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<SEC-DOCUMENT>0001169232-09-001229.txt : 20090227
<SEC-HEADER>0001169232-09-001229.hdr.sgml : 20090227
<ACCEPTANCE-DATETIME>20090227153308
ACCESSION NUMBER:		0001169232-09-001229
CONFORMED SUBMISSION TYPE:	DEFR14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090227
DATE AS OF CHANGE:		20090227
EFFECTIVENESS DATE:		20090227

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEFR14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		09642588

	BUSINESS ADDRESS:	
		STREET 1:		205 E. WISCONSIN AVE., SUITE 120
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-1107

	MAIL ADDRESS:	
		STREET 1:		205 E. WISCONSIN AVE., SUITE 120
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NAIC GROWTH FUND INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFR14A
<SEQUENCE>1
<FILENAME>d76327_def14a.htm
<DESCRIPTION>PROXY STATEMENT
<TEXT>
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        <title></title>
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                <hr style="MARGIN-TOP: -10px" width="100%" noshade size="1">

                <p></p>

                <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                    <tr style="FONT-SIZE: 1px">
                        <td valign="top" width="100%">
                            <p align="center">&nbsp;</p>
                        </td>
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                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>UNITED STATES</b></font></p>
                        </td>
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                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Washington, D.C. 20549</b></font></p>
                        </td>
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                    <tr>
                        <td valign="top">
                            <p align="center">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>SCHEDULE 14A</b></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>(Rule 14a-101)</b></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>INFORMATION REQUIRED IN PROXY STATEMENT</b></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>SCHEDULE 14A INFORMATION</b></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Proxy Statement Pursuant to Section 14(a) of the Securities</b></font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p style="MARGIN-LEFT: 17.3pt; TEXT-INDENT: -8.65pt; MARGIN-RIGHT: 0in" align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</b></font></p>
                        </td>
                    </tr>
                </table>
                <br>

                <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                    <tr style="FONT-SIZE: 1px">
                        <td valign="top" width="5%">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top" width="95%">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="middle">
                            <p><font face="Times New Roman, Times, Serif" size="2">Filed by the Registrant</font> <font face="WINGDINGS">x</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="middle">
                            <p><font face="Times New Roman, Times, Serif" size="2">Filed by a Party other than the Registrant</font> <font face="WINGDINGS">o</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" colspan="2">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" colspan="2">
                            <p><font face="Times New Roman, Times, Serif" size="2">Check the appropriate box:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="WINGDINGS">o</font> <font face="Times New Roman, Times, Serif" size="2">Preliminary Proxy Statement</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="WINGDINGS">o</font> <font face="Times New Roman, Times, Serif" size="2">Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="WINGDINGS">x</font> <font face="Times New Roman, Times, Serif" size="2">Definitive Proxy Statement</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="WINGDINGS">o</font> <font face="Times New Roman, Times, Serif" size="2">Definitive Additional Materials</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="WINGDINGS">o</font> <font face="Times New Roman, Times, Serif" size="2">Soliciting Material Pursuant to &sect;240.14a-12</font></p>
                        </td>
                    </tr>
                </table>
                <br>

                <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                    <tr style="FONT-SIZE: 1px">
                        <td valign="top" width="100%">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">

                            <p align="center"><strong>EAGLE CAPITAL GROWTH FUND, INC.</strong></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2">(Name of Registrant as Specified in Its Charter)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p align="center"><font face="Times New Roman, Times, Serif" size="2">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</font></p>
                        </td>
                    </tr>
                </table>
                <br>

                <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                    <tr style="FONT-SIZE: 1px">
                        <td valign="top" width="5%">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top" width="5%">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top" width="90%">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" colspan="3">
                            <p><font face="Times New Roman, Times, Serif" size="2">Payment of Filing Fee (Check the appropriate box):</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top" colspan="2">
                            <p><font face="WINGDINGS">x</font> <font face="Times New Roman, Times, Serif" size="2">No fee required.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top" colspan="2">
                            <p><font face="WINGDINGS">o</font> <font face="Times New Roman, Times, Serif" size="2">Fee computed on the table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(1)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Title of each class of securities to which transaction applies:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(2)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Aggregate number of securities to which transaction applies:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(3)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(4)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Proposed maximum aggregate value of transaction:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(5)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Total fee paid:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="WINGDINGS">o</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Fee paid previously with preliminary materials:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top" colspan="3">
                            <p><font face="WINGDINGS">o</font> <font face="Times New Roman, Times, Serif" size="2">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></p>
                        </td>
                    </tr>
                </table>
                <br>

                <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                    <tr style="FONT-SIZE: 1px">
                        <td valign="top" width="5%">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top" width="5%">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top" width="90%">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(1)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Amount previously paid:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(2)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Form, Schedule or Registration Statement No.:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(3)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Filing Party:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">(4)</font></p>
                        </td>

                        <td valign="top">
                            <p><font face="Times New Roman, Times, Serif" size="2">Date Filed:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>

                        <td valign="top">
                            <p>&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>

                        <td valign="top">
                            <hr align="center" width="100%" noshade size="1">
                        </td>
                    </tr>
                </table>
                <br>
                <br>
                <br>
                <hr style="MARGIN-TOP: -2px" width="100%" noshade size="1">
                <hr align="center" width="100%" noshade size="5">
                &nbsp;
            </div>

            <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            </div>
            <br>

