<SEC-DOCUMENT>0001140361-19-004391.txt : 20190305
<SEC-HEADER>0001140361-19-004391.hdr.sgml : 20190305
<ACCEPTANCE-DATETIME>20190305101108
ACCESSION NUMBER:		0001140361-19-004391
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190418
FILED AS OF DATE:		20190305
DATE AS OF CHANGE:		20190305
EFFECTIVENESS DATE:		20190305

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		19656937

	BUSINESS ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		414-765-1107

	MAIL ADDRESS:	
		STREET 1:		225 EAST MASON STREET
		STREET 2:		SUITE 802
		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>
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<TYPE>DEF 14A
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<DESCRIPTION>DEF 14A
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      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SCHEDULE 14A INFORMATION STATEMENT</div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-variant: small-caps;">Proxy Statement Pursuant to Section 14(a) of the Securities</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-variant: small-caps;">Exchange Act of 1934</font></div>
      <div><br>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Filed by the Registrant &#9745;</font></div>
      <div><br>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Filed by a Party other than the Registrant &#9744;</font></div>
      <div><br>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Check the appropriate box:</font></div>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Preliminary Proxy Statement</font></div>
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                <td style="width: 27pt; vertical-align: top;">&#9744;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></div>
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                <td style="width: 27pt; vertical-align: top;">&#9746;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Definitive Proxy Statement</font></div>
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                <td style="width: 27pt; vertical-align: top;">&#9744;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Definitive Additional Materials</font></div>
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                <td style="width: 27pt; vertical-align: top;">&#9744;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Soliciting Material Pursuant to &#167; 240.14a-11(c) or &#167; 240.14a-12</font></div>
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      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">Eagle Capital Growth Fund, Inc.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Name of Registrant as Specified in its Charter)</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Payment of Filing Fee (Check the appropriate box):</font></div>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">No fee required</font></div>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Fee computed on table below per Exchange</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Title of each class of securities to which transaction applies:</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Aggregate number of securities to which transaction applies:</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">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></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Proposed maximum aggregate value of transaction</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(5)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Total fee paid</font></div>
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                <td style="width: 27pt; vertical-align: top;">&#9744;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Fee paid previously with preliminary materials.</font></div>
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                <td style="width: 27pt; vertical-align: top;">&#9744;</td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">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></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(1)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Amount Previously Paid:</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(2)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Form, Schedule or Registration Statement No.</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(3)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Filing Party</font></div>
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                <td style="width: 18pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(4)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Date Filed:</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">EAGLE CAPITAL GROWTH FUND, INC.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">225 East Mason Street, Suite 802</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Milwaukee, WI 53202-3657</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">NOTICE OF 2019 ANNUAL MEETING OF SHAREHOLDERS</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To the Shareholders of Eagle Capital Growth Fund, Inc.:</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Notice is hereby given that the 2019 Annual Meeting of Shareholders (&#8220;Meeting&#8221;) of the Eagle Capital Growth Fund, Inc. (&#8220;Fund&#8221;) will
          be held at the Milwaukee Bar Association, Board Conference Room, 747 North Broadway Street, Milwaukee, Wisconsin 53202, on Thursday, April 18, 2019, at 9:30 A.M. local time for the following purposes:</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
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        <div>
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                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">To elect three (3) directors, each for a 3-year term.</font></div>
                </td>
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          <div> <br>
          </div>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97dd29037bc44dce991db475d51c73aa">

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                </td>
                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">To ratify the selection of Plante &amp; Moran, PLLC as independent registered public accountants of the Fund for the calendar year ending December 31, 2019; and</font></div>
                </td>
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          <div> <br>
          </div>
        </div>
      </div>
      <div style="text-align: justify;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd0545279bb2d48d6b46cc4c9e7c49cdd">

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                <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">To act upon such other business as may properly come before the Meeting or any adjournment thereof.</font></div>
                </td>
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          <div> <br>
          </div>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Board of Directors (&#8220;Board&#8221;) has fixed the close of business on February 22, 2019, as the record date (&#8220;Record Date&#8221;) for the
          determination of shareholders entitled to vote at the Meeting or any adjournment thereof.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">You are cordially invited to attend the Meeting.&#160; 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.&#160; The enclosed proxy is being solicited on behalf of the Board of the Fund.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="za53479e3364b4e2fb652f8aa8a17395f">

