<SEC-DOCUMENT>0001193125-23-050989.txt : 20230227
<SEC-HEADER>0001193125-23-050989.hdr.sgml : 20230227
<ACCEPTANCE-DATETIME>20230227171536
ACCESSION NUMBER:		0001193125-23-050989
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20230227
DATE AS OF CHANGE:		20230227
EFFECTIVENESS DATE:		20230227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XCEL ENERGY INC
		CENTRAL INDEX KEY:			0000072903
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				410448030
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-270068
		FILM NUMBER:		23676574

	BUSINESS ADDRESS:	
		STREET 1:		414 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401
		BUSINESS PHONE:		6123305500

	MAIL ADDRESS:	
		STREET 1:		414 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTHERN STATES POWER CO /MN/
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>d579806ds3asr.htm
<DESCRIPTION>S-3ASR
<TEXT>
<HTML><HEAD>
<TITLE>S-3ASR</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on February&nbsp;27, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-3</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Xcel Energy Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Minnesota</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">41-0448030</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction of<BR>incorporation or organization)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. Employer<BR>Identification Number)</B></TD></TR>
</TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>414 Nicollet Mall </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Minneapolis, Minnesota 55401 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(612)&nbsp;330-5500</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices) </B></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Amanda Rome </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive
Vice President, Chief Legal and Compliance Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Xcel Energy Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>414 Nicollet Mall </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Minneapolis, Minnesota 55401 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(612) <FONT STYLE="white-space:nowrap">330-5500</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Approximate date of commencement of proposed sale to the public:</B>&nbsp;From time to time after the effective date of this registration
statement. </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans,
please check the following box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of the securities being registered on this Form are to be offered on a delayed
or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following
box.&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D.
filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
<FONT STYLE="white-space:nowrap">a&nbsp;non-accelerated&nbsp;filer,</FONT> smaller reporting company, or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting
company,&#148; and &#147;emerging growth company&#148; in <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2&nbsp;of</FONT> the Exchange Act. </P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="57%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Large&nbsp;accelerated&nbsp;filer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9746;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accelerated file</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-accelerated&nbsp;filer</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Smaller&nbsp;reporting&nbsp;company</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Emerging&nbsp;growth&nbsp;Company</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of Securities Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g579806g00v01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>414 Nicollet Mall </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Minneapolis, Minnesota 55401 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(612) 330-5500 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dividend
Reinvestment and Stock Purchase Plan </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Common Stock </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>($2.50 par value) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
prospectus describes our Dividend Reinvestment and Stock Purchase Plan (the &#147;Plan&#148;). The Plan provides a convenient and economical way for our shareholders and other investors to purchase shares of our common stock and to reinvest cash
dividends in additional shares of our common stock. You should read this prospectus carefully before you invest and retain it for future reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Participation in the Plan is entirely voluntary and you may discontinue your participation at any time. This Plan amends and restates our
existing Dividend Reinvestment and Stock Purchase Plan. If you already participate in that plan, you will be automatically enrolled in this amended Plan unless you notify us otherwise. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you are not already a shareholder, you may become a participant in the Plan by submitting an <I>Account
Authorization Form </I>to the Plan Administrator, Equiniti Trust Company (&#147;EQ Shareowner Services&#148;), and making an initial cash investment in our common stock of at least $250 plus the initial enrollment fee (which you may satisfy by
authorizing a minimum of ten (10)&nbsp;consecutive automatic investments of at least $25) and up to a monthly maximum of $25,000. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you are a registered holder of our common stock and participate in the Plan, you may purchase additional
shares of our common stock by reinvesting all or a portion of the cash dividends paid on your shares of stock, or by making optional cash investments of at least $25 and up to a maximum of $25,000 per month. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you are a beneficial owner of shares held by a broker or other custodial institution for your account, you may
participate in the Plan if your broker has established procedures that permit its customers to participate in plans such as ours. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you are a shareowner of record owning <I>less than 50 shares</I>, you pay no transaction fees to reinvest your
dividends. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you are a shareowner of record owning <I>50 shares or more</I>, there is an investment fee for dividends
reinvested (see &#147;Investment Summary and Participation and Transaction Fees&#148; for additional information). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
purchase price for shares of our common stock purchased directly from us for dividend reinvestments or optional cash investments will be the average of the high and low sale price per share of our common stock as reported on the Nasdaq Stock Market
LLC on the last day on which our common stock was traded before the investment date. The purchase price for shares of our common stock purchased by the Plan Administrator on the open market will be the weighted average price (including any per share
fees) of all shares purchased by the Plan Administrator for Plan participants on the relevant investment date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus relates to
shares of our common stock registered for sale under the Plan. Our common stock is traded on the Nasdaq Stock Market LLC under the trading symbol &#147;XEL.&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Investing in
our common stock involves risks. See &#147;<A HREF="#toc579806_2">Risk Factors</A>&#148; beginning on page&nbsp;1 of this prospectus and in our periodic reports and other information we file with the Securities and Exchange Commission. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of this
prospectus is February&nbsp;27, 2023 </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_1">OUR COMPANY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_2">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_3">CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_4">DESCRIPTION OF THE PLAN</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_5">Purpose</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_6">Advantages of Plan Participation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_7">Administration</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_8">Eligibility to Participate</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_9">Joining the Plan</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_10">Dividend Reinvestment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_11">Optional Investments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_12">Purchase of Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_13">Full and Fractional Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_14">Reports to Plan Participants</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_15">Investment Summary and Participation and Transaction Fees</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_16">Depositing Shares into the Plan</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_17">Withdrawing Shares from Your Plan Account</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_18">Pledging Your Plan Account Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_19">Selling Your Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_20">Gifts and Other Transfers of Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_21">Termination of Participation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_22">Other Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_23">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_24">U.S. Holders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_25">Reinvested Dividends</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_26">Optional