TD>)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Stephen W. Palley, being duly sworn, deposes
and says that he is the incorporator of Iatric Corporation, the corporation mentioned and described in the foregoing instrument;
that he has read and signed the same and that the statements contained therein are true.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sworn to before me this ______ day of May, 1971.</P>

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">The undersigned, the sole incorporator of
IATRIC CORPORATION (the &ldquo;Corporation&rdquo;), a New York Corporation, does hereby acknowledge and consent to the following
resolutions for and on behalf of the Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 1in">RESOLVED, that a certified copy of
the Certificate of Incorporation of the Corporation and an amendment thereto as filed on May 5 and May 17, 1971, respectively,
by the Department of State of New York, shall be filed in the Minute Book of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 1in">RESOLVED, that after due consideration
of each section of the proposed By-Laws of the Corporation, the By-Laws are hereby adopted for and on behalf of the Corporation
and that a copy of the By-Laws be filed in the Minute Book of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 12pt; text-indent: 1in">RESOLVED, that Mr. Morton E. David
is hereby elected a director of the Corporation to hold office until the first annual meeting of shareholders of the Corporation
and until his successor is duly elected and qualified.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%">Dated:</TD>
    <TD STYLE="width: 93%">New York, New York</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>May 19, 1971</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 46%; vertical-align: top">&nbsp;</TD>
    <TD STYLE="width: 40%; vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Stephen W. Palley</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Stephen W. Palley</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.25in">&nbsp;</P>

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

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

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

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

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

<HR NOSHADE STYLE="height: 2pt; color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">
<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
<hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
</div>



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

<P STYLE="font: 10pt/21.65pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt"><B>State<FONT STYLE="letter-spacing: 1.9pt">
</FONT>of<FONT STYLE="letter-spacing: 0.45pt"> </FONT>New<FONT STYLE="letter-spacing: 1.45pt"> </FONT>York</B></P>

<P STYLE="font: 10pt/21.65pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt; text-indent: 0.5in"><B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;}
ss:</B></P>

<P STYLE="font: 10pt/21.65pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 8.25pt"><B>Department<FONT STYLE="letter-spacing: 2.7pt">
</FONT>of<FONT STYLE="letter-spacing: 0.85pt"> </FONT>State<FONT STYLE="letter-spacing: -4.75pt"> </FONT></B></P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 61.9pt 0pt 0.1in">I<FONT STYLE="letter-spacing: 0.6pt">
</FONT>hereby<FONT STYLE="letter-spacing: 1.35pt"> </FONT>certify,<FONT STYLE="letter-spacing: 1.85pt"> </FONT>that<FONT STYLE="letter-spacing: 1.3pt">
</FONT>the<FONT STYLE="letter-spacing: 0.55pt"> </FONT>Certificate<FONT STYLE="letter-spacing: 2.2pt"> </FONT>of<FONT STYLE="letter-spacing: 0.8pt">
</FONT>Incorporation<FONT STYLE="letter-spacing: 2.55pt"> </FONT>of<FONT STYLE="letter-spacing: 0.4pt"> </FONT>DAXOR CORPORATION
was filed on 05/05/1971, under the<FONT STYLE="letter-spacing: 0.6pt"> </FONT>name<FONT STYLE="letter-spacing: 0.85pt"> </FONT>of
IATRIC CORPORATION,<FONT STYLE="letter-spacing: 2.55pt"> </FONT>with<FONT STYLE="letter-spacing: 0.85pt"> </FONT>perpetual duration,
and that a diligent examination has been made<FONT STYLE="letter-spacing: 0.45pt"> </FONT>of the Corporate index for documents<FONT STYLE="letter-spacing: 2.7pt">
</FONT>filed with this Department for<FONT STYLE="letter-spacing: 0.85pt"> </FONT>a<FONT STYLE="letter-spacing: 0.45pt"> </FONT>certificate,
order, or<FONT STYLE="letter-spacing: 0.55pt"> </FONT>record<FONT STYLE="letter-spacing: 1.3pt"> </FONT>of a dissolution, and upon
such examination,<FONT STYLE="letter-spacing: 2.55pt"> </FONT>no<FONT STYLE="letter-spacing: 0.4pt"> </FONT>such certificate, order
or<FONT STYLE="letter-spacing: 0.55pt"> </FONT>record has been<FONT STYLE="letter-spacing: 0.85pt"> </FONT>found, and that<FONT STYLE="letter-spacing: 1.3pt">
</FONT>so<FONT STYLE="letter-spacing: 0.8pt"> </FONT>far<FONT STYLE="letter-spacing: 0.45pt"> </FONT>as indicated by the records
of this<FONT STYLE="letter-spacing: 0.45pt"> </FONT>Department, such corporation <I>is<FONT STYLE="letter-spacing: 0.6pt"> </FONT></I>an<FONT STYLE="letter-spacing: 0.8pt">
</FONT>existing<FONT STYLE="letter-spacing: 1.85pt"> </FONT>corporation.</P>