            <p align="center"><font face="Times New Roman, Times, Serif" size="4">EAGLE CAPITAL GROWTH FUND, INC.<br>
            205 E. Wisconsin Avenue, Suite 120<br>
            Milwaukee, WI 53202</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>NOTICE OF 2009 ANNUAL MEETING OF SHAREHOLDERS</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">To the Shareholders of Eagle Capital Growth Fund, Inc.:</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice is hereby given that the 2009 Annual Meeting of Shareholders (&ldquo;Meeting&rdquo;) of the Eagle Capital Growth Fund, Inc. (&ldquo;Fund&rdquo;) will be held at the offices of the Bodman LLP located at 201 W. Big Beaver Road, Suite 500, Troy, Michigan, 48084, on Thursday, April 16, 2009, at 1:00 p.m. local time for the following
            purposes:</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="90%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">1.</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">To elect a Board of seven (7) directors</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">2.</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="justify"><font face="Times New Roman, Times, Serif" size="2">To ratify the selection of Plante &amp; Moran, PLLC as independent registered public accountants of the Fund for the calendar year ending December 31, 2009; and</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">3.</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">To act upon such other business as may properly come before the Meeting or any adjournment thereof.</font></p>
                    </td>
                </tr>
            </table>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors (&ldquo;Board&rdquo;) has fixed the close of business on February 20, 2009, as the record date for the determination of shareholders entitled to vote at the Meeting or any adjournment thereof.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cordially invited to attend the Meeting. If you do not expect to attend the Meeting in person, please complete, date and sign the enclosed proxy form and return it promptly in the envelope provided. The enclosed proxy is being solicited on behalf of the Board of the Fund.</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="60%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="40%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">By Order of the Board of Directors</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Christopher J. Dine, Secretary</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">February 26, 2009</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Please complete, sign and date the enclosed proxy and mail it as promptly as possible. If you attend the meeting and vote in person, the proxy will not be used.</b></font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">EAGLE CAPITAL GROWTH FUND, INC.<br>
            205 E. Wisconsin Avenue, Suite 120<br>
            Milwaukee, WI 53202</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">Proxy Statement<br>
            Annual Meeting of Shareholders<br>
            April 16, 2009</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>INTRODUCTION</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished in connection with the solicitation of proxies on behalf of the Board of Directors (&ldquo;Board&rdquo;) of Eagle Capital Growth Fund, Inc., a Maryland corporation (&ldquo;Fund&rdquo;), to be voted at the 2009 Annual Meeting of Shareholders (&ldquo;Meeting&rdquo;), to be held at the offices of the Bodman LLP located at
            201 W. Big Beaver Road, Suite 500, Troy, Michigan, at 1:00 p.m. local time on April 16, 2009. The approximate mailing date of this Proxy Statement is February 26, 2009.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or otherwise as provided therein. Unless instructions to the contrary are marked, proxies will be voted &ldquo;FOR&rdquo; the election of seven directors and &ldquo;FOR&rdquo; the ratification of the independent
            registered public accountants. Any shareholder giving a proxy has the power to revoke it at any time before it is exercised by filing a later dated proxy with us, by attending the meeting and voting in person, or by notifying us of the revocation in writing to our Secretary at 205 E. Wisconsin Avenue, Suite #120, Milwaukee, Wisconsin 53202.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&rsquo;s Board has fixed the close of business on February 20, 2009, as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and at any adjournment thereof. Shareholders on the record date will be entitled to one vote for each share held, with no shares having cumulative voting rights. As of
            February 20, 2009, the Fund had outstanding 2,975,426 shares of common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;). One-third of the outstanding shares of common stock of the Fund, present or represented by proxy, constitutes a quorum. For purposes of a quorum, abstentions and broker non-votes are included. A quorum must exist to conduct business at the Meeting. A &ldquo;broker non-vote&rdquo; occurs when you own shares through a bank or broker in
            &ldquo;street&rdquo; name and you fail to provide your bank or broker with voting instructions and the bank or broker does not have the discretionary authority to vote your shares on a particular proposal. A broker non-vote may also occur if your broker fails to vote your shares for any reason.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the expenses of preparing, assembling, printing and mailing the material used in the solicitation of proxies by the Board will be paid by the Fund. In addition to the solicitation of proxies by use of the mails, our officers may solicit proxies on behalf of the Board by telephone, telegram or personal interview, the expenses of which will be borne by
            the Fund. Arrangements may also be made with brokerage houses and other custodians, nominees and fiduciaries to forward soliciting materials to the beneficial owners of stock held of record by such persons at the expense of the Fund.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board knows of no business other than that mentioned in Items 1 and 2 of the Notice of Meeting which will be presented for consideration at the Meeting. If any other matter is properly presented, it is the intention of the persons named in the enclosed proxy to vote in accordance with their discretion.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on Thursday, April 16, 2009 at 1:00 p.m. local time at the offices of Bodman LLP located at 201 W. Big Beaver Road, Suite 500, Troy, Michigan 48084. Our Notice of Annual Meeting, Proxy Statement, form of proxy card and annual report are available at<br>
            http://www.amstock.com/ProxyServices/ViewMaterials.asp</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">1</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Fund as of February 20, 2009, set forth below are the number of shares of the Common Stock, beneficially owned by each officer, director and nominee and by all directors, nominees and officers of the Fund as a group. The address of each is the address of the Fund.</font></p>