Cash Investments</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_27">Tax Basis of Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_28">Deposit, Withdrawal or Sale of Shares</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_29">Medicare Tax</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_30">IRS Reports</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_31">U.S. Information Reporting and Backup Withholding</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_32">Statements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_33">Withholding and Information Reporting for Non-U.S. Holders</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_34">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_35">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_36">DESCRIPTION OF COMMON STOCK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_37">General</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_38">Dividend Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_39">Voting Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_40">Preferred Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_41">Change of Control</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_42">Liquidation Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_43">Preemptive and Subscription Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_44">WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_45">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_46">LEGAL OPINIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc579806_47">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information contained or incorporated by reference in this prospectus. We have not authorized
anyone to provide you with different information. We are not making an offer of the securities in any jurisdiction where the offer is not permitted. You should assume that the information in this prospectus is accurate only as of the date on its
cover page and that any information we have incorporated by reference is accurate only as of the date of the document incorporated by reference. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_1"></A>OUR COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Xcel Energy Inc. (&#147;we&#148;, &#147;us,&#148; &#147;our,&#148; and the &#147;Company&#148;) is a public utility holding company with four utility
subsidiaries: (i)&nbsp;Northern States Power Company, a Minnesota corporation, which provides electric utility service to approximately 1.5&nbsp;million customers in Minnesota, North Dakota and South Dakota and natural gas utility service to
approximately 0.5&nbsp;million customers in Minnesota and North Dakota; (ii)&nbsp;Northern States Power Company, a Wisconsin corporation, which provides electric utility service to approximately 0.3&nbsp;million customers and natural gas utility
service to approximately 0.1&nbsp;million customers in northwestern Wisconsin and the western portion of the Upper Peninsula of Michigan; (iii)&nbsp;Public Service Company of Colorado, a Colorado corporation, which provides electric utility service
to approximately 1.6&nbsp;million customers and natural gas utility service to approximately 1.5&nbsp;million customers in Colorado; and (iv)&nbsp;Southwestern Public Service Company, a New Mexico corporation, which provides electric utility service
to approximately 0.4&nbsp;million retail customers in Texas and New Mexico. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We were incorporated in 1909 under the laws of Minnesota. Our principal
executive offices are located at 414 Nicollet Mall, Minneapolis, Minnesota 55401, and our telephone number at that location is (612) <FONT STYLE="white-space:nowrap">330-5500.</FONT> Our website is www.xcelenergy.com. Except for documents
incorporated by reference into this prospectus, no information contained in, or that can be accessed through, our website is to be considered as part of this prospectus. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_2"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Before you decide to participate in the Plan, you should carefully consider the risks, uncertainties and any cautionary language or other information
incorporated by reference in this prospectus, including the information in Item 1A., &#147;Risk Factors,&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022 and subsequent reports
we file with the Securities and Exchange Commission (the &#147;SEC&#148;), which are incorporated by reference into this prospectus. The risks described in those reports are those that we consider to be the most significant to your decision whether
to invest in shares of our common stock through the Plan. If any of the events described therein occurs, our business, financial condition or results of operations could be materially harmed. In addition, there are risks associated with
participation in the Plan, as described below. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Relating to Participation in the Plan </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>You will not know the price of the shares you are purchasing under the Plan at the time you authorize the investment or elect to have your dividends
reinvested. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The price of our shares may fluctuate between the time you decide to purchase shares under the Plan and the time of actual purchase.
In addition, during this period, you may become aware of additional information that might affect your investment decision, but you may not be able to change or cancel your purchase authorization. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>You will not be able to direct the specific time or price at which your shares are sold under the Plan. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you instruct the Plan Administrator to sell shares under the Plan, you will not be able to direct the time and price at which your shares are sold. The
price of our shares may decline between the time you decide to sell shares and the time of actual sale. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_3"></A>CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This prospectus (including any information we include or incorporate into this prospectus and in an accompanying prospectus supplement) contains statements
that are not historical facts and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express or discuss expectations, beliefs, plans, strategies, objectives,
assumptions, or future events or performance (often, but not always, through the use of words or phrases such as &#147;believe,&#148; &#147;could,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;plan,&#148;
&#147;possible,&#148; &#147;potential,&#148; &#147;should,&#148; &#147;will,&#148; &#147;would,&#148; and similar expressions) are forward-looking. By their nature, forward-looking statements are subject to risks, uncertainties, assumptions and
other factors that may cause actual results to differ materially from those contained or implied in the forward-looking statements. Accordingly, information regarding important risks, uncertainties, assumptions and other factors that could cause our
future financial and operating performance to differ materially from that described in our forward-looking statements is available in our annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022,
and subsequent reports we file with the SEC, which are incorporated by reference in this prospectus. See &#147;Where You Can Find More Information&#148; later in this prospectus for information on how to obtain a copy of our annual report and other
reports. You should consider these risks, uncertainties, assumptions and other factors when considering any forward-looking statement, and should not unduly rely on any forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is intended that these forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on which the forward-looking statement is made or to reflect the occurrence of unanticipated events, except as required by law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_4"></A>DESCRIPTION OF THE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_5"></A>Purpose </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The primary purpose of
the Plan is to provide our shareholders as well as new investors with a convenient and economical method of purchasing our common stock. Once enrolled in the Plan, you may reinvest cash dividends and, through optional cash payments, purchase
additional shares of common stock from time to time or at regular intervals. Although we expect the Plan to appeal to many shareholders, it is entirely optional. A secondary purpose of the Plan is to enable us to raise additional capital by selling
newly issued shares of our common stock under the Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_6"></A>Advantages of Plan Participation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participation in the Plan will enable you to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Make an initial investment in shares of our common stock through the Plan if you are not already a shareholder,
with an initial cash investment of at least $250 plus the initial enrollment fee, which you may satisfy by authorizing a minimum of ten (10)&nbsp;consecutive automatic investments of at least $25, and not more than $25,000 per month.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Invest in additional shares of our common stock if you are already a holder of our common stock by making
optional cash investments at any time of at least $25 and not more than $25,000 per month. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Choose to have cash dividends on some or all of your shares of our common stock held in the Plan automatically