<P STYLE="font: 10pt/11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0pt 3.35pt 0pt 6.85pt; text-indent: -0.35pt">A Certificate of
Amendment IATRIC CORPORATION, changing its name to<FONT STYLE="letter-spacing: 0.55pt"> </FONT>IDANT CORPORATION,<FONT STYLE="letter-spacing: 2.2pt">
</FONT>was filed<FONT STYLE="letter-spacing: 1.35pt"> </FONT>10/01/1971.</P>

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

<P STYLE="font: 10pt/11.8pt Times New Roman, Times, Serif; margin: 0pt 11.2pt 0pt 6.5pt; text-indent: -0.35pt">A<FONT STYLE="letter-spacing: 0.4pt">
</FONT>Certificate<FONT STYLE="letter-spacing: 2.2pt"> </FONT>of Amendment IDANT CORPORATION, changing its name to DAXOR CORPORATION,<FONT STYLE="letter-spacing: 2.2pt">
</FONT>was filed<FONT STYLE="letter-spacing: 1.35pt"> </FONT>05/17/1973.</P>

<P STYLE="font: 10pt/11.8pt Times New Roman, Times, Serif; margin: 0pt 11.2pt 0pt 6.5pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt/11.8pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">***&nbsp;</P>

<P STYLE="font: 10pt/11.8pt Times New Roman, Times, Serif; margin: 0pt 11.2pt 0pt 6.5pt; text-indent: -0.35pt"></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 ROWSPAN="5" STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center"><IMG SRC="img003.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; line-height: 115%; text-align: left"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-style: italic">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-style: italic"><I>WITNESS my<FONT STYLE="letter-spacing: -0.5pt"> </FONT>hand<FONT STYLE="letter-spacing: 0.05pt"> </FONT>and<FONT STYLE="letter-spacing: -1.1pt"> </FONT>the<FONT STYLE="letter-spacing: 0.4pt"> </FONT>official<FONT STYLE="letter-spacing: 1.05pt"> </FONT>seal of<FONT STYLE="letter-spacing: -0.7pt"> </FONT>the Department<FONT STYLE="letter-spacing: 1.95pt"> </FONT>of<FONT STYLE="letter-spacing: -0.65pt"> </FONT>State<FONT STYLE="letter-spacing: -0.65pt"> </FONT>at<FONT STYLE="letter-spacing: -0.65pt"> </FONT>the<FONT STYLE="letter-spacing: -0.25pt"> </FONT>City<FONT STYLE="letter-spacing: -0.95pt"> </FONT>of Albany, this<FONT STYLE="letter-spacing: 1.85pt"> </FONT>27th<FONT STYLE="letter-spacing: -0.55pt"> </FONT>day<FONT STYLE="letter-spacing: 0.2pt"> </FONT>of<FONT STYLE="letter-spacing: -0.95pt"> </FONT>November<FONT STYLE="letter-spacing: 2.05pt"> </FONT>two thousand<FONT STYLE="letter-spacing: 0.5pt"> and </FONT>nine.</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%; text-align: left"><BR>
<IMG SRC="img004.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-style: italic">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-style: italic"><I>First Deputy Secretary<FONT STYLE="letter-spacing: -0.55pt"> </FONT>of State</I></TD></TR>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.N
<SEQUENCE>5
<FILENAME>ex_n.htm
<DESCRIPTION>EXHIBIT (N)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<div>
<hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
<hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
</div>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (n)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>CONSENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM</U></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: justify">As independent registered public accountants,
we hereby consent to the inclusion in this Registration Statement on Form N-2 of Daxor Corporation of our report dated March 28,
2012 with respect to the financial statements of Daxor Corporation which is incorporated by reference in the Registration Statement.
We also consent to the references to us under the heading &ldquo;Experts&rdquo; in such Registration Statement.</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">Rotenberg Meril Solomon Bertiger &amp;
Guttilla, P.C.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">June 28, 2012</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"></P>