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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By Order of the Board of Directors</font></div>
            </td>
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            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">David C. Sims, Secretary</font></div>
            </td>
          </tr>
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            </td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">March 8, 2019</font></div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Please complete, sign and date the enclosed proxy and mail it as promptly as possible.&#160; If you attend the meeting and
          vote in person, the proxy will not be used.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">EAGLE CAPITAL GROWTH FUND, INC.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">225 East Mason Street, Suite 802, Milwaukee, WI&#160; 53202-3657</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Proxy Statement</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Annual Meeting of Shareholders</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">April 18, 2019</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">INTRODUCTION</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">This Proxy Statement is furnished in connection with the solicitation of proxies on behalf of the Board of Directors (&#8220;Board&#8221;) of
          Eagle Capital Growth Fund, Inc., a Maryland corporation (&#8220;Fund&#8221;), to be voted at the 2019 Annual Meeting of Shareholders (&#8220;Meeting&#8221;), to be held at the Milwaukee Bar Association, Board Conference Room, 747 North Broadway Street, Milwaukee,
          Wisconsin 53202, at 9:30 A.M. local time on Thursday, April 18, 2019.&#160; The approximate mailing date of this Proxy Statement is March 8, 2019.<br>
          <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.&#160; Unless instructions to the contrary are marked, proxies will be voted &#8220;FOR&#8221; the election of three directors to 3-year terms as described in this Proxy Statement (Proposal 1) and &#8220;FOR&#8221; the ratification of
          the independent registered public accountants (Proposal 2).&#160;&#160; 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 the Fund, 225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202-3657.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Fund&#8217;s Board has fixed the close of business on February 22, 2019, as the Record Date for the determination of shareholders
          entitled to notice of and to vote at the Meeting, and at any adjournment thereof.&#160; Shareholders on the Record Date will be entitled to one vote for each share held, with no shares having cumulative voting rights.&#160; As of the Record Date, the Fund
          had outstanding 3,892,707 shares of common stock, par value $0.001 per share (&#8220;Common Stock&#8221;).&#160; One-third of the outstanding shares of Common Stock, present or represented by proxy, constitutes a quorum.&#160; For purposes of a quorum, abstentions and
          broker non-votes are included.&#160; A quorum must exist to conduct business at the Meeting.&#160; A &#8220;broker non-vote&#8221; occurs when you own shares through a bank or broker in &#8220;street&#8221; 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.&#160; A broker non-vote may also occur if your broker fails to vote your shares for any reason.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Brokers, banks and other nominees are not permitted to vote on the election of directors without specific instructions from the
          beneficial owner.&#160; Therefore, if your shares are held through a broker, bank or other nominee, they will not be voted in the election of directors unless you affirmatively vote your shares in one of the ways described below.&#160; If you are a
          beneficial owner, your broker, bank or other nominee is permitted to vote your shares on the ratification of Plante &amp; Moran, PLLC as the Fund&#8217;s independent registered public accountants even if the broker, bank or other nominee does not
          receive specific voting instructions from you.<font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font>Under the NYSE&#8217;s Proxy Rules, NYSE member organizations may vote discretionarily on all matters to be acted upon at this
          Meeting.&#160; This is based upon the assumption that no contest will arise as to any of the matters being considered and beneficial owners are advised as to this discretionary action.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Fund will pay all the expenses of preparing, assembling, printing and mailing the material used in the solicitation of proxies by
          the Board.&#160; 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, and the Fund will bear these expenses.&#160; The Fund may arrange with
          brokerage houses and other custodians, nominees and fiduciaries to forward soliciting materials to the beneficial owners of Fund shares, and the Fund will pay or reimburse these expenses.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Board knows of no business, other than as identified in Proposals 1 and 2 of the Notice of Meeting, which will be presented for
          consideration at the Meeting.&#160; If any other matter is properly presented, the persons named in the enclosed proxy intend to vote in their discretion.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on
          Thursday, April 18, 2019, at 9:30 A.M. local time at Milwaukee Bar Association, Board Conference Room, 747 North Broadway Street, Milwaukee, Wisconsin 53202.&#160; Our Notice of Annual Meeting, Proxy Statement, form of proxy card and annual report are
          available at <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>http://www.eaglecapitalgrowthfund.com/proxy</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To the knowledge of the Fund, as of February 22, 2019, 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.&#160; The address of each is the address of the Fund.</font></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z482d71275fb64bae8ceb293a2a3cb20f">

            <tr>
              <td nowrap="nowrap" style="width: 61%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
                <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;">Name and Address (a)</div>
              </td>
              <td nowrap="nowrap" colspan="2" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Number of Shares and Nature</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">of Beneficial Ownership as of</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">February 22, 2019 (b)</font></div>
              </td>
              <td nowrap="nowrap" colspan="2" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Percent</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">of Class</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
              <td colspan="2" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);"><br>
              </td>
              <td colspan="2" style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Robert M. Bilkie, Jr., Chairman, Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1,764</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">*</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Phillip J. Hanrahan, Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">900</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">*</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Carl A. Holth, Director, and Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">6,123</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">0.2%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Peggy L. Schmeltz, Director, and Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">54,702</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.4%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">David C. Sims, CFO, CCO, Treasurer, Secretary and Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">107,307</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.8%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Luke E. Sims, President, CEO, and Nominee for Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">338,224</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">8.7%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Donald G. Tyler, Nominee for Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">4,991</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">0.1%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Neal F. Zalenko, Nominee for Director</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">5,089</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">0.1%</font></div>
              </td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">&#160;</td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            </tr>
            <tr>
              <td style="width: 61%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">All Directors, Nominees and Officers as a group (8 persons)</font></div>
              </td>
              <td style="width: 16%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">519,100</font></div>
              </td>
              <td style="width: 9%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br>
              </td>
              <td style="width: 7%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">13.3%</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">* Less than 0.1%</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The address of each is the address of the principal executive office
          of the Fund, 225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202-3657.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman';">The nature of beneficial ownership of shares shown in this column is
          sole voting and investment power unless otherwise indicated.&#160; The shares shown by Mr. Bilkie include 1,764 shares owned by his wife.&#160; The shares shown for Luke E. Sims include 11,389 shares beneficially owned by his wife (of which he disclaims
          beneficial ownership).&#160; The shares shown for David C. Sims include 7,153 shares beneficially owned by his wife (of which he disclaims beneficial ownership).&#160; Luke E. Sims and David C. Sims are the principals of Sims Capital Management LLC, an
          SEC-registered investment advisor; both disclaim any beneficial ownership of the 214,409 Fund shares held as of the Record Date, in client accounts in a fiduciary capacity.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">SECURITY OWNERSHIP OF FIVE PERCENT OR GREATER BENEFICIAL OWNERS</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To the knowledge of the Fund, as of the Record Date, the only person owning more than five percent (5%) of the class of Common Stock
          was Luke E. Sims, a director and the President and Chief Executive Officer of the Fund.&#160; Mr. Luke E. Sims&#8217; beneficial ownership is described in the table immediately above.</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PROPOSAL NO. 1 &#8211; ELECTION OF DIRECTORS</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Three (3) Class III directors will be elected at the Meeting for 3-year terms, and until their successors are elected and qualified.&#160;
          The Board is divided into three classes (Class I, Class II, and Class III).&#160;&#160; The Class III directors, Mr. Luke E. Sims, Mr. Donald G. Tyler, and Mr. Neal F. Zalenko are up for reelection at the Meeting.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Unless authorization to do so is withheld, proxies will be voted for the election of the nominees named below.&#160; Each nominee has
          consented to being named in this Proxy Statement and to continue to serve as a director if elected.&#160; Directors will be elected by a plurality of votes cast at the Meeting.&#160; 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.&#160;
          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.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Listed below are all nominees and their backgrounds. An &#8220;interested person&#8221; of the Fund (&#8220;Interested Person&#8221;) is a person who is an
          Interested Person of the Fund within the meaning of Section 2(a) (19) of the Investment Company Act of 1940.&#160;&#160; Nominee Luke E. Sims is an Interested Person.</font></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">INFORMATION WITH RESPECT TO CONTINUING DIRECTORS</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Set forth below is information with respect to those Fund directors who are continuing in office:</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Continuing Directors Who Are Interested Persons</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zf53abf4e1e6b4712840a990275c931ee">