reinvested in shares of our common stock or choose to forego automatic reinvestment. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Continue to receive cash dividends on any shares of our common stock held in the Plan that you have not chosen to
reinvest in additional shares of our common stock. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Make investments in additional shares of our common stock by automatic withdrawal. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Deposit all of your common stock certificates with the Plan Administrator for safekeeping, thereby reducing your
risk of loss of physical certificates. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Have full investment of your funds under the Plan because the Plan permits your account to be credited with both
whole and fractional shares. Dividends will be paid not only on whole shares but also proportionately on fractional shares. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sell or make gifts of shares of our common stock held in the Plan. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Receive notices of Plan transactions and periodic statements of Plan activity. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_7"></A>Administration </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Plan
Administrator. </I></B>Equiniti Trust Company (&#147;EQ Shareowner Services&#148;), or a successor thereto, will serve as the Plan Administrator and will purchase shares of our common stock for participants in the Plan, serve as custodian for shares
on deposit in the Plan, keep records, send statements of account to Participants and perform other duties relating to the Plan. Shares of our common stock purchased under the Plan will be registered in the name of the Plan Administrator (or its
nominee) and held by the Plan Administrator for each participant in the Plan. EQ Shareowner Services also serves as transfer agent, registrar and dividend paying agent for our common stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Contacting the Plan Administrator. </I></B>For inquiries and requests for service regarding the Plan,
including optional cash investments, sales, transfers, deposits or withdrawals, or to provide notices to the Plan Administrator, you may contact the Plan Administrator as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="41%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="41%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>By&nbsp;telephone:</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Customer Care Specialists are available Monday through Friday, from 7:00 a.m. and 7:00&nbsp;p.m. Central Time.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may also access your account information 24 hours a day, 7 days a week, using the EQ
Shareowner Services automated voice response system.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-877-778-6786</FONT></FONT></FONT> toll-free from the
United States</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-651-450-4064</FONT></FONT></FONT> from
outside the United States</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>In writing:</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Please send your inquiry, request or notice to one of the following addresses:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EQ Shareowner Services</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 64856</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">St. Paul, MN 55164-0856</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certified/Overnight Mail:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EQ Shareowner
Services</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1110 Centre Pointe Curve, Suite 101</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Mendota Heights,
MN 55120-4100</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><I>Please be sure to include &#147;Xcel Energy,&#148; your Plan account number and your name and address in your letter.</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>On the Internet:</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>shareowneronline.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Available 24 hours a day, 7 days a week for access to your account information and answers for many common questions and general inquiries.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>To register for online access:</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>If you are an existing registered shareowner:</I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&#8195;&#8201;Go to <B>shareowneronline.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&#8195;&#8201;Click <B>Register</B> then <B>I want to register for online access</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&#8195;&#8201;Select <B>Xcel Energy Inc. </B>and enter your EQ Account Number</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">4.&#8195;&#8201;Select your Authentication* method</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">5.&#8195;&#8201;Follow the steps to provide your information, create your secure profile, and access your online
account.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*&#8201;&#8201;If you need your
Authentication ID to continue, select <B>Authentication ID</B> and <B>Please send my Authentication ID</B>, then click <B>Send ID</B>.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>If you are a new investor:</I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">1.&#8195;&#8201;Go to <B>shareowneronline.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">2.&#8195;&#8201;Select <B>Register</B> then <B>I want to invest in a Company</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">3.&#8195;&#8201;Select <B>Xcel Energy Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">4.&#8195;&#8201;Select <B>Invest in this company, </B>and follow instructions to buy shares</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If you own shares in street name. </I></B>If you currently own shares of Xcel Energy Inc. common stock that are held on
your behalf by a bank or broker (in &#147;street name&#148;), you can instruct the bank or broker to transfer at least one share to a book-entry Direct Registration Shares (&#147;DRS&#148;) account registered in your name. Once the process is
complete, you will receive a statement showing the deposit of shares to book-entry DRS. Upon receipt of the statement, you can enroll in the Plan as an existing registered shareowner. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Electronic Communications. </I></B>In order to promote cost efficiency and to minimize the impact of
paper on the environment, we actively encourage Plan participants to access their accounts electronically through the Plan Administrator&#146;s website, <B>shareowneronline.com</B>, and to enroll in eDelivery of account statements, tax documents and
company communications. Online access to your Plan account will require a username and password, which you can establish on the Plan Administrator&#146;s website, <B>shareowneronline.com</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Notices to You. </I></B>The Plan Administrator will send all notices and other communications to you at your last known address on file with the Plan
Administrator. <B>You should notify the Plan Administrator promptly, in writing, of any change in address.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Use of Broker. </I></B>The Plan
Administrator is authorized to choose a broker to effect open market purchases and sales of shares of our common stock for Plan participants. The broker will receive fees and commissions for effecting such transactions. From time to time we may
change the amount of fees charged to Plan participants. The Plan Administrator will furnish you with the name of the broker upon written request from you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_8"></A>Eligibility to Participate </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You
may participate in the Plan if you are: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a current shareholder of record of our common stock (shares are registered in your name with our transfer agent);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a new investor who is a person or legal entity residing in the United States; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a new investor who is a citizen or resident of a country other than the United States, if there are no laws or
governmental regulations that would prohibit you from participating in the Plan, or that would affect the terms of the Plan. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are
a beneficial owner of shares of our common stock held by a broker or other custodial institution for your account, you may participate in the Plan only if your broker or custodian has established procedures that permit its customers to participate
in plans such as the Plan, or if you become a shareholder of record of our stock. You can become a shareholder of record by transferring one or more of the shares of our stock from your brokerage or custodial account into your name, or by enrolling
in the Plan as a new investor. We reserve the right to deny, modify, suspend or terminate participation by any person or entity. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_9">
</A>Joining the Plan </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are eligible to participate in the Plan, you may join the Plan at any time. Once you have enrolled, you will remain
enrolled until you withdraw from the Plan, we terminate the Plan or we terminate your participation in the Plan. If you are currently a participant in our existing Dividend Reinvestment and Stock Purchase Plan, you are automatically enrolled in the
amended Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The steps you must take to join the Plan vary depending upon whether you are already a registered holder of shares of our common stock:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you already own our common stock and the shares are registered in your name, you must complete and submit an