            <table cellspacing="0" cellpadding="0" width="85%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="37%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="18%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="4%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="6%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top" width="4%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Name and Address (a)</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Number of Shares and Nature<br>
                        of Beneficial Ownership as of<br>
                        February 20, 2009 (b)</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Percent<br>
                        of Class</b></font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Robert M. Bilkie, Jr., Chairman; Director</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,493</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">*</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Christopher J. Dine, Secretary</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">*</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Phillip J. Hanrahan, Director</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">*</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Carl A. Holth, Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">2,921</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">*</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Peggy L. Schmeltz, Director</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">34,798</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1.2</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Luke E. Sims, President, CEO; Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">213,054</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">7.2</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">David C. Sims, CFO, CCO</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">48,691</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1.6</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Benedict J. Smith, Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,098</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">*</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Neal F. Zalenko, Director</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">0</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">*</font></p>
                    </td>

                    <td valign="top" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">All Directors, Nominees and Officers<br>
                        as a group (9 persons)</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">304,055</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">10.2</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">%</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">* Less than 1%</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of each is the address of the principal executive office of the Fund, Suite #120, 205 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature of beneficial ownership of shares shown in this column is sole voting and investment power unless otherwise indicated. The shares shown by Mr. Bilkie include 1,229 shares owned by his father and 264 shares owned by his wife. The shares shown for Ms. Schmeltz include 10,000 shares beneficially owned by her husband. The shares shown for Luke E. Sims include 12,700
            shares beneficially owned by his wife (of which he disclaims beneficial ownership). The shares shown for David C. Sims include 31,620 shares beneficially owned by a brother with whom he shares a residence.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>PROPOSAL NO. 1 &ndash; ELECTION OF DIRECTORS</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Board of seven (7) directors to serve for a term of one (1) year, or until their successors are elected and qualified, is to be elected at the Meeting. Unless authorization to do so is withheld, it is intended that the proxies will be voted for the election of the nominees named below. Each nominee has consented to being named in this Proxy Statement
            and to continue to serve as a director if elected. Directors will be elected by a plurality of votes cast at the Meeting. Thus, assuming the presence of a quorum, those nominees for election as director receiving the highest number of votes will be elected, regardless of the number of votes which for any reason, including abstentions, broker non-votes or withholding of authority to vote, are not cast for the election of such nominee. If any nominee becomes unavailable for election,
            an event not now anticipated by the Board, the proxies may be voted for such other nominee as may be designated by the Board. Listed below are all nominees and their backgrounds. &ldquo;Interested Persons&rdquo; of the Fund are those persons who are &ldquo;interested persons&rdquo; of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">2</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Nominees For Director</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><u>Nominees For Director Who Are Interested Persons</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="13%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="25%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="15%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="13%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Name, Address<br>
                        and Age*</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Position(s)<br>
                        Held with<br>
                        Fund</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Term of<br>
                        Office and<br>
                        Length of<br>
                        Time Served</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Principal Occupation(s) During<br>
                        Past 5 Years (in addition to<br>
                        positions held in the Fund)</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Number of<br>
                        Portfolios in Fund<br>
                        Complex Overseen<br>
                        by Director or<br>
                        Nominee for<br>
                        Director**</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Other<br>
                        Directorships<br>
                        Held by<br>
                        Director or<br>
                        Nominee for<br>
                        Director<br>
                        (Public<br>
                        Companies)</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Luke E. Sims<br>
                        age 59</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">President; Chief<br>
                        Executive<br>
                        Officer and<br>
                        Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as a director since 2002.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Partner in the law firm of Foley &amp; Lardner LLP since 1984; Director, Wilson-Hurd Mfg. Co.; Manager of the Advisor since 2003.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">LaCrosse Footwear, Inc. (manufacturer and marketer of sporting and industrial footwear)</font></p>
                    </td>
                </tr>
            </table>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The address of Mr. Sims is the address of the principal executive office of the Fund in Wisconsin. Luke E. Sims is an Interested Person within the meaning of Section 2(a)(19) of the Investment Company Act of 1940 because he is the President and Chief Executive Officer of the Fund, beneficially owns in excess of 5% of the Fund&rsquo;s outstanding shares
            of common stock and he is affiliated with the Fund&rsquo;s investment advisor, Sims Capital Management LLC (the &ldquo;Advisor&rdquo;). Luke E. Sims is the father of David C. Sims, the Chief Financial Officer and Chief Compliance Officer of the Fund.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund is not part of any fund complex.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">3</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><u>Nominees For Director Who Are Not Interested Persons</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="13%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="25%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="15%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="13%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Name, Address<br>
                        and Age*</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Position(s)<br>
                        Held with<br>
                        Fund</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Term of<br>
                        Office and<br>
                        Length of<br>
                        Time Served</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Principal Occupation(s) During<br>
                        Past 5 Years</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Number of<br>
                        Portfolios in Fund<br>
                        Complex Overseen<br>
                        by Director or<br>
                        Nominee for<br>
                        Director**</b></font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Other<br>
                        Directorships<br>
                        Held by<br>
                        Director or<br>
                        Nominee for<br>
                        Director<br>
                        (Public<br>
                        Companies)</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Robert M. Bilkie,<br>
                        Jr., age 48</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Chairman;<br>
                        Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as a director since 2006.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">President and Chief Executive Officer of Sigma Investment Counselors, Inc. (a registered investment advisor) since 1987; member of the NAIC/Better Investing Securities Review Committee and of the NAIC/Better Investing Editorial Advisory Committee (non-remunerative).</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Phillip J.<br>
                        Hanrahan, age 69</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as a director since 2008.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Retired partner of Foley &amp; Lardner LLP (law firm).</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Carl A. Holth<br>