<HR NOSHADE SIZE="2" STYLE="color: Black; width: 100%; margin-top: 3pt; margin-bottom: 3pt">
<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">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.R
<SEQUENCE>6
<FILENAME>ex_r.htm
<DESCRIPTION>EXHIBIT (R)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit (r)</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>DAXOR CORPORATION</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>CODE OF ETHICS AND BUSINESS CONDUCT </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"><B><U>Daxor&rsquo;s Commitment</U></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">Daxor Corporation (the &ldquo;Company&rdquo; which includes
Daxor Corporation and all of its subsidiaries and business entities) is committed to the highest ethical standards and to conducting
its business lawfully and ethically. This Code of Ethics and Business Conduct applies to Daxor and all of its subsidiaries and
business entities. Daxor believes it is essential for each of our directors, officers, employees and other representatives to act
at all times with honesty and propriety, to exercise good judgment and to conduct business in a manner that can be supported without
reservation or apology.</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"><B><U>The Code</U></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">It is not possible to develop a detailed set of rules, policies
or procedures that cover all circumstances. The best guidelines are individual integrity, common sense and compliance with the
law. This Code of Ethics and Business Conduct (the &ldquo;Code&rdquo;) provides a basic guide to assist our management, employees
and others acting on our behalf in understanding their responsibilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Applicability of Code</U></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">This Code applies to each of our directors, officers, employees
and other representatives and to their immediate family members. We will inform any independent distributors, dealers and agents
of the importance of adhering to the provisions and principles of this Code.</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"><B><U>Ethics</U></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">The Company and each of its employees and directors must conduct
their affairs with uncompromising honesty and integrity. Each Company employee and director is required to adhere to the highest
ethical standards.</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">Employees and directors are expected to be honest and ethical
in dealing with each other, clients, customers, vendors and all other third 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">All employees and directors must respect the rights of fellow
employees and third parties. Employee and director actions must be free from discrimination, libel, slander or harassment. Each
employee, director, vendor, customer or other third party must be accorded equal opportunity, regardless of race, religion, sex,
sexual orientation, age, national origin, disability or any other protected characteristic.</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">Misconduct will not be excused because it was directed or requested
by another individual. All employees and directors are expected to alert management whenever an illegal, dishonest or unethical
act is discovered or suspected; employees and directors will never be penalized for reporting discoveries or suspicions.</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">The following statements concern frequently raised ethical concerns.
A violation of the standards contained in this Code of Ethics and Business Conduct will result in corrective action, including
possible dismissal.</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"><B><U>Conflicts of Interest</U></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">The Company expects its employees and directors to perform their
duties using their best impartial judgment in all matters affecting the Company. All employees and directors must avoid any personal
activity, investment or association that would interfere, or that could appear to interfere, with good and objective judgment concerning
the Company&rsquo;s best interests. Employees and directors may not exploit their position or relationship with the Company for
personal gain, and should avoid even the appearance of such conflict. For example, there is a likely conflict of interest if any
employee or director:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-family: Symbol; text-align: right">&middot;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 90%">Causes the Company to engage in business transactions with relatives or friends;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol; text-align: right">&middot;</TD>
    <TD>&nbsp;</TD>
    <TD>Uses non-public Company, client, customer or vendor information for the employee&rsquo;s personal gain, or for the benefit of relatives or friends (including securities transactions based on such information);</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol; text-align: right">&middot;</TD>
    <TD>&nbsp;</TD>
    <TD>Has a financial interest in the Company&rsquo;s clients, customers, vendors or competitors;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol; text-align: right">&middot;</TD>
    <TD>&nbsp;</TD>
    <TD>Receives a loan, or guarantee of obligations, from a third party such as a vendor or customer as a result of his or her position with the Company;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol; text-align: right">&middot;</TD>
    <TD>&nbsp;</TD>
    <TD>Competes, or prepares to compete with the Company while still employed by the Company, or</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol; text-align: right">&middot;</TD>
    <TD>&nbsp;</TD>
    <TD>Takes for herself or himself opportunities for personal enrichment that are discovered through the use of Company property, information or position.</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">There are other situations in which a conflict of interest may
arise. If you know of a conflict of interest or have concerns about any situation affecting the Company, follow the steps outlined
under &ldquo;Reporting Ethical Violations&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Gifts, Bribes and Kickbacks</U></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">Other than gifts of nominal value given or received in the normal