<I>Account Authorization Form </I>online at the Plan Administrator&#146;s website, <B>shareowneronline.com</B>, or complete an <I>Account Authorization Form </I>and mail it to the Plan Administrator. The <I>Account Authorization Form </I>is
available on the Plan Administrator&#146;s website, <B>shareowneronline.com</B>, or may be obtained at any time by contacting the Plan Administrator at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-877-778-6786</FONT></FONT></FONT> (or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-651-450-4064</FONT></FONT></FONT> if calling from outside of the United States). The <I>Account Authorization Form </I>allows you to indicate how
you wish to participate in the Plan. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you do not currently own any of our common stock, you may join the Plan if you make an initial cash investment
of at least $250 plus the initial enrollment fee, which you may satisfy by authorizing a </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
minimum of ten (10)&nbsp;consecutive automatic investments of at least $25. You must complete and submit an <I>Account Authorization Form </I>in the manner described in the previous paragraph,
and make your required initial investment by one of the methods described below under the caption &#147;Optional Investments.&#148; The maximum initial investment is $25,000 per month. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If you currently own our common stock but the shares are held in a brokerage or other custodial institution
account, you can participate directly in the Plan by coordinating your participation in the Plan through the broker or other intermediary in whose name your shares are held (if your broker or other intermediary has procedures that permit such
participation), by directing your broker or other intermediary to register some or all of your shares directly in your name with our transfer agent and then enrolling in the Plan as described in the first bullet point, or by enrolling in the Plan as
a new investor as described in the second bullet point. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_10"></A>Dividend Reinvestment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Reinvestment Options. </I></B>When you enroll in the Plan, you must indicate on the <I>Account Authorization Form </I>which of the following three
options regarding cash dividends on our common and preferred stock you choose: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Full Dividend Reinvestment: </I>All cash dividends payable on shares held in the Plan, along with any shares
held in physical certificate form or through book-entry Direct Registration Shares (&#147;DRS&#148;), will be used to purchase additional shares. The participant will not receive cash dividends from the Company; instead, all dividends will be
reinvested. Whole and fractional shares will be allocated to the Plan account. <I>(RD)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Partial Dividend Reinvestment: </I>A participant may elect to reinvest a portion of the dividend and receive
the remainder in cash. The percentage elected will be applied to the total shares held in the Plan, along with any shares held in physical certificate form or held through book-entry DRS. A participant may elect percentages from <FONT
STYLE="white-space:nowrap">10%-90%,</FONT> in increments of 10%. The cash portion of dividends will be sent by check unless the participant has elected to have those dividends deposited directly to a designated bank account. <I><FONT
STYLE="white-space:nowrap">(RX-N)</FONT></I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">An example of partial reinvestment by percentage: A participant has a
total of 150 shares; 120 shares are held in the Plan, 15 in physical certificate form and 15 shares in book-entry DRS. The participant chooses to have 50% of the total dividend reinvested. This will equate to 75 shares having dividends reinvested
and 75 shares having dividends paid in cash. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>No Dividend Reinvestment: </I>All dividends payable to the participant will be paid in cash. This includes the
dividend payable on all shares held in the Plan, any shares held in physical certificate form or held through book-entry DRS. The participant&#146;s dividend payment will be sent by check unless the participant has elected to have those dividends
deposited directly to a designated bank account. <I>(RP0)</I> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>If you do not specify a dividend reinvestment option when you
enroll, your Plan account will be automatically set up for the full dividend reinvestment option. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Dividend Reinvestment Dates.</I></B><B><I>
</I></B>Dividends will be reinvested in additional shares of our common stock on the regular dividend payment dates (each of which is an &#147;investment date&#148; for reinvested dividends), or as soon as administratively possible after the payment
date. Our normal dividend payment dates are January 20, April 20, July&nbsp;20 and October 20. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Initial Dividend Option Selection. </I></B>If an
<I>Account Authorization Form </I>specifying &#147;Full Dividend Reinvestment&#148; or &#147;Partial Dividend Reinvestment&#148; is properly completed and received by the Plan Administrator in sufficient time to process prior to the dividend record
date of a particular dividend, then reinvestment of the designated dividends will commence with that dividend payment. Otherwise, reinvestment of dividends will begin with the following dividend payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Change in Dividend Option Selection. </I></B>You may change your dividend reinvestment option at any
time online at <B>shareowneronline.com</B>, by telephone, or by notifying the Plan Administrator in writing. The Plan Administrator must receive notice of your change in dividend reinvestment option in sufficient time to process prior to the
dividend record date of a particular dividend for the change to be effective in connection with that dividend. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Payment of Cash Dividends.
</I></B>For electronic direct deposit of any dividend funds, contact the Plan Administrator to request a <I>Direct Deposit of Dividends Authorization Form</I>. The participant should include a voided check or deposit slip from the bank account for
which to set up direct deposit. If the shares are jointly owned, all owners must sign the form. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_11"></A>Optional Investments
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Maximum and Minimum Investment Amounts. </I></B>If you are a participant in the Plan, you may purchase additional shares of our common stock at
any time by using the Plan&#146;s optional cash investment feature, regardless of whether you have chosen to reinvest dividends. Optional cash investments may not be less than $25 and not more than $25,000 per month. Dividend amounts reinvested in
additional shares and share certificates deposited in the Plan for safekeeping do not count toward the $25,000 per month limit. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are not already a
Plan participant at the time you wish to make an optional cash investment, you must enroll in the Plan in connection with that investment. Your initial cash investment must be at least $250 plus the initial enrollment fee, which you may satisfy by
authorizing a minimum of ten (10)&nbsp;consecutive automatic investments of at least $25, and may not exceed $25,000 per month. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reserve the right to
waive the $25,000 limit on initial and monthly optional cash investments upon request by an investor, but it shall be entirely within our discretion as to whether and under what circumstances any request for such a waiver will be approved. If you
wish to request such a waiver, or have questions about the waiver process, you should contact the Company by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">612-337-2310.</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Investment Dates. </I></B>Optional cash investments received by the Plan Administrator are invested in shares of our common stock weekly on Friday or,
if that day is not a business day, on the next business day (each of which is an &#147;investment date&#148; for optional cash investments) or as soon as administratively possible thereafter. Depending on the number of shares being purchased and
current trading volume in the shares, purchases may be executed in multiple transactions and may be traded on more than one day. Shares purchased will be credited to your Plan account on each investment date or as soon as administratively possible
thereafter. <B>Optional cash investments received on or before 5:00 pm Central Time the business day preceding a given investment date will be invested on that investment date. </B>Optional cash payments received on or after that time will be held
by the Plan Administrator until the next investment date. We recommend that optional cash payments be sent so as to be received shortly before an investment date since no interest will be paid on cash held pending an investment date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the Plan, you may elect to have optional cash investments automatically deducted by automatic withdrawal from your checking or savings account at any
qualified U.S. or Canadian financial institution that participates in the automated clearing house. These automatic deductions are made on the 9th and/or 25th of each month, or if such date is not a business day, the deduction will be made on the
