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<SEC-DOCUMENT>0001169232-07-003530.txt : 20070829
<SEC-HEADER>0001169232-07-003530.hdr.sgml : 20070829
<ACCEPTANCE-DATETIME>20070828174259
ACCESSION NUMBER:		0001169232-07-003530
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20070829
DATE AS OF CHANGE:		20070828
EFFECTIVENESS DATE:		20070829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NAIC GROWTH FUND INC
		CENTRAL INDEX KEY:			0000850027
		IRS NUMBER:				311274796
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		071084891

	BUSINESS ADDRESS:	
		STREET 1:		711 WEST THIRTEEN MILE RD
		CITY:			MADISON HEIGHTS
		STATE:			MI
		ZIP:			48071
		BUSINESS PHONE:		8105836242

	MAIL ADDRESS:	
		STREET 1:		711 WEST THIRTEEN MILE RD
		CITY:			MADISON HEIGHTS
		STATE:			MI
		ZIP:			48071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
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<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>
<PAGE>      PAGE  1
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000 C000000 0000850027
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000 J000000 A
001 A000000 NAIC GROWTH FUND, INC.
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001 C000000 4147651107
002 A000000 711 W. 13 MILE RD.
002 B000000 MADISON HEIGHTS
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008 A000001 SIMS CAPITAL MANAGEMENT LLC
008 B000001 A
008 C000001 801-67455
008 D010001 MILWAUKEE
008 D020001 WI
008 D030001 53202
012 A000001 AMERICAN STOCK TRANSFER & TRUST COMPANY
012 B000001 84-0000
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10038
013 A000001 PLANTE & MORAN PLLC
013 B010001 SOUTHFIELD
013 B020001 MI
013 B030001 48034
015 A000001 LASALLE BANK, NA
015 B000001 C
015 C010001 TROY
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SIGNATURE
TITLE
<PAGE>

Signature Page

The following form of signature shall follow items 79, 85, 88, 104, 110 or 132
as appropriate.

This report is signed on behalf of the registrant (or depositor or trustee).


City of: Madison Heights               State of: Michigan        Date: 8/28/07
         ---------------                         --------              -------


Name of registrant, Depositor, or Trustee:  NAIC Growth Fund, Inc.


/s/ Luke E. Sims                      /s/ David C. Sims
- ------------------------              -------------------------

By (Name and Title):                 Witness (Name and Title):
Luke E. Sims, President              David C. Sims, Chief Compliance Officer


SEC's Collection of Information

      An agency my not  conduct  or  sponsor,  and a person is not  required  to
      respond to, a  collection  of  information  unless it displays a currently
      valid control number. Filing of this form is mandatory.  Section 30 of the
      Investment Company Act of 1940 ("1940 Act") and the rules thereunder,  and
      Sections  13 and  15(d) of the  Securities  Exchange  Act of 1934  require
      investment  companies  to  file  annual  and  periodic  reports  with  the
      Commission.  The  Commission  has  specified  Form N-SAR for  reports  for
      investment  companies.  The  Commission  staff  uses  the  information  in
      performing  inspections  of investment  companies,  selectively  reviewing
      registration  documents filed under the 1940 Act and the Securities Act of
      1933 and conducting  studies and other types of analyses necessary to keep
      the Commission's  regulatory  program for investment  companies current in
      relation to changing  industry  conditions.  The information  collected on
      Form N-SAR is publicly  available.  Any member of the public may direct to
      the Commission any comments concerning the accuracy of the burden estimate
      of this Form and any suggestions for reducing the burden of the Form. This
      collection  of  information  has been reviewed by the Office of Management
      and Budget in  accordance  with the  clearance  requirements  of 44 U.S.C.
      ss.3507.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C
<SEQUENCE>2
<FILENAME>d72633_ex99-77c.htm
<DESCRIPTION>MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
<TEXT>
<HTML>