                        age 76</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as a director since 1989.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Retired; Director, Sunshine Fifty, Inc., and Harrison Piping Supply, Inc.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Peggy L.<br>
                        Schmeltz<br>
                        age 81</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as a director since 1989.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Retired; Trustee of NAIC (since 1995); Director of Bowling Green State University Foundation Board. Former member of NYSE Advisory Committee (from 1992 to 1994).</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Benedict J. Smith<br>
                        age 89</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as a director since 1996.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Retired; Director, Detroit Executive Service Corps (an advisory service for non-profit organizations); Director, Vista Maria (a nonprofit charitable organization).</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Neal F. Zalenko,<br>
                        age 63</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Director</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as a director since 2008.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Retired; Founder and Managing partner of Zalenko &amp; Associates, P.C. (accounting firm), that merged with Virchow Krause &amp; Company in early 2005.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* The address of each is the address of the principal executive office of the Fund, Suite #120, 205 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund is not part of any fund complex.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">4</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><u>Officers Who Are Not Nominees For Director</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="14%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="13%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="25%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="14%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="12%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Name, Address<br>
                        and Age*</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Position(s)<br>
                        Held with<br>
                        Fund</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Term of Office<br>
                        and Length of<br>
                        Time Served</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Principal Occupation(s) During<br>
                        Past 5 Years</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Number of<br>
                        Portfolios in Fund<br>
                        Complex Overseen<br>
                        by Director or<br>
                        Nominee for<br>
                        Director**</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Other<br>
                        Directorships<br>
                        Held by<br>
                        Director or<br>
                        Nominee for<br>
                        Director<br>
                        (Public<br>
                        Companies)</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">David C. Sims<br>
                        age 27***</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Chief<br>
                        Financial<br>
                        Officer and<br>
                        Chief<br>
                        Compliance<br>
                        Officer</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as Chief Financial Officer and Chief Compliance Officer since 2007</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Manager, Peregrine Investment Fund LLC (private investment fund) since 2003; Manager of the Advisor since 2003.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">One</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Christopher J. Dine<br>
                        age 52</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Secretary</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Term of office one year. Served as Secretary since 2007.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Attorney with Bodman LLP since 1985</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The address of each is the address of the principal executive office of the Fund in Wisconsin.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund is not part of any fund complex.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***David C. Sims is the son of Luke E. Sims, the President and Chief Executive Officer of the Fund.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Dollar Range of Common Stock Owned by Directors and Nominees</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the dollar range of the Fund&rsquo;s Common Stock which is the Fund&rsquo;s only equity security, beneficially owned by each director and nominee, valued at price per share of $4.5, the closing price on the NYSE Alternext US on February 20, 2009.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><u>Nominee Directors Who Are Interested Persons</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="26%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="34%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="34%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Name of Director or Nominee</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Dollar Range of Equity Securities in the<br>
                        Fund</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Aggregate Dollar Range of Equity<br>
                        Securities in All Funds Overseen or to<br>
                        be Overseen by Director or Nominee in<br>
                        Family of Investment Companies*</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Luke E. Sims</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Over $100,000</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="left"><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The Fund is not part of a family of investment companies.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">5</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><u>Nominee Directors Who Are Not Interested Persons</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="26%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="34%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="34%">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Name of Director or Nominee</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Dollar Range of Equity Securities in the<br>
                        Fund</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Aggregate Dollar Range of Equity<br>
                        Securities in All Funds Overseen or to be<br>
                        Overseen by Director or Nominee in<br>
                        Family of Investment Companies*</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr bgcolor="#eaf9e8">
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Robert M. Bilkie, Jr.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">$1-$10,000</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Phillip J. Hanrahan</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">$0</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#eaf9e8">
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Carl A. Holth</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">$10,001 - $50,000</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Peggy L. Schmeltz</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Over $100,000</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr bgcolor="#eaf9e8">
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Benedict J. Smith</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">$10,001 - $50,000</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Neal F. Zalenko</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">$0</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*The Fund is not part of a family of investment companies.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Compensation</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Fund officer receives compensation from the Fund for service as an officer. Christopher J. Dine, the Fund&rsquo;s Secretary, is a partner in Bodman LLP, the Fund&rsquo;s principal outside law firm. David C. Sims, the Fund&rsquo;s Chief Financial Officer and Chief Compliance Officer, is compensated for his services to the Fund by Sims Capital
            Management LLC (the &ldquo;Advisor&rdquo;), the Fund&rsquo;s investment advisor.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables identify the aggregate compensation paid to all directors in 2008. Director fees are only payable to directors who are not officers of the Fund or affiliated with the Advisor. During 2008, such directors received an annual retainer of $3,000.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2009, Fund directors who are entitled to receive directors&rsquo; fees will receive an annual retainer of $3,000, paid quarterly.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><u>Directors Who Are Interested Persons</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="19%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="17%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="19%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="15%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="3%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="18%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Name of Person,<br>
                        Position</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Aggregate<br>
                        Compensation from<br>
                        Fund</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Pension or Retirement<br>
                        Benefits Accrued as<br>
                        Part of Fund Expenses</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Estimated Annual<br>
                        Benefits Upon<br>
                        Retirement</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1"><b>Total Compensation<br>
                        From Fund and Fund<br>
                        Complex Paid to<br>
                        Directors*</b></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <hr align="center" width="100%" noshade size="1">
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Luke E. Sims, Director</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">$0</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">None</font></p>
                    </td>