preceding business day. Funds so deducted will be invested as provided in the previous paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participants should be aware that the share price may
fluctuate between the time your purchase request is received by the Plan Administrator and the time the investment is made. The Plan Administrator may, at its own discretion, accept written requests to revoke purchase instructions if requests are
received at least two business days prior to the investment date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Payment Options. </I></B>You have the following three payment options when making optional cash
investments. In each case, necessary funds must be drawn in U.S. Dollars from an account with a U.S. or Canadian financial institution. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>By Check: </I>You may send the Plan Administrator a check made payable to &#147;EQ Shareowner Services.&#148;
To make an initial investment by check at the time you join the Plan, you should enclose your check with your <I>Account Authorization Form </I>and mail it to the Plan Administrator at the address indicated above under the caption
&#147;Administration.&#148; To make a payment by check when you are already a Plan participant, you should mail the <I>Transaction Request Form </I>attached to your Plan account statement along with your check to the Plan Administrator. Cash, third
party checks, money orders, traveler&#146;s checks and checks not drawn on a U.S. or Canadian financial institution or not in U.S. Dollars will not be accepted and will be returned to the sender. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>By Online Investment: </I>You may make optional cash investments online through the Plan Administrator&#146;s
website at <B>shareowneronline.com</B>. To purchase shares of our common stock online, you must authorize the withdrawal of funds from your bank checking or savings account by automatic withdrawal. You can authorize an automatic withdrawal from your
bank checking or savings account by completing and submitting to the Plan Administrator an <I>Account Authorization Form </I>or by providing the authorization online at <B>shareowneronline.com</B>. You may make an initial investment online at the
time you join the Plan in connection with an online enrollment. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>By Automatic Withdrawal from Your Bank Account: </I>If you wish to make a
<FONT STYLE="white-space:nowrap">one-time,</FONT> semi-monthly, or monthly automatic investment without writing checks, including in connection with your enrollment in the Plan, you can authorize an automatic withdrawal from your bank checking or
savings account by completing and submitting to the Plan Administrator an <I>Account Authorization Form </I>or by providing the authorization online at <B>shareowneronline.com</B>. Funds will be deducted from your account on the 9th and/or 25th day
of each month (or, if that day is not a business day, on the preceding business day). You should allow three to four weeks for your first automatic withdrawal to be initiated. You may change or terminate your automatic withdrawal authorization
online or by written notice to the Plan Administrator at least 15 business days before the next scheduled cash withdrawal. Changes or a discontinuation of automatic withdrawals can be made online, by telephone, or by using the <I>Transaction Request
Form </I>attached to the participant&#146;s statement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Insufficient Funds. </I></B>A fee in the amount shown in the fee table
under &#147;- Investment Summary and Participation and Transaction Fees&#148; will be assessed if any check is returned unpaid, or if an automatic withdrawal from your bank account fails due to insufficient funds. In addition, the Plan Administrator
will immediately remove any shares already credited to your Plan account in anticipation of receiving those funds. These shares will be sold to recover any uncollected funds and the return fee. If the net proceeds of the sale of such shares are
insufficient to recover in full the uncollected amounts plus the return fee, the Plan Administrator reserves the right to sell such additional shares from any of your accounts maintained by the Plan Administrator as may be necessary to recover in
full the uncollected balance plus the return fee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participants will not earn interest on funds held by the Plan Administrator. During the period that an
optional cash investment is pending, the collected funds in the possession of the Plan Administrator may be invested in certain Permitted Investments. For purposes of this Plan, &#147;Permitted Investments&#148; shall mean the Plan Administrator may
hold the funds uninvested or invested in select deposit products. The risk of any loss from such Permitted Investments shall be the responsibility of the Plan Administrator. Investment income from such Permitted Investments shall be retained by the
Plan Administrator. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_12"></A>Purchase of Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Source of Shares. </I></B>We have the sole discretion to determine whether shares purchased under the Plan will come from the authorized and unissued
shares of our common stock or shares purchased on the open market by the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Plan Administrator. We will not change our determination as to the source of the shares more than once in
any three-month period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Pricing of Shares Purchased from Us. </I></B>The price at which authorized and unissued shares of our common stock will be
purchased from us will be the average of the high and low price per share paid on the last day on which our common stock was traded preceding the investment date as reported by the Nasdaq Stock Market LLC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Pricing of Shares Purchased in the Market. </I></B>The price at which shares of our common stock purchased by the Plan Administrator on the open market
will be deemed to have been acquired will be the weighted average price (including any per share fees) of all shares purchased by the Plan Administrator for Plan participants for the relevant investment date. The Plan Administrator may purchase
shares in the open market or in negotiated transactions as soon as administratively possible (but in no event more than 35 trading days) after the applicable investment date, subject to any waiting periods under applicable securities laws or stock
exchange regulations. Such purchases may be made on any securities exchange where our common stock is traded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan Administrator may commingle any
Plan participant&#146;s funds (dividends and optional cash payments) with those of others participating in the Plan and may offset purchase and sale orders for the same investment date. The Plan Administrator will have no responsibility as to the
market value of shares acquired for Plan participants&#146; accounts. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_13"></A>Full and Fractional Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Your Plan account will be credited with the number of shares, including fractions computed to three decimal places, equal to the total amount you invest (less
applicable fees) divided by the applicable purchase price per share. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_14"></A>Reports to Plan Participants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you participate in the Plan, you will receive a transaction statement following each optional cash investment or sale or transfer of shares, and will
receive a quarterly statement for any quarter in which your Plan account had activity showing all transactions during the quarter (shares purchased or sold, amounts invested, amount of dividends, purchase prices) and the total number of shares in
the account. In the future, we may send annual statements rather than quarterly statements. If we decide to change the frequency of the account statement, we will notify you. <B>These statements are your continuing record of the tax cost of your
purchases of our common stock under the Plan, and should be retained for income tax purposes until such time as you have disposed of all such shares. </B>You will also receive copies of our annual reports to shareholders and proxy statements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_15"></A>Investment Summary and Participation and Transaction Fees </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Investment Summary </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="77%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Minimum cash investments</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Minimum <FONT STYLE="white-space:nowrap">one-time</FONT> initial purchase for new