<HEAD>

<TITLE> </TITLE>

</HEAD>

<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>



<div style='width:600;'>
<BR>






<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>2007 Annual Shareholder Meeting</font></b></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Fund&#146;s 2007 annual meeting of shareholders (&#147;Annual Meeting&#148;) was held on May 31, 2007, for the
following purposes:</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>





<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>

    <tr >

        <td width="96" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To elect a Board of five (5) Directors.</font></p> </td> </tr></table>

</div>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>





<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>

    <tr >

        <td width="96" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To ratify or reject the selection of Plante &amp; Moran, PLLC as the independent
registered public accountants of the Fund for the calendar year ending December 31, 2007.</font></p> </td> </tr></table>

</div>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>





<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>

    <tr >

        <td width="96" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>

        <td  valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>To approve the Investment Advisory Agreement between the Fund and Sims Capital
Management LLC.</font></p> </td> </tr></table>

</div>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The following directors were elected under Proposal 1: Robert M. Bilkie, Jr., Carl A. Holth, Peggy L. Schmeltz, Luke E.
Sims, and Benedict J. Smith.  Under Proposal 2, shareholders ratified the selection of Plante &amp; Moran, PLLC as the Fund&#146;s independent registered public for the 2007 calendar year.  Under
Proposal 3, the shareholders approved the Investment Advisory Agreement between the Fund and its new investment advisor.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=2>Tabulation Report</font></u></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Proposal 1 &#150; Election of Directors</font></p>





<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="555" style='border-collapse:collapse'>

    <tr >

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="57" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>For  </font></u></p> </td>

        <td width="83" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Against</font></u></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Abstain</font></u></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Withheld</font></u></p> </td> </tr>

    <tr >

        <td width="240" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Robert M. Bilkie, Jr.</font></p> </td>

        <td  nowrap colspan="4" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,927,529</font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>121,726</font></p> </td>

        <td  width="8">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

    <tr >

        <td width="240" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Carl A. Holth</font></p> </td>

        <td  nowrap colspan="4" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,917,994</font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>131,261</font></p> </td>

        <td  width="8">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

    <tr >

        <td width="240" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Peggy L. Schmeltz</font></p> </td>

        <td  nowrap colspan="4" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,907,857</font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>141,398</font></p> </td>

        <td  width="8">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

    <tr >

        <td width="240" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Luke E. Sims</font></p> </td>

        <td  nowrap colspan="4" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,903,176</font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>146,079</font></p> </td>

        <td  width="8">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

    <tr >

        <td width="240" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Benedict J. Smith</font></p> </td>

        <td  nowrap colspan="4" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,899,039</font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>150,216</font></p> </td>

        <td  width="8">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

    <tr>

        <td width="240" ></td>



        <td width="23" ></td>



        <td width="57" ></td>



        <td width="83" ></td>



        <td width="77" ></td>



        <td width="4" ></td>



        <td width="63" ></td>



        <td width="8" ></td> </tr> </table>

            </div>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Proposal 2 &#150;  Selection of Plante &amp; Moran, PLLC</font></p>





<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="555" style='border-collapse:collapse'>

    <tr >

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="57" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>For  </font></u></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Against</font></u></p> </td>

        <td  nowrap colspan="3" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Abstain</font></u></p> </td>

        <td width="71" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Withheld</font></u></p> </td> </tr>

    <tr >

        <td width="240" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  nowrap colspan="3" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,909,866  </font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>91,928  </font></p> </td>

        <td width="59" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>24,288</font></p> </td>

        <td   colspan="2">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

    <tr>

        <td width="240" ></td>



        <td width="23" ></td>



        <td width="57" ></td>



        <td width="3" ></td>



        <td width="80" ></td>



        <td width="3" ></td>



        <td width="59" ></td>



        <td width="20" ></td>



        <td width="71" ></td> </tr> </table>

            </div>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Proposal 3 &#150;  Approval of new Investment Advisory Agreement</font></p>