course of business (including meals, travel or entertainment), neither employees, directors nor their relatives may give gifts
to, or receive gifts from, the Company&rsquo;s clients, customers or vendors. Other gifts may be given or accepted only with the
prior approval of the Chief Financial Officer. An employee or director must not put himself or herself or the Company in a position
that would be embarrassing if the gift were made public.</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">Dealing with government agencies or employees is often different
than dealing with private companies or individuals. Many government agencies strictly prohibit the receipt of any gratuities by
their employees, including meals and entertainment. Employees and directors must be aware of and strictly follow these prohibitions
when dealing with a government agency.</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">Any employee or director who pays or receives a bribe or kickback,
including any item intended to improperly obtain favorable treatment, will be immediately terminated and reported, as warranted,
to the appropriate authorities.</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"><B><U>Improper Use or Theft of Company Property</U></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">Every employee and director must take care to safeguard Company
property from loss or theft, and may not take any Company property for personal use. Company property includes (but is not limited
to) confidential information such as customer lists and internal financial reports, software, computers, office equipment and supplies.
All employees and directors must appropriately secure all Company property within their control to prevent its unauthorized use.
Using Company computers or communications systems to access or distribute personal or &ldquo;non-business related&rdquo; information,
data or graphics is strictly prohibited.</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>Covering Up Mistakes; Falsifying Records</U></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">Mistakes should never be covered up, but must be disclosed immediately
and corrected. Falsification of any Company, client, customer or third party record is prohibited.</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"><B><U>Confidential Information</U></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">Company, client, customer or vendor confidential or proprietary
information property is to be used solely for the benefit of the Company and its clients, customers or vendors, respectively only
in appropriate circumstances. Employees and directors may not use or reveal such information to any unauthorized third party, nor
use such information for their personal benefit. This includes business methods, pricing and marketing data, strategy, computer
code, forms, information about the Company&rsquo;s current, former and prospective clients, customers and employees, and any other
information that might be of use to competitors or harmful to the Company or its clients, customers or vendors if disclosed.</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">Employees and directors may not accept, use or disclose the
confidential information of our competitors. When obtaining competitive information, employees and directors must not violate the
rights of customers, competitors or vendors. Particular care must be taken when dealing with competitors&rsquo; current or former
clients, customers and employees. Employees and directors must never ask for confidential or proprietary information, and must
never ask a person to violate a non-compete or non-disclosure agreement. If any employee is uncertain about potentially confidential
information, they should contact the Chief Financial Officer for guidance.</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><U>Defamation and Misrepresentation</U></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">Any marketing done by or on behalf of the Company must not include
any misstatements, innuendo or rumors about the Company&rsquo;s competition or their properties, products or financial condition.
Employees and directors must not make unsupportable promises concerning the Company&rsquo;s properties or products.</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"><B><U>Use of the Company and Third Party Software</U></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">Company and third-party software may be distributed and disclosed
only to employees authorized to use it, and to clients in accordance with terms of a Company agreement. Company and third-party
software may not be copied without specific authorization from the appropriate individual and may only be used to perform assigned
responsibilities. All third-party software must be properly licensed. The license agreements for such third party software may
place various restrictions on the disclosure, use and copying of software.</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>Security Trading</U></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">It is generally illegal to buy or sell securities using material
information not available to the public. Anyone who gives such undisclosed &ldquo;inside&rdquo; information to others may be as
liable as those who trade securities while possessing such information. Securities laws may be violated if an employee or a director
or any of an employee&rsquo;s or director&rsquo;s relatives or friends trade in securities of the Company or any of its clients,
customers or vendors, while possessing &ldquo;inside&rdquo; information. If you are uncertain about a particular securities issue,
the Chief Financial Officer can assist you.</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"><B><U>Financial Reporting: Communications with the Public</U></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">The Company has high standards for achieving its operating and
financial goals. These results must be achieved with high ethical standards. Accounting and financial reporting practices must
be fair and proper and in accordance with United States Generally Accepted Accounting Principles.</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">The Company does not condone any practices that will lead to
fraudulent financial reporting. While difficult to give an all-inclusive definition of fraudulent financial reporting, it is in
general, any intentional act, or reckless conduct, whether by act or omission, that results in materially misleading financial
statements. The Company expects clear, open and frequent communication among all directors and employees on all significant financial
