Dividend &
Distribution Policy

The Company’s policy is to distribute to stockholders before year-end substantially all ordinary income estimated for the full year and capital gains realized during the ten-month period ended October 31 of that year.

If any additional capital gains are realized or ordinary income is earned during the last two months of the year, a "spill-over" distribution of these amounts may be paid. Dividends and distributions on shares of Preferred Stock are paid quarterly. Tax attributes of dividends from ordinary income and distributions from capital gains are allocated proportionately among holders of shares of Common Stock and Preferred Stock.

Dividends from income have been paid continuously on the Common Stock since 1939 and capital gain distributions in varying amounts have been paid for each of the years 1943-2012 (except for the year 1974). (A table listing dividends and distributions paid during the 20-year period 1993-2012 is shown under Twenty Years of Dividends & Distributions.) Dividends and distributions are paid to Common Stockholders in additional shares of Common Stock unless the stockholder specifically requests payment in cash. (The tax cost basis of shares issued in payments of our dividends and distributions is shown under Cost Basis of Shares Issued for Dividends and Distributions.) Dividends and distributions of very nominal amounts may be paid in cash only.