<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="555" style='border-collapse:collapse'>

    <tr >

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="57" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>For  </font></u></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Against</font></u></p> </td>

        <td  nowrap colspan="3" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Abstain</font></u></p> </td>

        <td width="71" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Withheld</font></u></p> </td> </tr>

    <tr >

        <td width="240" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  nowrap colspan="3" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1,401,249  </font></p> </td>

        <td  nowrap colspan="2" valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>112,801</font></p> </td>

        <td width="59" nowrap valign=top >

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>46,954</font></p> </td>

        <td   colspan="2">

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>

    <tr>

        <td width="240" ></td>



        <td width="23" ></td>



        <td width="57" ></td>



        <td width="3" ></td>



        <td width="80" ></td>



        <td width="3" ></td>



        <td width="59" ></td>



        <td width="20" ></td>



        <td width="71" ></td> </tr> </table>

            </div>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Total shares issued and outstanding on record date: 2,792,336</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<DESCRIPTION>OTHER EXHIBIT
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>INVESTMENT ADVISORY AGREEMENT</font></B></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Agreement made this 16th day of February, 2007, but effective as of May 1, 2007 (subject to
shareholder approval as set forth below) between NAIC Growth Fund, Inc. a Maryland corporation ("Investment Company"), and Sims Capital Management LLC, a Wisconsin limited liability company
("Adviser").</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font SIZE=2>W I T N E S S E T H:</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Investment Company is engaged in the business of a closed-end management investment company
as defined in the Investment Company Act of 1940, as amended ("Act") and is registered as such under the provisions of the Act, and</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Adviser is engaged in the business of acting as an investment adviser and is registered as
an investment adviser pursuant to the provisions of the Investment Advisers Act of 1940, as amended; and</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>WHEREAS, Investment Company desires to retain Adviser to render such services to Investment Company in
the manner and on the terms and conditions set forth below.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font SIZE=2>NOW THEREFORE, IT IS AGREED:</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>TERM</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Agreement shall only go into effect on May 1, 2007 if it is approved by Investment Company's
shareholders at the 2007 Annual Meeting of Shareholders and shall remain in effect thereafter for a period of two (2) years from the date hereof, unless sooner terminated as hereinafter provided.
This Agreement shall continue in effect from year to year thereafter, subject to the provisions hereof pertaining to termination, and all other terms and conditions hereof, if:</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>(1)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
size=2>such continuation shall be specifically approved at least annually by the Board of Directors of the Investment Company, or by the holders of the majority of the Investment Company's
outstanding voting securities, and</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>(2)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
size=2>such continuation shall be specifically approved at least annually by a majority of the directors of the Investment Company who are not "interested persons" (as the term is defined in the Act)
of the Investment Adviser cast in person at a meeting called for the purpose of voting on such approval.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>2.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>DUTIES OF ADVISER</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>2.1</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Investment Advice and Policies</u></font><font size=2>. Adviser shall continuously provide Investment Company with investment research, advice and management of its securities portfolio. Adviser
shall act as an adviser to Investment Company and as such shall furnish an investment program generally following NAIC principles and shall continuously advise Investment Company of and determine the
securities that should be purchased, sold or exchanged, and what portion of assets of Investment Company shall be held uninvested, subject always to the following:</font></p>





<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>

    <tr >

        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>

        <td  valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The restrictions of Investment Company's Articles of Incorporation and By-Laws, as
amended from time to time;</font></p> </td> </tr></table>

</div>







<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>

    <tr >

        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>

        <td  valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investment Company's investment policies and restrictions as set forth in
documents filed with the Securities and Exchange Commission, as amended from time to time;</font></p> </td> </tr></table>

</div>







<div align=left>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>

    <tr >

        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>

        <td  valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The provisions of the Act; and</font></p> </td> </tr></table>