          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Name, Address </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Age*</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Position(s) </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Held with Fund</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Term of Office </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Length of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Time Served</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Principal Occupation(s) During Past </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">5 Years (in addition to positions held </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">in the Fund)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Number of Portfolios </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">in Fund Complex </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Overseen by Director </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">or Nominee for </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director</font> &#877;</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Directorships </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Held by </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director or </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Nominee for </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Public</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Companies)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">David C.&#160; Sims, age 37</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">CFO, CCO, Treasurer, Secretary and Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2021 (Class II).&#160; Served as a director since 2015.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">President of Sims Capital Management LLC (investment advisor to the Fund); Manager of Peregrine Investment Fund LLC (private investment fund); and
                  roles with the Fund as previously identified.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">*The address each is of the principal executive office of the Fund.&#160; &#160;&#160; Luke E. Sims is an Interested Person because he is a
          Director, President, and Chief Executive Officer of the Fund, and a significant owner of the Fund&#8217;s Common Stock, and he is affiliated with the Fund&#8217;s investment advisor, Sims Capital Management LLC.&#160; David C. Sims is the son of Luke E. Sims.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#877; Sims Capital Management LLC, the Fund&#8217;s advisor, serves as the investment advisor to two mutual funds, Eagle Capital
          Growth Fund, Inc. (NYSE American: GRF), a closed-end fund, and Sims Total Return Fund, Inc. (SIMFX), an open-end fund.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Continuing Directors Who Are Not Interested Persons</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z9b1138cf5cf34ad2a685bcf074660423">

          <tr>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Name, Address </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Age*</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Position(s) </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Held with Fund</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Term of Office </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Length of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Time Served</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Principal Occupation(s) During Past </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">5 Years (in addition to positions held </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">in the Fund)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Number of Portfolios </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">in Fund Complex </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Overseen by Director </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">or Nominee for </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director</font> &#877;</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Directorships </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Held by </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director or </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Nominee for </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Public</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Companies)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Robert M. Bilkie, Jr., age 58</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;Chairman; Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2020 (Class I). Served as a director since 2006.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Phillip J. Hanrahan, age 79</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2020 (Class I).&#160; Served as a director since 2008.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Retired partner of Foley &amp; Lardner LLP (law firm) since February 2007 and, prior to that, active partner of that firm since 1973.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Carl A. Holth, age 86</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2021 (Class II).&#160; Served as a director since 1989.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Retired.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Peggy L. Schmeltz, age 91</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2021 (Class II).&#160; Served as a director since 1989.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Retired; Former Trustee of National Association of Investors Corporation (NAIC).</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">* The address of each is the address of the principal executive office of the Fund, 225 East Mason Street, Suite 802,
          Milwaukee, Wisconsin&#160; 53202-3657.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#877; Sims Capital Management LLC, the Fund&#8217;s advisor, serves as the investment advisor to two mutual funds, Eagle Capital
          Growth Fund, Inc. (NYSE American: GRF), a closed-end fund, and Sims Total Return Fund, Inc. (SIMFX), an open-end fund.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Nominees For Director</u></font></font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z7421a5d2ab4642e0a1ce58591d55f22e">

          <tr>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Name, Address </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Age*</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Position(s) </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Held with Fund</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Term of Office </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">and Length of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Time Served</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Principal Occupation(s) During Past </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">5 Years (in addition to positions held </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">in the Fund)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Number of Portfolios </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">in Fund Complex </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Overseen by Director </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">or Nominee for </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director</font> &#877;</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Other </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Directorships </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Held by </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director or </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Nominee for </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Director</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Public</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Companies)</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Luke E. Sims, age 69</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2019 (Class III). Served as a director since 2002.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">President and Chief Executive Officer of the Fund; Chairman of Sims Capital Management LLC (the Advisor to the Fund); and Retired Partner of Foley
                  &amp; Lardner LLP (national law firm) where he was affiliated from 1976 through 2010.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Donald G. Tyler, age 66</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;&#160;Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2019 (Class III). Served as a director since 2010.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Director of Administrative Services, Milwaukee County, Wisconsin 2012 to 2014; Retired Interim President &amp; Executive Director, Milwaukee
                  Symphony Orchestra, 2010; Vice President of Investment Products and Services, Northwestern Mutual, 2003-2010.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Neal F. Zalenko, age 73</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Director</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Term of office expires 2019 (Class III).&#160;&#160; Served as director since 2008.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 26%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Retired; Founder and Managing Partner of Zalenko &amp; Associates, P.C. (accounting firm), that merged with Baker Tilly in 2005.</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 14%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">One</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 12%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">* The address of each is the address of the principal executive office of the Fund, 225 East Mason Street, Suite 802,
          Milwaukee, Wisconsin&#160; 53202-3657.&#160;&#160; Luke E. Sims is an Interested Person because he is a Director, President, and Chief Executive Officer of the Fund, and a significant owner of the Fund&#8217;s Common Stock, and he is affiliated with the Fund&#8217;s
          investment advisor, Sims Capital Management LLC.&#160; David C. Sims is the son of Luke E. Sims.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#877; Sims Capital Management LLC, the Fund&#8217;s advisor, serves as the investment advisor to two mutual funds, Eagle Capital
          Growth Fund, Inc. (NYSE American: GRF), a closed-end fund, and Sims Total Return Fund, Inc. (SIMFX), an open-end fund.</font></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Nominee and Director Qualifications</u></font></font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u> <br>
            </u></font></font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Fund believes that Warren Buffett and Charles Munger of Berkshire Hathaway, Inc. have succinctly identified the key
          qualifications for corporate directors and nominees for director:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z78a91a32af324a08a380fe188671a701">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">1.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">High integrity;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ffd90e56c8e4bc3b0830ddc6c676c9c">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">2.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">Business savvy;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8d7692a1d0147888f9b8d0421cfb834">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">3.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">A shareholder orientation; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z113358b2890348f497c15b178584d994">