                    <td valign="top">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">$0</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* The Fund is not part of any fund complex.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">6</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p><font face="Times New Roman, Times, Serif" size="2"><b><u>Directors Who Are Not Interested Persons of the Fund</u></b></font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center">
                <tr style="FONT-SIZE: 1px">
                    <td valign="bottom" width="22">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="4%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="17%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="17%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="6%">
                        <p align="right">&nbsp;</p>
                    </td>

                    <td valign="bottom" width="7%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" width="1%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Name of Person,<br>
                        Position</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="4">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Aggregate<br>
                        Compensation<br>
                        from Fund*</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Pension or<br>
                        Retirement<br>
                        Benefits<br>
                        Accrued as<br>
                        Part of Fund<br>
                        Expenses</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Estimated Annual<br>
                        Benefits Upon<br>
                        Retirement</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="4">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>Total Compensation<br>
                        From Fund and<br>
                        Fund Complex<br>
                        Paid to Directors**</b></font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="4">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="2">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td valign="bottom" colspan="4">
                        <hr align="center" width="100%" noshade size="1">
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Robert M. Bilkie, Jr. Director</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Phillip J. Hanrahan, Director</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,500</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,500</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Carl A. Holth, Director</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Peggy L. Schmeltz, Director</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">Benedict M. Smith, Director</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">3,000</font></p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom" bgcolor="#eaf9e8">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p align="center">&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">Neal F. Zalenko, Director</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,500</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">None</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="2">$</font></p>
                    </td>