</div>





<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>

    <tr >

        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(4)</font></p> </td>

        <td  valign=top style='padding:0in 0in 12.0pt 0in'>

            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Review by the Board of Directors of Investment Company.</font></p> </td> </tr></table>


<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Should the Board of Directors of Investment Company at any time make any definitive determination as
to a change in investment policy or restrictions, and notify Adviser thereof, in writing, Adviser shall be bound by such determination for the period, if any, specified in such notice or until
similarly notified that such determination has been revoked.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>2.2</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Securities Transactions</u></font><font size=2>. Adviser shall take, on behalf of Investment Company, all actions which Adviser deems necessary to implement the investment policies determined as
provided above, and in particular to place all orders for the purchase or sale of securities for Investment Company's account with brokers or dealers selected by Adviser. Adviser shall be authorized
as the agent of Investment Company to give instructions to the custodian of Investment Company as to deliveries of securities and payment of cash for the account of Investment Company. Purchases or
sales of securities can be placed with brokers who are selected by the Adviser as being able to achieve "best execution" of such orders. "Best execution" means prompt and reliable execution at the
most favorable securities price, taking into account such other considerations as hereinafter set forth. A determination of what may constitute "best execution" and price in the execution of a securities
transaction by a broker involves a number of considerations, including, without limitations, the overall direct net economic result to the Investment Company (involving both price paid or received,
and any commissions and other costs paid), the efficiency with which a transaction is effected, the ability to effect the transaction at all where a large block is involved, the availability of the
broker to stand ready to execute possibly difficult transactions in the future and the financial strength and stability of the broker. Such considerations are judgmental and are weighed by the
Adviser in determining the overall reasonableness of the brokerage commissions.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>2.3</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Voting of Securities</u></font><font size=2>. With respect to the voting rights, rights to consent to corporate action or any other rights pertaining to Investment Company's portfolio securities,
Adviser shall exercise such rights on behalf of Investment Company in the best interests of Investment Company. Adviser shall provide Investment Company with copies of its written policies and
procedures and all amendments thereto, which policies and procedures should address material conflicts that may arise between the interests of Adviser and of Investment Company. Adviser shall also
provide Investment Company with reports on how its proxies have been voted at Investment Company's request and no less frequency than annually, and shall include on a timely basis all information
required to be filed by the Investment Company with the Securities and Exchange Commissioner on Form N-PX.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>3.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ALLOCATION OF CHARGES AND EXPENSES</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3.1</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Expenses to be paid by Adviser</u></font><font size=2>. Adviser shall pay all of the operating expenses of Adviser, including by way of example and not by way of limitation, costs of Adviser's
regulatory compliance, the fees of its attorneys and independent accountants,  the cost of office space, facilities, office furniture, personnel, administration, clerical and bookkeeping services,
telephone service, computer hardware and software, heat, light, electricity, water and other utilities, stationery, supplies, and all other such miscellaneous costs including office equipment,
supplies and services as Adviser shall incur in order to conduct the business of managing the portfolio securities of a closed-end investment company. In addition, Adviser shall be responsible for
paying all of the internal administrative and clerical costs historically incurred by the Investment Company in the performance of its operations.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3.2</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Expenses to be Paid by Investment Company</u></font><font size=2>. Investment Company shall pay: (i) all costs associated with the registration of Investment Company and its securities with the
Securities and Exchange Commission, printing prospectuses, the sale to the public of the securities of Investment Company, and qualifying and maintaining the qualification of its shares for sale
under the Blue Sky laws of the various states; (ii) the fees of its attorneys, independent accountants, escrow agents, custodians, transfer agents and registrars; (iii) all costs and expenses
incurred in printing shareholder reports and proxy materials; and (iv) all brokerage or similar commissions on Investment Company's portfolio transactions. Notwithstanding the above, the Investment
Company shall not pay the internal administrative and clerical costs historically incurred in the performance of its operations. Such costs shall be paid by Adviser as set forth in Section 3.1 above.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'>
</p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3.3</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Limitation of Investment Company's Expenses</u></font><font size=2>. The Investment Company may not incur annual aggregate expenses in excess of: (i) 2% of the first Ten Million and 00/100
($10,000,000.00) Dollars of the Investment Company's average net assets; (ii) 1&#189;% of the next Twenty Million and 00/100 ($20,000,000.00) Dollars of the Investment Company's average net assets;
and (iii) 1% of the Investment Company's remaining average net assets for any fiscal year ("Expense Limitations"). In the event that the Investment Company's annual aggregate expenses exceed the
Expense Limitations, such annual aggregate expenses in excess of the Expense Limitations shall be paid by the Adviser. The Investment Company may deduct such amount from Adviser's Advisory Fee (as
defined below).</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>4.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ADVISORY FEE</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Investment Company agrees to pay Adviser, and Adviser agrees to accept, as full compensation for all
services rendered, an annual fee equal to &#190; of one percent (0.75%) of the weekly net asset value of Investment Company ("Advisory Fee"), provided, however, that if the weekly net asset value of
the Investment Company falls below Three Million Eight Hundred Thousand and 00/100 ($3,800,000.00) Dollars, no Advisory Fee will be paid by the Investment Company or any other third party for that
week. The Advisory Fee shall be accrued weekly at a rate of one-fifty second (1/52) of the annual Advisory Fee of &#190; of one percent (0.75%) of the net asset value of the Investment Company,
computed at the close of the New York Stock Exchange on Thursday of each week. The amounts thus accrued during each calendar month shall be paid to Adviser by the 15th day of the succeeding
month.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>5.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>TERMINATION</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Agreement may be terminated by Investment Company at any time in writing to Adviser, without the
payment of any penalty, provided such termination shall have been authorized by resolution adopted by the Board of Directors of Investment Company or by vote of the holders of the majority of
Investment Company's outstanding voting securities. This Agreement shall also terminate at any time Adviser is not registered with the Securities and Exchange Commission as an investment adviser
under the Investment Advisers Act of 1940, as amended. This Agreement may be terminated by Adviser upon sixty (60) days notice in writing to Investment Company, without the payment of any
penalty.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>6.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AMENDMENT OR ASSIGNMENT OF AGREEMENT</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Agreement may not be materially amended except upon the approval of holders of a majority of the
Investment Company's outstanding voting securities. Non-material amendments may be agreed to by the mutual agreement of the Investment Company (by its Board of Directors)  and the Adviser. This
Agreement may not be directly or indirectly transferred, assigned, sold or pledged in any way. If either party shall attempt to directly or indirectly transfer, assign, sell or pledge this Agreement
in any way, then this Agreement shall automatically and immediately terminate. An indirect transfer or assignment with respect to the Investment Company means any person acquiring 50% or more of the
outstanding shares of common stock and with respect to the Adviser means any person other than Luke E. Sims or David C. Sims acquiring 50% or more of the outstanding limited liability company
membership