              <tr>
                <td style="width: 72pt;"><br>
                </td>
                <td style="width: 27pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">4.</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman';">A genuine interest in the company.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">We believe that all of our nominees and continuing directors satisfy these requirements.&#160; In addition, the Board concluded
          that the experience, qualifications, attributes, and skills of the nominees, set forth below, qualify the nominees to serve as directors of the Fund in light of the Fund&#8217;s business and structure.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Fund does not have a diversity policy for its Board members, based upon gender, race or similar physical characteristics
          because those characteristics are not necessarily relevant to the traits that the Fund looks for in its directors.&#160; The Fund considers a person&#8217;s experience, qualifications, skills, and attributes generally, including, but not limited to, a
          person&#8217;s professional, academic, and business background.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">As noted elsewhere in this Proxy Statement, the non-executive position of Chairman and the position of Chief Executive
          Officer (CEO) are held by different individuals.&#160; The Chairman of the Board is not an Interested Person.&#160; The Fund believes that the separation of the Chairman and Chief Executive Officer roles provides constructive checks and balances for
          shareholders of the Fund.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Nominees:</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Class III (term expiring in 2022)</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Mr. Luke E. Sims is an experienced investor (40 plus years) and an experienced corporate lawyer (34 years), including
          extensive work with publicly-traded companies, securities law matters, mergers and acquisitions and corporate law generally.&#160;&#160; Mr. Sims also spent 25 years as a director of LaCrosse Footwear, Inc., a publicly-traded company.&#160; Mr. has also been a
          director of several privately-held companies.&#160; Mr. Sims is the Chairman of Sims Capital Management LLC, the Advisor to the Fund.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Mr. Tyler has over 27 years&#8217; experience in the mutual fund industry in a variety of roles, particularly in the marketing and
          distribution of mutual funds.&#160; Mr. Tyler retired from his position as Director of Administrative Services of Milwaukee County, Wisconsin at the end of 2014; in such role Mr. Tyler oversaw a budget in excess of $1.3 billion.&#160; Mr. Tyler retired in
          2010 from his position as Vice President of Investment Products and Services at Northwestern Mutual (Milwaukee, Wisconsin).&#160;&#160; Mr. Tyler&#8217;s extensive experience and knowledge of the mutual fund industry is valuable to the Fund.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Mr. Zalenko is a certified public accountant.&#160; He spent many years practicing public accounting, growing his own firm until
          2005 when it merged with Virchow Krause &amp; Company (now known as Baker Tilly).&#160; Although Mr. Zalenko is no longer associated with that surviving accounting firm, he continues to remain active as a business advisor and consultant.&#160; Mr. Zalenko
          has many decades of experience providing professional, practical and critical advice to clients.&#160; Mr. Zalenko&#8217;s background as a certified public accountant is one of the reasons he was selected to serve as Chairman of the Fund&#8217;s Audit Committee.</font></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Continuing Directors:</font></div>
      <div><br>
      </div>
      <div style="text-align: left; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Class I</font>&#160;<font style="font-size: 10pt; font-family:
            &quot;Times New Roman&quot;;">(term expiring in 2020)</font></font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
          </font></font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Mr. Bilkie is an investment advisor.&#160; His full-time business is focused on investing.&#160; In addition to Mr. Bilkie&#8217;s
          analytical and other investing skills, he enjoys a long history with the Fund, having served as a director from the time the Fund commenced operations in 1990 through the mid-90s. Mr. Bilkie rejoined the Board in 2006.&#160;&#160; Mr. Bilkie has
          longstanding ties to the National Association of Investors Corporation (NAIC), whose mission is investor education and the formation and growth of investment clubs.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Mr. Hanrahan is a Harvard Law School graduate who spent over 40 years as a corporate lawyer, including a specialization in representing
          investment advisors and investment companies.&#160;&#160; Mr. Hanrahan has extensive experience with publicly-traded companies as well, and served for many years as a director of a major NYSE-traded company.&#160;&#160; Mr. Hanrahan is also an experienced investor.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Class II (term expiring in 2021)</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Mr. Holth worked in the banking/financial field and retired after a long and varied career.&#160; In addition to his service as a
          director of the Fund, Mr. Holth has also served as a director of other for-profit companies.&#160;&#160; Mr. Holth is also an experienced investor.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Ms. Schmeltz&#8217;s background is in education, and her long-term service and involvement with the National Association of
          Investors Corporation (NAIC), and its investing and educational mission, fits in well with the Fund&#8217;s history and goals.&#160;&#160; Given that a significant number of the Fund&#8217;s shareholders enjoy historic ties to the NAIC and its investment philosophy,
          Ms. Schmeltz is well-positioned to comment and advise the Fund, particularly with respect to the shareholder&#8217;s perspective on the Fund.&#160;&#160; Ms. Schmeltz is an experienced long-term investor, with a personal investment strategy and philosophy
          similar to the Fund.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Mr. David Sims, CFA, is the Fund&#8217;s co-manager, and Chief Financial Officer (CFO), Chief Compliance Officer (CCO), Treasurer
          and Secretary of the Fund.&#160; He has been extensively involved with the Fund, its portfolio and its operations since 2007.&#160; Mr. Sims is the President of Sims Capital Management LLC, an SEC-registered investment advisor that is the Advisor to the
          Fund.&#160;&#160; Mr. Sims is an experienced investor.</font></div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Dollar Range of Common Stock Owned by Nominees and Continuing Directors</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following tables set forth the dollar range of the Fund&#8217;s Common Stock which is the Fund&#8217;s only equity security,
          beneficially owned by each director and nominee, valued at a price per share of $7.56, the closing price on the NYSE American on the Record Date.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Continuing Directors and Nominees Who Are Interested Persons</u></font></font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z93cf2588925e4c3eba55da0abbf29e30">

          <tr>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Name of Continuing Director or </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Nominee</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Dollar Range of Equity Securities in the </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fund</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td nowrap="nowrap" style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Aggregate Dollar Range of Equity </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Securities in All Funds Overseen or to </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">be Overseen by Director or Nominee in </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Family of Investment Companies*</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">David C. Sims (Continuing Director)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Over $100,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Over $100,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Luke E. Sims (Nominee)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Over $100,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Over $100,000</font></div>
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            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">*<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font>Sims Capital Management LLC, the Fund&#8217;s
          advisor, serves as the investment advisor to two mutual funds, Eagle Capital Growth Fund, Inc. (NYSE American: GRF), a closed-end fund, and Sims Total Return Fund, Inc. (SIMFX), an open-end fund.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Continuing Directors and Nominees Who Are Not Interested Persons</u></font></font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z93807ce5f3334326bf0d23ba98b625ba">