investors*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$250.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">* Or 10 minimum recurring automatic investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$25.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Minimum <FONT STYLE="white-space:nowrap">one-time</FONT> optional cash purchase</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$25.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Minimum recurring automatic investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$25.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Maximum cash investments</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maximum monthly investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$25,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Dividend reinvestment options</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinvest options</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">Full,&nbsp;Partial,&nbsp;None</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Participation and Transaction Fees </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Investment fees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Initial Enrollment fee (new investors only)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$15.00</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinvestment of dividends (50 or fewer shares)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Company&nbsp;paid</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinvestment of dividends (More than 50 shares)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2.0%&nbsp;of&nbsp;dividends</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(max&nbsp;$2.50&nbsp;per&nbsp;quarter)</P></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">One-time</FONT> automatic investment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$2.50 per transaction</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Optional investment by automatic withdrawal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$1.50 per transaction</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Optional investment by check</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$2.50 per transaction</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividend reinvestment and optional cash purchase trading commissions (open market only)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$0.06 per share</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Sales fees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Batch Order</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$15.00 per transaction</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Market Order</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$25.00 per transaction</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limit Order per transaction (Day/GTD/GTC)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$30.00 per transaction</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stop Order</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$30.00 per transaction</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sale trading commission</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$0.12 per share</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct deposit of sale proceeds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$5.00 per transaction</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other fees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Certificate deposit</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Company Paid</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gift or other transfer of shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Company Paid</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Returned check / Rejected automatic bank withdrawals</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$35.00 per item</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Duplicate statement of account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$15.00 per year</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, we may change the amount of fees charged to Plan participants. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_16"></A>Depositing Shares into the Plan </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may deposit any of our common stock certificates in your possession and registered in your name with the Plan Administrator. Certificates for common shares
so deposited in the Plan will be transferred into the name of the Plan Administrator, as custodian of your shares under the Plan, and credited to your Plan account. Thereafter, the shares will be treated in the same manner as shares purchased
through the Plan and dividends on all such deposited shares will be reinvested to the extent you elected the dividend reinvestment option. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Depositing
your stock certificates in the Plan offers two significant advantages. First, the risk to you associated with loss, theft or destruction of stock certificates is eliminated. If a stock certificate is lost, stolen or destroyed, no transfer or sale of
the shares may take place until a replacement certificate is obtained. This procedure is not always simple and usually results in costs and paperwork to you, to us and to our transfer agent. Second, the deposited shares may be sold through the Plan
in a convenient and efficient manner. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may elect to deposit physical Xcel Energy Inc. common stock certificate(s) for safekeeping, by sending
the certificate(s) to the Plan Administrator together with instructions to deposit the certificate(s). The certificate(s) will show as surrendered with the corresponding credit to Plan shares. The transaction will appear on the Plan account
statement, and shares will be held by the Plan Administrator in its name or nominee name. These shares will be held until you sell, withdraw or terminate participation in the Plan. Because you bear the risk of loss in sending stock certificate(s),
it is recommended that you send them registered, insured for at least 5% of the current market value and request a return receipt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certificate(s) will be
issued to a participant for common stock in the participant&#146;s account upon written request to the Plan Administrator. No certificate for a fractional share will be issued. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_17"></A>Withdrawing Shares from Your Plan Account </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may withdraw any number of whole shares from your Plan account at any time by notifying the Plan Administrator to that effect online at
<B>shareowneronline.com</B>, by telephone, or in writing. You may obtain the shares to be withdrawn in book-entry form through the direct registration system maintained by our transfer agent. Any shares remaining in your Plan account will continue
to be credited to that account, and dividends paid with respect to such remaining shares will be reinvested in additional shares in accordance with your dividend reinvestment election until your participation in the Plan is terminated. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_18"></A>Pledging Your Plan Account Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may not pledge any shares of our common stock held in your Plan account as collateral for a loan or other obligation. If you wish to pledge common shares
held in your Plan account, you must first withdraw from your Plan account the number of shares you wish to pledge. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_19"></A>Selling
Your Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You can sell your Plan shares at any time by submitting a request to sell online, by telephone or through the mail (see &#147;&#151;
Administration&#151;Contacting the Plan Administrator&#148;). A check will be issued for your sale proceeds, unless you elect to receive the funds by direct deposit into your bank account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales are usually made through a broker, who will receive brokerage commissions. Typically, the shares are sold through the exchange on which our common
shares are traded. Depending on the number of our shares to be sold and current trading volume, sale transactions may be completed in multiple transactions and over the course of more than one day. All sales are subject to market conditions, system
availability, restrictions and other factors. The actual sale date, time or price received for any shares sold through the Plan cannot be guaranteed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You
may instruct the Plan Administrator to sell shares under the Plan through a Batch Order, Market Order, Day Limit Order, <FONT STYLE="white-space:nowrap">Good-&#146;Til-Date/Canceled</FONT> Limit Order or Stop Order. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Batch Order (online, telephone, mail) </I></B>&#150; The Plan Administrator will combine each request to sell through the Plan with other Plan
participant sale requests for a Batch Order. Shares are then periodically submitted in bulk to a broker for sale on the open market. Shares will be sold no later than five business days (except where deferral is necessary under state or federal
regulations). Bulk sales may be executed in multiple transactions and over more than one day depending on the number of shares being sold and current trading volumes. The price per share sold will not be known until the sales are completed and will
always be the weighted-average price for all shares sold for the Plan on the trade date. Once entered, a Batch Order request cannot be canceled. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Market Order (online or telephone) </I></B>&#150; The participant&#146;s request to sell shares in a Market Order will be at the prevailing market price
when the trade is executed. If such an order is placed during market hours, the Plan Administrator will promptly submit the shares to a broker for sale on the open market. The sale will be at the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
prevailing market price when the trade is executed. Once entered, a Market Order request cannot be canceled. Sales requests submitted near the close of the market may be executed on the next
trading day, along with other requests received after market close. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Day Limit Order (online or telephone) </I></B>&#150;The participant&#146;s
request to sell shares in a Day Limit Order will be promptly submitted by the Plan Administrator to a broker. The broker will execute when and if the stock reaches, or exceeds the specified price on the day the order was placed (for orders placed
