DEVEREUX CLEO WALLACE FOUNDATION

THE DEVEREUX CLEO WALLACE FOUNDATION ("DCWF") WAS ESTABLISHED AS A SUPPORTING ORGANIZATION FOR DEVEREUX CLEO WALLACE ("DCW"). DCWF'S UNRESTRICTED FUNDS ARE DISTRIBUTED TO DCW IN AMOUNTS AND IN PERIODS DETERMINED BY THE DCWF'S BOARD OF DIRECTORS, SPECIFIC PURPOSE FUNDS OF DCWF ARE DISTRIBUTED TO DCW AS REQUIRED TO COMPLY WITH THE PURPOSES SPECIFIED BY THE DONORS. THERE WERE NO SUCH INVESTMENTS MADE DURING THE YEAR.