ROBOTTI ROBERT bought TDW

Footnotes

Represents unrestricted shares of the Common Stock, $0.001 par value per share (the "Common Stock"), issued to Mr. Robotti in lieu of certain cash compensation pursuant to his election under the Director Stock Election Program.; This amount includes 114,395 shares of the Common Stock directly beneficially owned by the performance-fee paying advisory clients of Robotti & Company Advisors, LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended ("Robotti Advisors"), 1,143,117 shares of the Common Stock directly beneficially owned by The Ravenswood Investment Company, LP ("RIC"), 763,757 shares of the Common Stock directly beneficially owned by Ravenswood Investments III, L.P. ("RI"), 3,000 shares of the Common Stock directly beneficially owned by Suzanne and Robert Robotti Foundation, Inc. ("Robotti Foundation"), 58,500 shares of the Common Stock directly beneficially owned by Suzanne Robotti ("Su Robotti"), wife of Robert Robotti, and 147,344 shares of the Common Stock, directly beneficially owned by Robert Robotti.; Mr. Robotti may be deemed to beneficially own (solely for the purpose of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended ("Exchange Act")) certain of the shares of Common Stock set forth in this Form 4 through his indirect proportionate ownership of Robotti Advisors, as managing director of Ravenswood Management Company, LLC, which serves as the general partner of RIC and RI and through his marriage to Su Robotti. Mr. Robotti disclaims beneficial ownership of all securities reported herein except to the extent of his pecuniary interest therein, if any.