          <tr>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td nowrap="nowrap" style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Name of Continuing Director or </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Nominee</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td nowrap="nowrap" style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Dollar Range of Equity Securities in the </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fund</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td nowrap="nowrap" style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Aggregate Dollar Range of Equity </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Securities in All Funds Overseen or to </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">be Overseen by Director or Nominee in </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Family of Investment Companies*</font></div>
            </td>
            <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Robert M. Bilkie, Jr. (Continuing Director)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
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            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Phillip J. Hanrahan&#160; (Continuing Director)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$1-$10,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$1-$10,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Carl A. Holth (Continuing Director)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Peggy L. Schmeltz (Continuing Director)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Over $100,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Over $100,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Donald G. Tyler (Nominee)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Neal F. Zalenko (Nominee)</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td style="width: 31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">$10,001-$50,000</font></div>
            </td>
            <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">*<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font>Sims Capital Management LLC, the Fund&#8217;s
          advisor, serves as the investment advisor to two mutual funds, Eagle Capital Growth Fund, Inc. (NYSE American: GRF), a closed-end fund, and Sims Total Return Fund, Inc. (SIMFX), an open-end fund.</font></div>
      <div><br>
      </div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Compensation</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">No Fund officer receives compensation from the Fund for service as an officer.&#160;&#160; David C. Sims, the Fund's Chief Financial
          Officer, Chief Compliance Officer, Treasurer and Secretary, is compensated for his services to the Fund by Sims Capital Management LLC (the "Advisor"), the Fund's investment advisor.&#160; Luke E. Sims, the Fund&#8217;s President and Chief Executive
          Officer, receives no compensation from the Fund for his service as an officer.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following tables identify the aggregate compensation paid to all directors and nominees in 2018.&#160; Director fees are only
          payable to directors who are not officers of the Fund or affiliated with the Advisor.&#160; During 2018, each director received an annual retainer of $10,000, paid quarterly, together with $1,000, paid quarterly, for service on the Audit Committee.&#160;
          For 2019, Fund directors who are entitled to receive directors&#8217; fees will receive an annual retainer of $11,000, paid quarterly, together with $1,000, paid quarterly, for service on the Audit Committee.&#160; The Audit Committee Chairman will receive
          an additional $500 retainer, paid quarterly.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Continuing Directors and Nominees Who Are Interested
              Persons</u></font></font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u> <br>
            </u></font></font></div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zba7ca629a9b74185954f836d188eec55" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 30%;">
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Name of&#160; Person, </div>
                <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Position</div>
              </td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Aggregate </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Compensation from </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fund</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
              <td style="border-top: 2px solid #000000; vertical-align: top; white-space: nowrap; width: 15%; padding: 0px 0px 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Pension or Retirement </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Benefits Accrued as </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Part of Fund Expenses</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
              <td style="border-top: 2px solid #000000; vertical-align: top; white-space: nowrap; width: 15%; padding: 0px 0px 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Estimated Annual </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Benefits Upon </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Retirement</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total Compensation </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">From Fund and Fund </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Complex Paid to </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Directors*</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">David C. Sims, Director</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Luke E. Sims, Director and Nominee</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0,
                0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0,
                0);">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u> <br>
            </u></font></font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u> Continuing Directors and</u></font></font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Nominees Who Are Not Interested Persons</u></font></font></div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zfdb27786613b4a1d81f47e3220465db1" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