interest of Adviser or becoming a managing member thereof.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>7.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>COVENANTS OF ADVISER</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Adviser agrees that it will not deal with itself, or with a director of Investment Company or the
underwriter of Investment Company as principal, in making purchases or sales of securities or other property for the account of Investment Company; will not take a long or short position in the
shares of the Investment Company, except as provided by the Articles of Incorporation of the Investment Company and; will comply with all other provisions of the Articles of Incorporation and By-Laws
of Investment Company. Adviser further covenants and agrees that the investment planning, investment advice and management of securities portfolio that it furnishes Investment Company will generally
follow NAIC principles and will be in accordance with the general investment policies of </font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:justify;'><font size=2>Investment Company as set forth from time to time by Investment Company in its prospectuses and registration statements,
as amended, which are filed with the Securities and Exchange Commission or with the securities law administrators of any state, or both, or as changed by the Board of Directors as set forth in
Section 2.1 above.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>8.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>LIMITATION OF ADVISER'S LIABILITY</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Adviser shall not be liable for any error in judgment or mistake of law or for any loss arising out
of any investment or any act or omission in the execution and management of Investment Company's portfolio securities, except for willful misfeasance, bad faith or negligence in the performance of
its duties, or by reason of reckless disregard of its obligations and duties hereunder. As used in this section, the term "Adviser" shall include managers, officers and employees of the Adviser as
well as the limited liability company itself. The Investment Company hereby agrees to hold Adviser harmless and reimburse Adviser for any expenses, including legal fees and other fees incurred in the
defense of an action brought by any party on account of the Adviser's error in judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution and