                    <td valign="bottom">
                        <p align="right"><font face="Times New Roman, Times, Serif" size="2">1,500</font></p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
            <br>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="95%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">*All amounts shown are for service as a director.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">**The Fund is not part of any fund complex.</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Board Meetings and Committees; Annual Meeting Attendance</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were three (3) meetings of the Board held during 2008. Each director attended at least 75% of the meetings of the Board and committees of the Board on which he or she served during 2008. Mr. Hanrahan and Mr. Zalenko became directors of the Fund in August 2008. Each attended the December Board meeting, the only meeting held in 2008 after they became
            directors. The Fund only has one committee, the Audit Committee. The Fund has no nominating or compensation committees. The Board does not currently have a policy with regard to the attendance of directors at its annual meeting of shareholders. All of the then-current directors attended the Fund&rsquo;s 2008 annual meeting of shareholders. Mr. Hanrahan and Mr. Zalenko did not attend the Fund&rsquo;s 2008 annual meeting of shareholders; each became a director in August 2008, after
            Fund&rsquo;s annual meeting.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Shareholders Communications</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders may send communications to the Board to the attention of the Fund&rsquo;s Secretary at the Fund&rsquo;s principal executive offices. All shareholder communications shall be compiled by the Secretary and forwarded directly to the Board or the director as indicated in the letter. The Board reserves the right to revise this procedure in the
            event that it is abused or becomes unworkable.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Nominating Committee</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board does not have a standing nominating committee or committee performing similar functions as the Board has determined, given its relatively small size, to perform this function as a whole. The Board does not currently have a charter or other written policy with regard to the nomination process, or a formal policy with respect to the consideration
            of director candidates. The nominations of the directors standing for reelection at the 2009 annual meeting were approved by the Board, including Messrs. Bilkie, Hanrahan, Holth, Smith, and Zalenko and Ms. Schmeltz who are independent directors under the rules of the NYSE Alternext US; the nomination of Mr. Sims, who is not classified as an independent director, was approved by the Board.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">7</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualifications for consideration as a Board nominee may vary according to the particular areas of expertise being sought as a complement to the existing Board composition. In making its nominations, the Board considers relevant factors, including an individual&rsquo;s business experience, breadth of knowledge about issues and matters affecting the Fund,
            time availability for meetings and consultation regarding Fund matters, and other particular skills and experience. The Board desires a diverse group of candidates who possess the background, skills and expertise to make a significant contribution to the Board, the Fund and its shareholders. In the event of a need for a new or additional director, the Board will evaluate potential nominees by reviewing their qualifications, results of personal interviews and such other information
            as the Board may deem relevant.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund does not employ an executive search, firm, or pay a fee to any other third party, to assist in identifying or evaluating potential qualified candidates for director. Since 1989, the Board has nominated the current directors for reelection at each annual meeting of shareholders. Ms. Schmeltz and Mr. Holth have served as directors since 1989. Mr.
            Smith has served as a director since 1996. Mr. Sims has served as a director since 2002. Mr. Bilkie has served as a director since 2006. Mr. Hanrahan was recommended as a director by Luke Sims, the President and Chief Executive Officer of the Fund, and Mr. Hanrahan was appointed as a director during 2008. Mr. Zalenko was recommended as a director by Mr. Bilkie, the Chairman of the Board of Directors, and Mr. Zalenko was appointed as a director during 2008. Mr. Bilkie had previously
            served as Fund director from July 1990 to May 1996.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has not established special procedures for the Fund&rsquo;s shareholders to submit director recommendations. If the Secretary were to receive a recommendation of a candidate from the Fund&rsquo;s shareholders, he would submit it to the Board, and the Board would consider such recommendations in the same manner as all other
            candidates.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Audit Committee</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, comprised of Messrs. Zalenko (Chairman), Holth, and Smith. The Audit Committee is responsible for the appointment, compensation, retention and oversight of the work of the Fund&rsquo;s independent accountants. Each of Messrs.
            Zalenko, Holth, and Smith meets the requirements for independence set forth in the rules of the NYSE Alternext US. The charter can be found on the Fund&rsquo;s website at http://eaglecapitalgrowthfund.com under &ldquo;Corporate Governance&rdquo;.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee met twice during 2008. For those meetings, the Audit Committee was comprised of Messrs. Holth (Chairman), Bilkie, and Smith. Messrs. Holth, Smith and Bilkie met the requirements for independence set forth in the rules of the NYSE Alternext. They are not &ldquo;interested persons&rdquo; of the Fund as defined in Section 2(A)(19) of the
            Investment Company Act of 1940. Under the Fund&rsquo;s bylaws, the Chairman is a non-executive, non-officer position. Each of Messrs. Bilkie, Holth and Smith has been determined to be an &ldquo;audit committee financial expert&rdquo; as such term is defined in SEC rules. A copy of the report of the Audit Committee is attached hereto as Exhibit A. The Fund&rsquo;s Board has adopted a written charter for the Audit Committee.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2"><b>Investment Advisor</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&rsquo;s current investment advisor is Sims Capital Management LLC. Luke E. Sims, President and Chief Executive Officer of the Fund and David C. Sims, Chief Financial Officer and Chief Compliance Officer of the Fund, are the managers of the Advisor. See &ldquo;Nominees For Director Who Are Interested Persons&rdquo; and &ldquo;Officers Who Are Not
            Nominees For Director&rdquo; for more information about Luke E. Sims and David C. Sims, respectively. At the Fund&rsquo;s 2007 annual meeting of shareholders, the shareholders approved the investment advisory agreement (&ldquo;Advisory Agreement&rdquo;) between the Fund and the Advisor. The Advisory Agreement has been mutually extended by the Fund and the Advisor through May 2010.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisor&rsquo;s address is the same as that of the principal executive office of the Fund. The Fund is one of the Advisor&rsquo;s two advisory clients. No other person provided any significant administrative or business affairs</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">8</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">management services to the Fund during 2008. No director or nominee for election as director who is not an Interested Person, nor any of their immediate family members, is the record or beneficial owner of any securities in the Advisor or any of its affiliates.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>The Board of Directors recommends that shareholders vote &ldquo;FOR&rdquo; all seven (7) nominees.</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>PROPOSAL NO. 2 &ndash; SELECTION OF INDEPENDENT ACCOUNTANTS</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plante &amp; Moran, PLLC, independent registered public accountants, has been selected by the audit committee to examine the financial statements of the Fund for the year ending December 31, 2009. Unless a contrary specification is made, the accompanying proxy will be voted in favor of ratifying the selection of such accountants. A majority vote of the
            shares cast is required to approve the ratification of the selection of accountants. Under Maryland law, abstentions do not constitute a vote &ldquo;for&rdquo; or &ldquo;against&rdquo; a matter and will be disregarded in determining the votes cast. Broker non-votes with respect to shares entitled to vote will have no effect on the vote on this proposal. Representatives of Plante &amp; Moran, PLLC are expected to be present at the Meeting where they will have the opportunity to make
            a statement if they desire to do so, and will be available to respond to appropriate questions.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Audit Fees.</u> Plante &amp; Moran, PLLC was paid $22,500 for the calendar year ended December 31, 2008, and $18,250 for the calendar year ended December 31, 2007, by the Fund for audit fees.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Audit-Related Fees.</u> Plante &amp; Moran, PLLC was not paid any audit-related fees by the Fund in either of the last two calendar years.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Fees.</u> Plante &amp; Moran, PLLC was paid $6,100 for the calendar year ended December 31, 2008, and $5,400 for calendar year ended December 31, 2007, by the Fund for tax fees, for services in connection with the preparation of the Fund&rsquo;s tax returns and assistance with IRS notice and tax matters.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>All Other Fees.</u> Plante &amp; Moran, PLLC was not paid any other fees in either of the last two calendar years.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Audit fees&rdquo; are fees paid by the Fund to Plante &amp; Moran, PLLC for professional services for the audit of our financial statements, or for services that are usually provided by an auditor in connection with statutory and regulatory filings and engagements. &ldquo;Audit-related fees&rdquo; are fees for assurance and related services that
            are reasonably related to the performance of the audit or review of financial statements. &ldquo;Tax fees&rdquo; are fees for tax compliance, tax advice and tax planning. All other Fund fees are fees billed for any services not included in the first three categories.</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the services covered under the captions &ldquo;Audit- Related Fees,&rdquo; &ldquo;Tax Fees,&rdquo; and &ldquo;All Other Fees&rdquo; with respect to Plante &amp; Moran, PLLC were provided under the <i>de minimis</i> exception to Audit Committee approval of 17 CFR 210.2-01(c) 7(i)(C) and (ii). Plante &amp; Moran, PLLC was not engaged during the
            last two fiscal years to provide non-audit services to the Fund or to the Advisor or any of its affiliates that provide ongoing services to the Fund (&ldquo;Other Non-Audit Services&rdquo;). Under the Audit Committee charter, the Audit Committee must approve in advance all non-audit services of the Fund and all Other Non-Audit Services. The Audit Committee has not adopted &ldquo;pre-approval policies and procedures&rdquo; as such term is used in 17 CFR 210.2-01(c)(7)(i)(B) and
            (ii).</font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>The Board recommends that shareholders vote &ldquo;FOR&rdquo; the ratification of Plante &amp; Moran, PLLC as the independent registered public accountants to examine the Fund&rsquo;s financial statements for the year ending December 31, 2009.</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and officers of the Fund and certain of its affiliates and beneficial owners of more than 10% of the Common Stock are required to file initial reports of ownership and reports of changes in ownership of the</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">9</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">Common Stock pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended. The Fund has reviewed such reports received by it and written representations of such persons who are known by the Fund, and based solely upon such review, the Fund believes that during the year ended December 31, 2008, all such reports were timely filed except two transactions: a purchase of shares by Peggy Schmeltz, which
            was filed five business days late and a sale of shares by Luke Sims, which was filed three days late. As of February 24, 2009, all filings are current.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>PROPOSALS OF SHAREHOLDERS</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder proposals for the 2009 annual meeting of shareholders must comply with applicable rules of the Securities and Exchange Commission (including Rule 14a-8) and be received by the Fund at 205 E. Wisconsin Avenue, Suite #120, Milwaukee, Wisconsin 53202 before the close of business on October 29, 2009, for consideration for inclusion in the
            Fund&rsquo;s proxy statement. Shareholder proposals should be addressed to the attention of the Fund&rsquo;s Secretary.</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>MISCELLANEOUS</b></font></p>