            <tr>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 30%; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;">Name of Person, </div>
                <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;">Position</div>
              </td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Aggregate </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Compensation from </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fund</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
              <td style="border-top: 2px solid #000000; vertical-align: top; white-space: nowrap; width: 15%; padding: 0px 0px 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Pension or Retirement </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Benefits Accrued as </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Part of Fund Expenses</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="border-top: 2px solid #000000; vertical-align: top; white-space: nowrap; width: 15%; padding: 0px 0px 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Estimated Annual </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Benefits Upon </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Retirement</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Total Compensation </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">From Fund and Fund </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Complex Paid to </font></div>
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Directors*</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); width: 1%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Robert M. Bilkie, Jr. Director</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Phillip J. Hanrahan, Director</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Carl A. Holth, Director</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Peggy L. Schmeltz, Director</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Donald G. Tyler, Director and Nominee</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 30%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Neal F. Zalenko, Director and Nominee</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0,
                0);">&#160;</td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td style="vertical-align: top; width: 15%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">None</font></div>
              </td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td colspan="1" style="text-align: left; vertical-align: top; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">$</font></div>
              </td>
              <td colspan="1" style="vertical-align: top; text-align: right; width: 14%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11,000</font></div>
              </td>
              <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0,
                0);">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">*<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font>Sims Capital Management LLC, the Fund&#8217;s
          advisor, serves as the investment advisor to two mutual funds, Eagle Capital Growth Fund, Inc. (NYSE American: GRF), a closed-end fund, and Sims Total Return Fund, Inc. (SIMFX), an open-end fund.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
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      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Board Meetings and Committees; Annual Meeting Attendance</font></div>
      <div><br>
      </div>
      <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board held three (3) meetings during 2018.&#160; Each director attended at least 75% of the meetings of the Board and committees of
          the Board on which he or she served during 2018.&#160; The Fund has only one committee, the Audit Committee.&#160; The Fund has no nominating or compensation committees.&#160; The Board does not currently have a policy with regard to the attendance of directors
          at its annual meeting of shareholders.&#160; All of the directors attended the Fund&#8217;s 2018 annual meeting of shareholders, either in person or by telephone.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Shareholder Communications</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Shareholders may send communications to the Board (to the attention of the Fund&#8217;s Secretary) at the Fund&#8217;s principal executive
          office.&#160; All shareholder communications shall be compiled by the Secretary and forwarded directly to the Board or the director as indicated in the letter.&#160; The Board reserves the right to revise this procedure in the event that it is abused or
          becomes unworkable.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Nominating Committee</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.&#160; 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.&#160; The nominations of the directors standing for reelection at the Meeting were approved by the Board. Messrs. Bilkie, Hanrahan, Holth, Tyler and Zalenko and Ms. Schmeltz are independent directors under the rules of the NYSE American
          LLC.&#160;&#160; Mr. Luke E. Sims, who is the Fund&#8217;s President and Chief Executive Officer, is an Interested Person and is not an independent director under the rules of the NYSE American LLC.&#160; Mr. David C. Sims, who is an officer of the Fund and a
          director of the Fund, is an Interested Person and is not an independent director under the rules of the NYSE American LLC.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.&#160; In making its nominations, the Board considers relevant factors, including an individual&#8217;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.&#160; The Board desires of candidates who possess the background, skills and expertise to make a significant contribution to the Board, the Fund and its
          shareholders.&#160; 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></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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.&#160; Since 1989, the Board has nominated the current directors for reelection at each annual meeting of shareholders, except that starting with the Fund&#8217;s 2013 annual meeting directors have been nominated
          and elected to staggered terms.&#160; Ms. Schmeltz and Mr. Holth have served as directors since 1989.&#160;&#160; Mr. Luke E. Sims has served as a director since 2002.&#160; Mr. Bilkie has served as a director since 2006, and previously served as a Fund director
          from July 1990 through May 1996.&#160; Messrs. Hanrahan and Zalenko have each served as directors since 2008.&#160; Mr. Tyler has served as director since 2010.&#160; Mr. David C. Sims has served as a director since 2015.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Board has not established special procedures for shareholders to submit director recommendations.&#160; If the Secretary were to
          receive a recommendation of a candidate from a Fund shareholder, he would submit it to the Board, and the Board would consider such recommendations in the same manner as all other candidates.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Audit Committee; Risk Management</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Fund has an Audit Committee, established in accordance with the Securities Exchange Act of 1934, comprised of Messrs. Zalenko
          (Chairman), Hanrahan, Holth and Tyler.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Audit Committee is responsible for the appointment, compensation, retention and oversight of the work of the Fund&#8217;s independent
          accountants.&#160;&#160; Each of Messrs. Zalenko, Hanrahan, Holth and Tyler meets the requirements for independence set forth in the rules of the NYSE American LLC.&#160; The Fund&#8217;s Board has adopted a written charter for the Audit Committee.&#160; The charter can
          be found on the Fund&#8217;s website at <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>http://eaglecapitalgrowthfund.com</u></font> under &#8220;Corporate Governance&#8221;.&#160; The Audit Committee reviews and considered the Audit Committee
          charter at least annually.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Audit Committee met twice during 2018. The current members of the Audit Committee, Messrs. Zalenko, Hanrahan, Holth and Tyler meet
          the requirements for independence set forth in the rules of the NYSE American Exchange.&#160; They are not Interested Persons of the Fund as defined in the Investment Company Act of 1940.&#160; Under the Fund&#8217;s By-laws, the Chairman is a non-executive,
          non-officer position.&#160; Each of Messrs. Zalenko, Hanrahan, Holth and Tyler has been determined to be an &#8220;audit committee financial expert&#8221; as such term is defined in SEC rules.&#160; A copy of the report of the Audit Committee is attached hereto as
          Exhibit A.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Investment funds generally face a number of risks, including investment risk, compliance risk, and valuation risk.&#160; The
          Fund, as a diversified regulated investment company, doesn&#8217;t have any unique or unusual risks that it needs to manage.&#160; The Fund attempts to minimize risks.&#160; All of the Fund&#8217;s cash and securities are held by its independent custodian.&#160; Moreover,
          the Fund&#8217;s investments consist solely of marketable securities, and primarily large capitalization companies.&#160;&#160; The Board as a whole receives reports about the Fund&#8217;s transactions and discusses such transactions with management and its investment
          advisor.&#160; At such meetings the Chief Compliance Officer reports to the Board about the Fund&#8217;s compliance status.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Investment Advisor</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Fund&#8217;s investment advisor is Sims Capital Management LLC.&#160; Luke E. Sims, a director, President and Chief Executive Officer of the
          Fund, and David C. Sims, a director, Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary of the Fund, are the managers of the Advisor.&#160; See the earlier discussion in this Proxy Statement for further information about Luke
          E. Sims and David C. Sims, respectively.&#160; At the Fund&#8217;s 2007 annual meeting of shareholders, the shareholders approved the investment advisory agreement (&#8220;Advisory Agreement&#8221;) between the Fund and the Advisor.&#160; The Advisory Agreement has been
          mutually extended by the Fund and the Advisor through February 2020.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Advisor&#8217;s address is the same as that of the principal executive office of the Fund.&#160; The Fund is one of the Advisor&#8217;s two
          institutional advisory clients.&#160; No other person provided any significant administrative or business affairs management services to the Fund during 2018.&#160; No continuing 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></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">The Board of Directors recommends that shareholders vote &#8220;FOR&#8221; the election of the three (3) nominees, Mr. Luke E.
          Sims, Mr. Donald G. Tyler and Mr. Neal F. Zalenko, for the 3-year terms identified above.</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PROPOSAL NO. 2 &#8211; SELECTION OF INDEPENDENT ACCOUNTANTS</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Plante &amp; Moran, PLLC, independent registered public accountants, has been selected by the Audit Committee to examine the Fund&#8217;s
          financial statements for the year ending December 31, 2019.&#160; Unless a contrary specification is made, the accompanying proxy will be voted in favor of ratifying the selection of such accountants.&#160; A majority vote of the shares cast is required to
          approve the ratification of the selection of accountants.&#160; Under Maryland law, abstentions do not constitute a vote &#8220;FOR&#8221; or &#8220;AGAINST&#8221; a matter and will be disregarded in determining the votes cast.&#160; Broker non-votes with respect to shares
          entitled to vote will have no effect on the vote on this proposal.&#160; Representatives of Plante &amp; Moran, PLLC are not expected to be available at the Meeting.&#160; If any Fund shareholder wishes to pose a question to Plante &amp; Moran PPLC, we
          recommend that you put it in writing and direct it to the Fund&#8217;s Secretary at: <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>dave@simscapital.com</u></font> . We will see that you receive an approximate written response.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Audit Fees.</u></font>&#160; The Fund paid Plante &amp; Moran, PLLC
          $17,000 for the calendar year ended December 31, 2018, and $18,000 for the calendar year ended December 31, 2017, for audit fees.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Audit-Related Fees.</u></font>&#160; The Fund did not pay Plante &amp;
          Moran, PLLC any audit-related fees in either of the last two calendar years.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Tax Fees.</u></font>&#160; The Fund paid Plante &amp; Moran, PLLC $5,500
          for the calendar year ended December 31, 2018, and $5,500 for the calendar year ended December 31, 2017, for tax fees in connection with the preparation of the Fund&#8217;s tax returns and assistance with Internal Revenue Service notice and tax
          matters.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>All Other Fees.</u></font>&#160; The Fund did not pay Plante &amp; Moran,
          PLLC any other amounts in either of the last two calendar years.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8220;Audit fees&#8221; 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. &#8220;Audit-related fees&#8221; are fees for assurance and related services that are reasonably related to the
          performance of the audit or review of financial statements. &#8220;Tax fees&#8221; 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></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">None of the services covered under the captions &#8220;Audit-Related Fees,&#8221; &#8220;Tax Fees,&#8221; and &#8220;All Other Fees&#8221; with respect to Plante &amp;
          Moran, PLLC were provided under the <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">de minimis </font>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 calendar 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 (&#8220;Other Non-Audit Services&#8221;).&#160; 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.&#160; The Audit Committee has not adopted &#8220;pre-approval policies and procedures&#8221; as such term is used in 17 CFR 210.2-01(c)(7)(i)(B) and (ii).</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">The Board recommends that shareholders vote &#8220;FOR&#8221; the ratification of Plante &amp; Moran, PLLC as the independent
          registered public accountants to examine the Fund&#8217;s financial statements for the year ending December 31, 2019.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 Common Stock pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended.&#160; 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, 2018, filings were timely filed, except two filings.&#160; As of the Record Date, to the best of
          the Fund&#8217;s knowledge, all such filings are current.</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">PROPOSALS OF SHAREHOLDERS</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Shareholder proposals for the 20202 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 225 East Mason Street, Suite 802, Milwaukee, Wisconsin 53202-3657 before the close of business on November 18, 2019, for consideration for inclusion in the Fund&#8217;s proxy statement.&#160;
          Shareholder proposals should be addressed to the attention of the Fund&#8217;s Secretary.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">MISCELLANEOUS</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Board is not aware of any other business that will be presented for action at the Meeting.&#160; If any other business properly comes
          before the Meeting, proxies received from shareholders will be voted at the discretion of the named individuals.</font></div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zd11e98e7d9f34daeba0c314a1745f133">