management of the Investment Company's portfolio securities, except for an action based upon Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties, or by
reason of reckless disregard of its obligations and duties hereunder. It is further understood and agreed that the Adviser may rely upon information furnished to it reasonably believed to be accurate
and reliable.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Adviser hereby agrees to hold Investment Company harmless and reimburse Investment Company for any
expenses, including legal fees and other fees incurred in the defense of an action brought by any party on account of Adviser's willful malfeasance, bad faith or gross negligence in the performance
of its duties, or by reason of reckless disregard of its obligations and duties hereunder. As used in this Section, the term "Investment Company," shall include directors, officers and employees of
the Investment Company as well as the Investment Company itself.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>9.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>STATUS OF ADVISER</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Adviser represents that it is registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. Adviser shall be deemed to be an independent contractor and, except as expressly provided or authorized in this Agreement, shall have no authority to act
for or represent the Investment Company.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>10.</font></b></p>



<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>MISCELLANEOUS PROVISIONS</font></B></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>10.1</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Applicable
Law</font></u><font size=2>. This Agreement shall be subject to all the applicable provisions of law, including without limitation, the applicable provisions of the Act. To the extent that any
provision herein conflicts with any applicable provisions of the law, the latter shall control.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>10.2</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Construction</u></font><font size=2>. This Agreement is executed and delivered in the City of Royal Oak, County of Oakland, State of Michigan, and the internal laws of the State of Michigan shall be
controlling and shall govern the construction, validity, and effect of this Agreement except as such state law shall be pre-empted by federal law.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>10.3</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Complete
Agreement</font></u><font size=2>. This Agreement sets forth the entire understanding of the parties hereto and supersedes all prior agreements, covenants, arrangements, communications,
representations and warranties, whether oral or written, by any officer, director, or representative of either party.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>10.4</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Severability</u></font><font size=2>. If any provision of this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable in part or in whole for any reason whatsoever,
the validity of the remaining provisions or portions hereof shall not be affected thereby.</font></p>



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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'>
<font size=2>10.5</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>
<u>Representation</u></font><font size=2>. Adviser hereby represents and warrants to Investment Company that there is no financial condition of Adviser that is reasonably likely to impair the financial
ability of Adviser to fulfill its commitment to Investment Company under this Agreement.</font></p>



<p style=' margin-bottom:6pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by the appropriate
officers thereunto duly authorized on the date indicated above.</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>



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    <td width=50%><font face="Times New Roman, Times, Serif" size=2>&#147;INVESTMENT
      COMPANY&#148;:<br>
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      <b>NAIC GROWTH FUND, INC.</b><br>
      <br>
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      By:&nbsp;&nbsp; /s/ Kenneth S. Janke<br>
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      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenneth S. Janke<br>
      Its: &nbsp;&nbsp;President<br>
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      &#147;ADVISER&#148;:<br>
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      <strong>SIMS CAPITAL MANAGEMENT LLC</strong></font> <font face="Times New Roman, Times, Serif" size=2><br>
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      /s/ Luke E. Sims<br>
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      Luke E. Sims, Manager<br>
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      /s/ David C. Sims<br>
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      David C. Sims, Manager<br>
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