and operating matters. Management expects this will help reduce the risk of problems in the accounting and financial reporting
areas and also be an aid in achieving operating goals.</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">The disclosures the Company makes in the form of reports and
documents filed with, or submitted to, the Securities and Exchange Commission and the NYSE-Amex (or other self-regulatory exchange
or market), as well as in other public communications made by the Company, must be full, fair, accurate, timely and clearly understandable
to the public.</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">The Chief Executive Officer and Chief Financial Officer of the
Company are responsible for authorizing the release of information to the public.</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"><B><U>Political Contributions</U></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">In the United States, corporate political contributions to candidates
for federal and state elections are illegal. The Company prohibits direct or indirect contributions to a candidate for a federal,
state or local election. The Company does have the right to political expression on issues and may express it through contributions
to campaigns that do not involve the election of candidates and are not prohibited by law. Any such contribution must receive the
approval of the Chief Executive Officer or Chief Financial Officer. Employees and directors may not engage in political activity
utilizing Company resources or during regular business hours.</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">The Company believes it is important for all employees to take
an active interest in political and governmental affairs. The Company encourages all personnel to remain well informed regarding
political issues and candidates. If an employee elects <FONT STYLE="color: black">to participate in political activities, it should
be made clear at all times that their participation is done as a</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">private citizen and not as a representative of the Company.
An employee may contribute as they choose to a particular political candidate or ballot proposition as long as those contributions
are personal.</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>Legal Obligations</U></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">Proper adherence to legal and regulatory matters must govern
the business decisions and actions of every Company employee and director. All employees and directors should make every effort
to ensure that they and the company are in compliance with all governmental laws, rules and regulations applicable to their area
of employment. Any legal, regulatory or governmental inquiry or action should be directed to, and handled by the Chief Financial
Officer.</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"><B><U>Waivers</U></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">This Code of Ethics and Business Conduct applies to all Company
employees and its Board of Directors. There shall be no waiver of any part of this Code except by a vote of the Board of Directors
or a committee designated by the Board. Prior to such a vote, the Board or Committee must ascertain whether a waiver is appropriate
and ensure that any waiver is accompanied by appropriate controls designed to protect the Company.</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">In the event that any waiver is granted for an executive officer
or director, the waiver will be posted on the Company website, thereby allowing Company&rsquo;s shareholders to evaluate the merits
of the particular waiver.</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"><B><U>Reporting Ethical Violations</U></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">If you are unable to prevent suspected misconduct before it
happens or believe that you have discovered it after it has occurred, you should immediately report it to the Chief Executive Officer
or Chief Financial Officer. If you are still concerned after speaking with the Chief Executive Officer or Chief Financial Officer,
or feel uncomfortable speaking with them for any reason, you may anonymously send a letter, with relevant documents detailing the
alleged ethical violation, to any of the following individuals:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-family: Symbol; text-align: right">&middot;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 90%">The Company&rsquo;s outside corporate counsel, Mr. Bruce Schneider, Stroock, Stroock &amp; Lavan LLP, 180 Maiden Lane, New York, New York 10038.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol; text-align: right">&middot;</TD>
    <TD>&nbsp;</TD>
    <TD>The Chairman of our Audit Committee, Mr. Robert Willens at <U>info@RobertWillens.com</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Symbol; text-align: right">&middot;</TD>
    <TD>&nbsp;</TD>
    <TD>The Company&rsquo;s Chief Compliance Officer, Mr. Richard Dunn, Daxor Corporation, 350 Fifth Avenue, Suite 7120, New York, New York 10118</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">Your letters will be dealt with anonymously and confidentially.
Anyone who reports suspected ethical violations will not be subject to retaliation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Enforcement and Accountability </U></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">Officers, employees and directors of the
Company are responsible for adherence to the standards contained in this Code of Ethics and Business Conduct.</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">Officers, directors and appropriate employees
of the Company will be required on an annual basis to certify their compliance with this Code.</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any employee or director who ignores
or violates any of the Company&rsquo;s ethical standards as detailed in this Code of Ethics and Business Conduct, and any director,
employee, manager or officer who penalizes a subordinate for trying to follow these ethical standards, will be subject to corrective
actions which may include immediate dismissal.</P>

<P STYLE="font: 10pt/normal 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">The Code of Ethics and Business Conduct is available at the
Company&rsquo;s website at <U>www.daxor.com</U>.</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"></P>

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