          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">By Order of the Board</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">David C. Sims, Secretary</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">March 8, 2019</font></div>
            </td>
            <td style="width: 50%; vertical-align: top;"><br>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT A</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">REPORT OF AUDIT COMMITTEE</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">February 18, 2019</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">To the Board of Directors of the Eagle Capital Growth Fund, Inc.:</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We have reviewed and discussed with management the Fund&#8217;s audited financial statements as of and for the year ended December 31, 2018.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">We have discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61, as amended (AICPA, <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">Professional Standards,</font> Vol. 1 AU Section 380) as adopted by the Public Company Accounting Oversight Board in Rule 3200T.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;s communications with the audit committee concerning independence, and have discussed with the independent accountants the independent accountants&#8217;
          independence.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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&#8217;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, 2018, for filing with the Securities and Exchange Commission.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z7e5abee93dab4c4fa66592aee574b02a">

          <tr>
            <td style="width: 5%; vertical-align: top;"><br>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Neal F. Zalenko, Chairman</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;"><br>
            </td>
            <td style="width: 95%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;"><br>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Phillip J. Hanrahan, Member</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;"><br>
            </td>
            <td style="width: 95%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;"><br>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Carl A. Holth, Member</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;"><br>
            </td>
            <td style="width: 95%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;"><br>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Donald G. Tyler, Member</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
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      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">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.&#160; Use the Company Number and Account Number shown on your proxy card.</font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">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 Milwaukee Bar Association, Board Conference Room, 747 North Broadway Street, Milwaukee, Wisconsin 53202, on Thursday,
          April 18, 2019, at 9:30 A.M. local time, and 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></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">This revocable proxy, when properly executed, will be voted in the manner directed by the undersigned shareholder. <font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">If no direction is made on an executed proxy, this proxy will be voted by the Proxies &#8220;FOR&#8221; the election of the three (3) persons named in Proposal 1 as nominees for
            directors for 3-year terms, and &#8220;FOR&#8221; Proposal 2.</font></font></div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
          </font></font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Continued and to be signed on the reverse side)</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
        </font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">ANNUAL MEETING OF SHAREHOLDERS OF</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">EAGLE CAPITAL GROWTH FUND, INC.</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Thursday, April 18, 2019</font></div>
      <div><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman';"><u>NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL:</u></font></font></div>
      <div style="text-align: center; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Notice of Meeting, proxy statement and proxy card are available at-</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">http://www.eaglecapitalgrowthfund.com/proxy</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><br>
      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Please date, sign and mail</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">your proxy card in the</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">envelope provided as soon</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">as possible.</font></div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zd0dca50d268a481aab6b68e4fb062782">

          <tr>
            <td style="width: 22.74%; vertical-align: top;">
              <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8595;</font></div>
            </td>
            <td style="width: 54%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Please detach along perforated line and mail in the envelope provided.</font></div>
            </td>
            <td style="width: 23%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#8595;</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9600;</font><br>
        <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; border-collapse: collapse; width: 100%;">