            <p align="justify"><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board is not aware of any other business that will be presented for action at the Meeting. If any other business properly comes before the Meeting, proxies received from shareholders will be voted on the discretion of the named individuals.</font></p>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="60%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="40%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">By Order of the Board</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="2">Christopher J. Dine, Secretary</font></p>
                    </td>
                </tr>
            </table>

            <p><font face="Times New Roman, Times, Serif" size="2">February 26, 2009</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">10</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="right"><font face="Times New Roman, Times, Serif" size="2"><b>EXHIBIT A</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>REPORT OF AUDIT COMMITTEE</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 23, 2009</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">To the Board of Directors of the Eagle Capital Growth Fund, Inc.:</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">We have reviewed and discussed with management the Fund&rsquo;s audited financial statements as of and for the year ended December 31, 2008.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">We have discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61, as amended (AICPA, <i>Professional Standards,</i> Vol. 1 AU Section 380) as adopted by the Public Company Accounting Oversight Board in Rule 3200T.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">We have received and reviewed the written disclosures and the letter from the independent registered public accountants required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant&rsquo;s communications with the audit committee concerning independence, and have discussed with the independent accountants the independent accountants&rsquo; independence.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">Based on the review and discussions referred to above, we recommend to the Board of Directors that the audited financial statements referred to above be included in the Fund&rsquo;s annual report to shareholders required by Section 30(e) of the Investment Company Act of 1940 and Rule 30d-1 thereunder for the year ended December 31, 2008, for filing with the Securities and Exchange Commission.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neal F. Zalenko, Chairman</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carl A. Holth, Member</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benedict J. Smith, Member</font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">11</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>EAGLE CAPITAL GROWTH FUND, INC.</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>As an alternative to completing this form, you may enter your vote instruction via the Internet at WWW.VOTEPROXY.COM and follow the simple instructions. Use the Company Number and Account Number shown on your proxy card.</b></font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints ROBERT M. BILKIE, JR. and LUKE E. SIMS, jointly and severally, Proxies, with full power of substitution, to represent the undersigned at the Annual Meeting of Shareholders of the Eagle Capital Growth Fund, Inc., to be held at the offices of Bodman LLP located at 201 W. Big Beaver Road, Suite 500, Troy, Michigan, on Thursday, April 16,
            2009, at 1:00 P.M. local time, or at any adjournments thereof, and to vote all shares of common stock which the undersigned is entitled to vote, and act with all the powers the undersigned would possess if personally present at the meeting.</font></p>

            <p><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This revocable proxy, when properly executed, will be voted in the manner directed by the undersigned shareholder. <b>If no direction is made on an executed proxy, this proxy will be voted by the Proxies &ldquo;FOR&rdquo; the election of the persons named in Proposal 1 as directors and &ldquo;FOR&rdquo; Proposal 2.</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>(Continued and to be signed on the reverse side)</b></font></p>

            <p align="center"><font face="Times New Roman, Times, Serif" size="2">12</font></p>
            <hr align="center" width="100%" noshade size="5">

            <p style="PAGE-BREAK-AFTER: always"></p>
            <PAGE><br>
        </div>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>ANNUAL MEETING OF SHAREHOLDERS OF</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="6"><b>EAGLE CAPITAL GROWTH FUND, INC.</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="2"><b>April 16, 2009</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="3"><b><u>NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL:</u></b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="3">The Notice of Meeting, proxy statement and proxy card are available at-</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="3">http://www.amstock.com/ProxyServices/ViewMaterials.asp</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center">&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="3">Please date, sign and mail</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="3">your proxy card in the</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="3">envelope provided as soon</font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="3">as possible.</font></p>
                </td>
            </tr>
        </table>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="26%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="48%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="26%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p style="MARGIN-TOP: -7px" align="right"><font face="Times New Roman, Times, Serif" size="5">&darr;</font></p>
                </td>

                <td valign="top">
                    <p align="center"><font face="Times New Roman, Times, Serif" size="1">Please detach along perforated line and mail in the envelope provided.</font></p>
                </td>

                <td valign="top">
                    <p style="MARGIN-TOP: -7px"><font face="Times New Roman, Times, Serif" size="5">&darr;</font></p>
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 10px">
                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="2%" bgcolor="black">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="97%">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>
        <br>