outside of market hours, the next trading day). The order is automatically canceled if the price is not met by the end of that trading day. Depending on the number of shares being sold and current trading volumes, the order may only be partially
filled and the remainder of the order canceled. Once entered, a Day Limit Order request cannot be canceled by the participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><FONT
STYLE="white-space:nowrap">Good-&#145;Til-Date/Canceled</FONT> (GTD/GTC) Limit Order (online or telephone) </I></B>&#150; A GTD/GTC Limit Order request will be promptly submitted by the Plan Administrator to a broker. The broker will execute when
and if the stock reaches, or exceeds the specified price at any time while the order remains open (up to the date requested or 90 days for GTC). Depending on the number of shares being sold and current trading volumes, sales may be executed in
multiple transactions and may be traded on more than one day. The order or any unexecuted portion will be automatically canceled if the price is not met by the end of the order period. The order may also be canceled by the applicable stock exchange
or the participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Stop Order (online or telephone) </I></B>&#150; The Plan Administrator will promptly submit a participant&#146;s request to
sell shares in a Stop Order to a broker. A sale will be executed when the stock reaches a specified price, at which time the Stop Order becomes a Market Order and the sale will be at the prevailing market price when the trade is executed. The price
specified in the order must be below the current market price (generally used to limit a market loss). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Requests received by mail will be processed as a
Batch Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A participant who wishes to sell shares currently held in certificate form may send them in for deposit to the Plan Administrator and then
proceed with the sale. To sell shares through a broker of their choice, the participant may request the broker to transfer shares electronically from the Plan account to their brokerage account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sales proceeds will be net of any fees to be paid by the participant. The Plan Administrator will deduct any fees or applicable tax withholding from the sale
proceeds. Sales processed on accounts without a properly completed IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> for participants that are &#147;United States persons&#148; (within the meaning of the Internal Revenue Code), or IRS Form <FONT
STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> as applicable, or other applicable IRS Form <FONT STYLE="white-space:nowrap">W-8</FONT> for participants
that are not &#147;United States persons&#148; (within the meaning of the Internal Revenue Code), will be subject to federal backup withholding. This tax generally can be avoided by furnishing the appropriate and valid form establishing exemption
from this tax prior to the sale. Forms are available online at <B>shareowneronline.com</B>. See &#147;Certain U.S. Federal Income Tax Considerations.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A check for the proceeds of the sale of shares (in U.S. Dollars), less applicable taxes and fees, will generally be mailed by first class mail as soon as
administratively possible after settlement date. If a participant submits a request to sell all or part of the Plan shares, and the participant requests net proceeds to be automatically deposited to a checking or savings account, the participant
must provide a voided blank check for a checking account or blank savings deposit slip for a savings account. If the participant is unable to provide a voided check or deposit slip, the participant&#146;s written request must have the
participant&#146;s signature(s) medallion guaranteed by an eligible financial institution for direct deposit. Requests for automatic deposit of sale proceeds that do not provide the required documentation will not be processed and a check for the
net proceeds will be issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You should be aware that the share price of our common stock may fluctuate between the time your sale request is received by
the Plan Administrator and the time the sale is completed on the open market. You should evaluate this possibility while deciding whether and when to sell any shares through the Plan because the price risk will be borne solely by you. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_20"></A>Gifts and Other Transfers of Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you wish to transfer ownership of all or part of the shares of our common stock in your Plan account through gift, private sale or otherwise, you may effect
a transfer by mailing to the Plan Administrator at the address listed above under the caption &#147;Administration&#148; a <I>Stock Power Form </I>properly executed by you (and any other persons for whom the Plan account is carried) and an IRS Form <FONT
STYLE="white-space:nowrap">W-9</FONT> or applicable IRS Form <FONT STYLE="white-space:nowrap">W-8</FONT> completed by the transferee. Requests for transfer of such shares are subject to the same requirements as the transfer of common stock
certificates, including the requirement of a Medallion signature guarantee on the <I>Stock Power Form</I>. Brokerage firms and banks generally can provide the Medallion signature guarantee. The Plan Administrator will provide the appropriate forms
upon request by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-877-778-6786</FONT></FONT></FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(1-651-450-4064</FONT></FONT></FONT> outside of the United States) or the forms may be downloaded at <B>shareowneronline.com</B>. Any shares so transferred will be withdrawn from your account, and your next account
statement will reflect the number of shares withdrawn. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you wish to transfer shares from your Plan account to the account of an existing Plan
participant or to a new Plan account, you should call the Plan Administrator&#146;s toll-free telephone number <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-877-778-6786</FONT></FONT></FONT> <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(1-651-450-4064</FONT></FONT></FONT> outside of the United States) to request a <I>Stock Power Form </I>and, for each new account, a Plan prospectus and
<I>Account Authorization Form</I>. The <I>Account Authorization Form </I>for any new Plan account should be completed by providing the full registration name, address and social security number of each new Plan participant. Each new Plan participant
must sign the <I>Account Authorization Form</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The completed <I>Stock Power Form </I>indicating the number of shares (full and fractional) which should
be transferred to the existing or new Plan participant&#146;s account should be sent to the Plan Administrator, accompanied by a properly completed <I>Account Authorization Form </I>for any transfer to a new Plan participant&#146;s account. You (and
any other persons for whom the Plan account is carried) must sign the <I>Stock Power Form </I>and your signature(s) must be Medallion Guaranteed as discussed above. If your transfer is being made to an existing Plan account, dividends on the shares
transferred will be reinvested in accordance with the dividend reinvestment election applicable to the existing account. Dividend reinvestment on shares transferred to a new Plan account will occur in accordance with the election made on the
<I>Account Authorization Form</I>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_21"></A>Termination of Participation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You can terminate your participation in the Plan at any time by contacting the Plan Administrator. You can submit your request for termination by telephone or
through the mail (see &#147;&#151; Administration &#151; Contacting the Plan Administrator&#148;). For your convenience, a <I>Transaction Request Form </I>is attached to your statement. Complete the form by filling in the required fields and
indicating your intention to terminate your participation in the Plan. Following termination, all future dividends will be paid to you in cash unless you rejoin the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Retain share</I></B>s &#151; If you elect to keep your shares, the whole shares held in your Plan balance will be moved to book- entry Direct
Registration Shares (&#147;DRS&#148;). Any fractional shares will be sold at the market price, and you will receive a check (less any fees) for the proceeds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Sell shares </I></B>&#151; If you choose to sell all of your shares, your sale proceeds, less applicable taxes and transaction fees, will be remitted to
you via check. Or you can choose to have them directly deposited into your bank account. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_22"></A>Other Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Stock Dividends, Stock Splits and Other Corporate Actions. </I></B>Any stock dividend or shares resulting from stock splits with respect to shares, both
full and fractional, credited to your Plan account will be added to your account. If there occurs any other transaction that results in the number of outstanding shares of our common stock being increased or decreased without the receipt of
consideration by us, such as a recapitalization, reclassification, reverse stock split or other combination of shares, your Plan account balance will be adjusted to reflect the results of such a transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Voting of Shares. </I></B>Participants in the Plan will receive voting materials and have the sole
