<SEC-DOCUMENT>0001214659-25-005819.txt : 20250414
<SEC-HEADER>0001214659-25-005819.hdr.sgml : 20250414
<ACCEPTANCE-DATETIME>20250414122819
ACCESSION NUMBER:		0001214659-25-005819
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250414
DATE AS OF CHANGE:		20250414
EFFECTIVENESS DATE:		20250414

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Merck & Co., Inc.
		CENTRAL INDEX KEY:			0000310158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				221918501
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06571
		FILM NUMBER:		25834935

	BUSINESS ADDRESS:	
		STREET 1:		126 EAST LINCOLN AVENUE
		STREET 2:		P.O. BOX 2000
		CITY:			RAHWAY
		STATE:			NJ
		ZIP:			07065
		BUSINESS PHONE:		908-740-4000

	MAIL ADDRESS:	
		STREET 1:		126 EAST LINCOLN AVENUE
		STREET 2:		P.O. BOX 2000
		CITY:			RAHWAY
		STATE:			NJ
		ZIP:			07065

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Merck & Co. Inc.
		DATE OF NAME CHANGE:	20091103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCHERING PLOUGH CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mercy Investment Services, Inc.
		CENTRAL INDEX KEY:			0001699865
		ORGANIZATION NAME:           	
		EIN:				263224636
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
		BUSINESS PHONE:		314-909-4609