        <table style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid" cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="100%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font style="FONT-SIZE: 7pt" face="Times New Roman, Times, Serif"><b>THE BOARD OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; THE ELECTION OF DIRECTORS NAMED IN PROPOSAL 1 AND &ldquo;FOR&rdquo; PROPOSAL 2.</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p align="center"><font style="FONT-SIZE: 7pt" face="Times New Roman, Times, Serif"><b>PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE</b></font> <font face="WINGDINGS" size="1"><b>x</b></font></p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>

        <div style="FLOAT: left; WIDTH: 49%; POSITION: relative">
            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="6%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="44%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="6%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="34%">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">1.</font></p>
                    </td>

                    <td valign="top" colspan="4">
                        <p><font face="Times New Roman, Times, Serif" size="1">The election of the nominees listed below as Directors of the Fund to hold office until the next annual meeting and until their successors shall have been elected and qualified:</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" colspan="2">
                        <p><font face="Times New Roman, Times, Serif" size="1">NOMINEES:</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">o</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">FOR ALL NOMINEES</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">m</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">Robert M. Bilkie, Jr.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">o</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">WITHHOLD AUTHORITY</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">m</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">Phillip J. Hanrahan</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">FOR ALL NOMINEES</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">m</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">Carl A. Holth</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">o</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">FOR ALL EXCEPT</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">m</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">Peggy L. Schmeltz</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">(See instructions below)</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">m</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">Luke E. Sims</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">m</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">Benedict J. Smith</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="bottom">
                        <p><font face="WINGDINGS" size="3">m</font></p>
                    </td>

                    <td valign="bottom">
                        <p><font face="Times New Roman, Times, Serif" size="1">Neal F. Zalenko</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="23%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="70%">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-BOTTOM: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1"><b><u>INSTRUCTION</u></b><font face="Times New Roman, Times, Serif" size="1">:</font></font></p>
                    </td>

                    <td style="BORDER-BOTTOM: black 1px solid" valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">To withhold authority to vote for any individual nominee(s), mark &ldquo;<b>FOR ALL EXCEPT</b>&rdquo; and fill in the circle next to each nominee you wish to withhold, as shown here: <font face="WINGDINGS" size="1">l</font></font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>

            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="86%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="1%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="5%">
                        <p align="center">&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top" width="4%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method.</font></p>
                    </td>

                    <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top">
                        <p align="center"><font face="WINGDINGS" size="3">o</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid" valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <div style="FLOAT: right; WIDTH: 50%; POSITION: relative">
            <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
                <tr style="FONT-SIZE: 1px">
                    <td valign="top" width="5%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="50%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="2%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="7%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="16%">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top" width="11%">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">2.</font></p>
                    </td>

                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">Ratification of the selection of PLANTE &amp; MORAN, PLLC as independent registered public accountants for the Fund&rsquo;s year ending December 31, 2009.</font></p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">FOR<br>
                        <font face="WINGDINGS" size="3">o</font></font></p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">AGAINST<br>
                        <font face="WINGDINGS" size="3">o</font></font></p>
                    </td>

                    <td valign="top">
                        <p align="center"><font face="Times New Roman, Times, Serif" size="1">ABSTAIN<br>
                        <font face="WINGDINGS" size="3">o</font></font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p><font face="Times New Roman, Times, Serif" size="1">3.</font></p>
                    </td>

                    <td valign="top" colspan="5">
                        <p><font face="Times New Roman, Times, Serif" size="1">In their discretion, for or against such other matters as may properly come before the Meeting or any adjournment or adjournments thereof.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="6">
                        <p><font face="Times New Roman, Times, Serif" size="1">Unless otherwise directed herein, the proxy or proxies appointed hereby are authorized to vote &ldquo;FOR&rdquo; proposals 1 and 2, and to vote in their discretion with respect to all other matters which may come before the Meeting.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="6">
                        <p><font face="Times New Roman, Times, Serif" size="1">If only one of the above-named proxies shall be present in person or by substitute at the Meeting, or any adjournment thereof, then that one, either in person or by substitute, may exercise all of the powers hereby given.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>

                    <td valign="top">
                        <p>&nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" colspan="6">
                        <p><font face="Times New Roman, Times, Serif" size="1">Any proxy or proxies heretofore given to vote such shares are hereby revoked.</font></p>
                    </td>
                </tr>
            </table>
        </div>
        <br>

        <table cellspacing="0" cellpadding="0" width="100%" align="center" border="0">
            <tr style="FONT-SIZE: 1px">
                <td valign="top" width="45%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="5%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="42%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="7%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="1%">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font face="Times New Roman, Times, Serif" size="1">Date</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p align="left"><font face="Times New Roman, Times, Serif" size="1">Date</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top">
                    <p><font face="Times New Roman, Times, Serif" size="1">&nbsp;Signature of Shareholder</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p><font face="Times New Roman, Times, Serif" size="1">Signature of Shareholder</font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>

            <tr>
                <td valign="top" colspan="5">
                    <p style="MARGIN-LEFT: 2px"><font face="Times New Roman, Times, Serif" size="1"><b>Note</b><font face="Times New Roman, Times, Serif" size="1">: Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title
                    as such. If signer is a partnership, please sign in partnership name by authorized person.</font></font></p>
                </td>

                <td valign="top">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="99%" align="center" border="0">
            <tr style="FONT-SIZE: 10px">
                <td valign="top" width="2%" bgcolor="black">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="94%">
                    <p>&nbsp;</p>
                </td>

                <td valign="top" width="2%" bgcolor="black">
                    <p>&nbsp;</p>
                </td>
            </tr>
        </table>

        <p align="center"><font size="2">13</font></p>
        <hr align="center" width="100%" noshade size="5">
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