            <tr>
              <td style="border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; text-align: center;" colspan="11">
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#8220;FOR&#8221; THE ELECTION OF DIRECTORS NAMED IN PROPOSAL 1 AND &#8220;FOR&#8221; PROPOSAL 2.</font></div>
                <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.&#160; PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS
                    SHOWN HERE <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9746;</font></font></div>
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top; width: 1%;">1.</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">The election of the nominees listed below as Directors of the Fund to hold office for a three-year term, and until their successors shall have been
                  elected and qualified:</div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%; text-align: left;">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin-left: 9pt;">2.</div>
              </td>
              <td style="vertical-align: top; width: 28%;">
                <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Ratification of the selection of Plante &amp; Moran, PLLC as independent registered public accountants for the Fund&#8217;s year ending December 31, 2019.</div>
              </td>
              <td style="vertical-align: top; width: 5%;">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">FOR</div>
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">&#9744;</div>
              </td>
              <td style="vertical-align: top; text-align: center; width: 7%;">
                <div>AGAINST</div>
                <div>&#9744;</div>
              </td>
              <td style="vertical-align: top; text-align: center; width: 7%;">
                <div>ABSTAIN</div>
                <div>&#9744;</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top; width: 19%;">&#160;</td>
              <td style="vertical-align: top; width: 23%;">
                <div style="margin-left: 9pt">NOMINEES:</div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%;">&#160;</td>
              <td style="vertical-align: top; width: 28%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#9744;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">FOR ALL NOMINEES</font></td>
              <td style="vertical-align: top; width: 23%;">
                <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Wingdings;">m</font><font style="font-size: 10pt; font-family: &quot;Times New
                    Roman&quot;;">&#160;</font>Luke E. Sims (Class III)</div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%;">&#160;</td>
              <td style="vertical-align: top; width: 28%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; width: 23%;">&#160;</td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%;">&#160;</td>
              <td style="vertical-align: top; width: 28%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9744;</font><font style="font-size: 10pt; font-family: &quot;Times New
                    Roman&quot;;">WITHHOLD AUTHORITY</font></div>
              </td>
              <td style="vertical-align: top; width: 23%;">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left;">
                  <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Wingdings;">m</font>&#160;<font style="font-size: 10pt; font-family: &quot;Times New
                      Roman&quot;;">Donald G. Tyler (Class III)</font></div>
                </div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%;">&#160;</td>
              <td style="vertical-align: top; width: 28%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; margin-left: 9pt;">FOR ALL NOMINEES</div>
              </td>
              <td style="vertical-align: top; width: 23%;"><br>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%;">&#160;</td>
              <td style="vertical-align: top; width: 28%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#9744;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">FOR ALL EXCEPT</font></td>
              <td style="vertical-align: top; width: 23%;">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left;">
                  <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: Wingdings;">m</font>&#160;<font style="font-size: 10pt; font-family: &quot;Times New
                      Roman&quot;;">Neal F. Zalenko (Class III)</font></div>
                </div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%;">&#160;</td>
              <td style="vertical-align: top; width: 28%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="3">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; margin-left: 9pt;">(See instructions below)</div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%;">&#160;</td>
              <td style="vertical-align: top; width: 28%;">&#160;</td>
              <td style="vertical-align: top; width: 5%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
              <td style="vertical-align: top; text-align: center; width: 7%;">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="3">
                <div>&#160;</div>
                <div>&#160;</div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0); width: 4%; text-align: left;">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin-left: 9pt;">3.</div>
              </td>
              <td style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; vertical-align: top;" colspan="4">
                <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">In their discretion, for or against such other matters as may properly come before the Meeting or any adjournment or adjournments thereof.</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="3">&#160;</td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" colspan="5">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
              <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="4">
                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left;">
                  <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">
                    <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; text-indent: -81pt; margin-left: 81pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><u>INSTRUCTION</u></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">:&#160;&#160; To withhold authority to vote for any individual nominee(s), mark &#8220;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight:
                        bold;">FOR ALL&#160;&#160; EXCEPT</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8221; and fill in the circle next to each nominee you wish to withhold, as shown here: </font><font style="font-size: 10pt;
                        font-family: Wingdings;">l</font></div>
                  </div>
                </div>
              </td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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                  <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; margin-left: 9pt;">Unless otherwise directed herein, the Proxy or Proxies appointed hereby are authorized to vote &#8220;FOR&#8221; Proposals
                    1 and 2, and to vote in their discretion with respect to all other matters which may come before the Meeting.</div>
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            <tr>
              <td style="border-top: 2px solid rgb(0, 0, 0); vertical-align: top; width: 1%;">&#160;</td>
              <td style="border-top: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="3">&#160;</td>
              <td style="border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" colspan="5">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="3">&#160;</td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
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                  <div style="text-align: left; margin-left: 9pt;">If only one of the above-named proxies shall be present in person or by substitute<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> at the Meeting, or any
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            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="3">&#160;</td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" colspan="5">&#160;</td>
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            <tr>
              <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
              <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">&#160;</td>
              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">&#160;</td>
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                <div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left;">
                  <div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 9pt;">Any proxy or proxies heretofore given to vote such shares are hereby revoked.</div>
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            <tr>
              <td style="border-top: 2px solid rgb(0, 0, 0); vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">To change the address on your account, please check the box at right and indicate your new address in the address space above.&#160; Please note that changes to
                    the registered name(s) on the account may not be submitted via this method.</div>
                </div>
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              <td style="border-right: 2px solid rgb(0, 0, 0); vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
              <td style="vertical-align: top; border-left: 2px solid rgb(0, 0, 0);" colspan="5">&#160;</td>
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              <td style="border-top: 2px solid rgb(0, 0, 0); vertical-align: top; width: 1%;">&#160;</td>
              <td style="border-top: 2px solid rgb(0, 0, 0); vertical-align: top;" colspan="2"><br>
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              <td style="vertical-align: top; width: 23%;"><br>
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date</div>
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              <td style="vertical-align: top;" colspan="2"><br>
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Date</div>
              </td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Signature of Shareholder</div>
              </td>
              <td style="vertical-align: top; width: 23%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top;" colspan="2">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Signature of Shareholder</div>
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              <td style="vertical-align: top;" colspan="3">&#160;</td>
            </tr>
            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top; width: 23%;">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top;" colspan="2">&#160;</td>
              <td style="vertical-align: top;" colspan="3">&#160;</td>
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            <tr>
              <td style="vertical-align: top; width: 1%;">&#160;</td>
              <td style="vertical-align: top;" colspan="10">
                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Note</font>:&#160; Please sign exactly as your name or names appear on this
                    Proxy.&#160; When shares are held jointly, each holder should sign.&#160; When signing as executor, administrator, attorney, trustee or guardian, please give full title as such.&#160; If the signer is a corporation, please sign full corporate name by
                    duly authorized officer, giving full title as such.&#160; If signer is a partnership, please sign in partnership name by authorized person.</div>
                </div>
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