	MAIL ADDRESS:	
		STREET 1:		2039 NORTH GEYER ROAD
		CITY:			ST. LOUIS
		STATE:			MO
		ZIP:			63131
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>e414251px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice of Exempt Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Merck &amp; Co., Inc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Mercy Investment Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>2039 N Geyer Rd, Frontenac,
MO 63131</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;The soliciting person does not beneficially own more than $5 million of the class of subject
securities, and the notice is therefore being provided on a voluntary basis.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This is not a solicitation of authority to vote
your proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please DO NOT send us your proxy card as it
will not be accepted</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge Merck &amp; Co., Inc (&ldquo;Merck&rdquo; or
the &ldquo;Company&rdquo;) shareholders to VOTE FOR PROPOSAL 4 (Shareholder Proposal Regarding Human Rights Impact Assessment) on the
Company&rsquo;s 2025 proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Shareholder Proposal:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Shareholders of Merck &amp; Co., Inc. (&ldquo;Merck&rdquo; or the
&ldquo;Company&rdquo;) urge the board of directors to oversee conduct of human rights due diligence (&ldquo;HRDD&rdquo;) to produce a
human rights impact assessment (&ldquo;HRIA&rdquo;) covering Merck&rsquo;s operations, activities, business relationships, and products,
related to Merck&rsquo;s most salient human rights risks, in respect to the right to health and access to medicines. The HRIA should be
prepared at reasonable cost and omitting confidential and proprietary information and made available on Merck&rsquo;s web site. The HRIA
should describe actual and potential adverse human rights impacts identified; identify rightsholders that were consulted; and discuss
whether and how the results of the HRIA will be integrated into Merck&rsquo;s operations and decision making<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Introduction:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The right to health is enshrined in international human rights principles:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The Universal Declaration of Human Rights states, &ldquo;Everyone has the
right to a standard of living adequate for the health and well-being of himself and of his family, including . . . medical care.&rdquo;<SUP>1</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Article 12.1 of the International Covenant on Economic, Social, and Cultural
Rights &ldquo;recognize[s] the right of everyone to the enjoyment of the highest attainable standard of physical and mental health<SUP>2</SUP>.&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The World Health Organization&rsquo;s Constitution states, &ldquo;The enjoyment
of the highest attainable standard of health is one of the fundamental rights of every human being without distinction of race, religion,
political belief, economic or social condition<SUP>3</SUP>.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.ohchr.org/en/human-rights/universal-declaration/translations/english</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> www.ohchr.org/en/instruments-mechanisms/instruments/international-covenant-economic-social-and-cultural-rights;
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7605313</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.who.int/about/accountability/governance/constitution</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">According to the U.N. Special Rapporteur on the right to health (the
&ldquo;Special Rapporteur&rdquo;), &ldquo;[t]he issue of access to medicines is a fundamental component of the full realization of the
right to health. Medical care in the event of sickness and the prevention, and treatment and control of diseases, depends largely on timely
and appropriate access to quality medicines. . . . From a human rights perspective, access to medicines is intrinsically linked with the
principles of equality and non-discrimination, transparency, participation, and accountability<SUP>4</SUP>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pharmaceutical companies &ldquo;ha[ve] an indispensable role to play
in relation to the right to health and access to medicines,&rdquo; but their policies have been cited as a barrier to access<SUP>5</SUP>.
The Special Rapporteur&rsquo;s &ldquo;Human Rights Guidelines for Pharmaceutical Companies in Relation to Access to Medicines&rdquo; (the
&ldquo;Guidelines&rdquo;) recommend that pharmaceutical firms &ldquo;should adopt a human rights policy statement which expressly recognises
the importance of human rights generally, and the right to the highest attainable standard of health in particular&rdquo; and &ldquo;should
integrate human rights, including the right to the highest attainable standard of health, into the strategies, policies, programmes, projects
and activities of the company<SUP>6</SUP>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, the Guidelines urge that pharmaceutical companies should
&ldquo;be as transparent as possible&rdquo; with regard to access to medicines; &ldquo;disclose all current advocacy and lobbying positions,
and related activities, at the regional, national and international levels, that impact or may impact upon access to medicines&rdquo;;
and &ldquo;consider all the arrangements at its disposal with a view to ensuring that its medicines are affordable to as many people as
possible<SUP>7</SUP>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, the UNGPs explicitly state that companies must conduct human
rights due diligence to identify and address adverse salient risks and adverse impacts connected with their products and services, particularly
if the scale and scope of the impacts are likely to be large. HRIAs provide the best available evidence that such impacts are subject
to structured and ongoing reviews. Such an approach should certainly be applied to the Company&rsquo;s most important business consideration,
that of pricing and access to medicines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In fact, several direct industry peers have better due diligence and
assessment models in place. While not perfect, Sanofi<SUP>8</SUP>, Novartis<SUP>9</SUP>, and Novo Nordisk<SUP>10</SUP> all disclose processes
that describe their commitment not just to a robust human rights policy, but diligence and assessment of that policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.ohchr.org/en/special-procedures/sr-health/access-medicines-and-right-health</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> SYMPOSIUM ARTICLE: Human Rights Responsibilities of Pharmaceutical
Companies in Relation to Access to Medicines, 40 J.L. Med. &amp; Ethics 220 (Summer 2012)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.ohchr.org/Documents/Issues/Health/GuidelinesForPharmaceuticalCompanies.doc,
paras 1-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Guidelines, paras. 6, 17, 33</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.sanofi.com/assets/dotcom/content-app/documents/Human_right_activities_EN.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.novartis.com/esg/ethics-risk-and-compliance/human-rights</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.novonordisk.com/content/dam/nncorp/global/en/sustainable-business/pdfs/esg-portal/2024/novo-nordisk-human-rights-report-2023.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Regulatory, legal, and financial risks persist:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of Merck&rsquo;s actions appear to undermine its commitment to
the human right to health and access to medicines. A trade association to which Merck belongs lobbied against the Inflation Reduction
Act, contributed millions to defeat a California pricing measure, and supported a group that fought to repeal Obamacare. The Access to
Medicine Index, which focuses on low- and middle-income countries (&ldquo;LMICs&rdquo;) and medicines for diseases that occur mainly in
LMICs, ranks Merck &ldquo;below average&rdquo; in all three technical areas: governance of access, research and development, and product
delivery</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the company is involved in a lawsuit against the U.S.
government<SUP>11</SUP> and its implementation of the Inflation Reduction Act. According to most advocates and scientific bodies, this
lawsuit will limit, rather than expand, access to medicines<SUP>1213</SUP>, thus increasing the risk for abuses related to the human right
to health.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The statement in opposition is insufficient:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s statement of opposition says that their current
policies and disclosures are sufficient, and includes the following declaration:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&hellip;the Company discussed an enterprise-wide
human rights assessment undertaken to identify human rights risks and impacts in the Company&rsquo;s operations and supply chain.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">What is noticeably missing from any public reporting are the conclusions
and results of that human rights assessment. Without transparency, we have no insight into how the Company is or is not addressing salient
and material human rights risks. Merck says that it &ldquo;is committed to meeting its responsibility to respect internationally recognized
human rights standards&rdquo; but then provides no disclosures around any process that would demonstrate that commitment. While the commitments
are laudable, they ring hollow when the Company doesn&rsquo;t lean into this very commitment to examine the core of its business &ndash;
which is getting its products to patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lack of access to medicines poses a systemic threat to public health
and the economy. When the availability of lifesaving drugs is compromised, the entire economy suffers. And when the economy suffers, investors
lose. The statement of opposition also included the declaration that &ldquo;Respect for human rights is core to the Company&rsquo;s purpose
to save and improve lives around the world.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>_____________________________</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.pharmavoice.com/news/ira-court-pharma-merck-bms-novartis/725145/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>12</SUP></FONT>
h<FONT STYLE="font-family: Times New Roman, Times, Serif">ttps://www.ajmc.com/view/lower-drug-prices-announced-under-medicare-negotiation-program</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://healthjournalism.org/blog/2024/11/for-medicare-members-the-inflation-reduction-act-cuts-drug-costs-spreads-out-payments/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that to fulfill this commitment, the company must assess
the human rights impacts of its operations, activities, business relationships, and products related to access to medicines and <B>disclose
the results</B> of that assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For these reasons, we ask you to vote <B>FOR Proposal 4</B><FONT STYLE="color: red">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>This is not a solicitation of authority to vote
your proxy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Please DO NOT send us your proxy card
as it will not be accepted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