right to vote the common stock of the Company represented by the shares held for them in the Plan. In the event the participant does not provide direction for voting, the Plan shares will not be voted. The participant is encouraged to read the
information carefully. Votes may be submitted online, by telephone or by returning the signed, dated proxy card. A participant&#146;s shares will be voted in accordance with the most recent submitted instructions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Shareholder Communications. </I></B>If you participate in the Plan, you will receive all communications sent to all holders of our common stock. You may
elect to have your statements and other information sent to you automatically by initiating eDelivery through <B>shareowneronline.com</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Multiple
Accounts. </I></B>We reserve the right to aggregate all optional investments for Plan participants with more than one account using the same name, address or social security or taxpayer identification number. We also may aggregate Plan accounts that
we believe to be under common control or management or to have common ultimate beneficial ownership. If we exercise our right to aggregate investments and the resulting investment in the Plan would exceed $25,000 per month, the amount in excess of
$25,000 will be returned without interest as soon as administratively possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Interpretation of the Plan. </I></B>We reserve the right to
interpret and regulate the Plan as we deem necessary or desirable in connection with the Plan&#146;s operations. Any such determination by us will be conclusive and binding on Plan participants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Change of Plan Administrator. </I></B>We reserve the right to appoint another institution to serve as Plan Administrator in place of the current Plan
Administrator. All Plan participants will receive notice of any such change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Plan Change or Termination. </I></B>At our direction, the Plan
Administrator may terminate your participation in the Plan if you do not own at least one full share in your name or held through the Plan. We also reserve the right to deny, modify, suspend or terminate participation in the Plan by otherwise
eligible persons to the extent we deem it advisable or necessary in our discretion to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Plan. If your participation in the Plan is terminated, you
will receive a direct registration statement for all full Plan shares and a check in the amount of the market value of any fractional Plan share. We also reserve the right to suspend, modify or terminate the Plan at any time. You will receive notice
of any suspension, material modification or termination of the Plan. We and the Plan Administrator also reserve the right to change any administrative procedures of the Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Limitation of Liability and Responsibilities of the Plan Administrator and the Company. </I></B>Neither the Company nor the Plan Administrator or its
independent agent will be liable for any act done in good faith or required by applicable law or for any good faith omission to act. This includes any claim of liability (i)&nbsp;arising out of the failure to terminate your account upon your death
prior to receipt of a notice in writing of such death, (ii)&nbsp;with respect to the prices or times at which shares are purchased or sold under the Plan, (iii)&nbsp;relating to any fluctuation in the value of the shares acquired for Plan
participants, or (iv)&nbsp;your failure to receive communications regarding the Plan if you have failed to update your address or email address on file with the Plan Administrator. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Individuals are encouraged to read and understand the provisions of the Plan. Neither the Company nor the Plan Administrator provides any investment advice or
recommendations regarding the common stock or participation in the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neither the Company nor the Plan Administrator, which is acting solely as our
agent in connection with the Plan, will have any duties or responsibilities in connection with the Plan other than those expressly set forth in the Plan or as imposed by applicable laws, and no implied duties, fiduciary or otherwise, shall be read
into this Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the absence of negligence or willful misconduct on its part, the Plan Administrator, whether acting directly or through agents or
attorneys shall not be liable for any action taken, suffered, or omitted or for any error of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
judgment made by it in the performance of its duties hereunder. In no event shall the Plan Administrator be liable for special, indirect or consequential loss or damage of any kind whatsoever
(including but not limited to lost profit), even if the Plan Administrator has been advised of the likelihood of such loss or damage and regardless of the form of action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan Administrator shall: (i)&nbsp;not be required to and shall make no representations and have no responsibilities as to the validity, accuracy, value
or genuineness of any signatures or endorsements, other than its own; and (ii)&nbsp;not be obligated to take any legal action hereunder that might, in its judgment, involve any expense or liability, unless it has been furnished with reasonable
indemnity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan Administrator shall not be responsible or liable for any failure or delay in the performance of its obligations under this Plan
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots;
interruptions, loss or malfunctions of utilities; computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that the Plan Administrator
shall use reasonable efforts which are consistent with accepted practices in the stock investment plan industry to resume performance as soon as administratively possible under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shares of our common stock acquired under the Plan are not insured by the FDIC or any other government agency, are not deposits or other obligations of, and
are not guaranteed by, EQ Shareowner Services, and are subject to investment risks, including possible loss of principal amount invested. EQ Shareowner Services and the Company provide no advice and make no recommendations with respect to purchasing
or selling Company securities. Common stock held in the Plan are not subject to protection under the Securities Investor Protection Act of 1970. Any decision to purchase or sell must be made by each individual Plan Participant based on his or her
own research and judgment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan and its operation are governed by and shall be construed in accordance with the laws of the state of Minnesota. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The payment of dividends is at the discretion of our Board of Directors and will depend upon future earnings, our financial condition and other factors.
The Board of Directors may change the amount and timing of dividends at any time without notice. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>You should recognize that neither we nor the Plan
Administrator can provide any assurance of a profit or protection against loss on any shares purchased under the Plan. </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_23">
</A>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following is a brief summary of certain material U.S. federal income tax consequences of
participation in the Plan to U.S. Holders (as defined below), and, to the extent specifically discussed below under &#147;&#151;Withholding and Information Reporting for <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders&#148; to <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holders (as defined below). This summary does not purport to be a complete analysis of all tax considerations, is for general information only, and is not tax advice. It is based on the Internal Revenue
Code of 1986, as amended, or the Code, Treasury regulations promulgated thereunder, administrative pronouncements of the Internal Revenue Service, or IRS, and judicial decisions, all as in effect on the date of this prospectus and all subject to
change or differing interpretations, possibly with retroactive effect. This summary assumes you hold stock as a capital asset within the meaning of Section&nbsp;1221 of the Code (generally, for investment) and it does not purport to address all of
the tax consequences that may be relevant to you in light of your particular circumstances or to Plan participants that are subject to special rules. For example, this summary does not address: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to U.S. Holders who may be subject to special tax treatment, such as dealers in securities or
currencies, traders in securities that elect to use the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
for their securities, banks or other financial institutions, regulated investment companies, real estate investment trusts, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> entities, insurance
companies, or entities or arrangements treated as partnerships and other pass- through entities for U.S. federal income tax purposes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to persons who are investors in a pass-through entity, such as a partnership, that holds shares
of our stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to persons holding our stock as part of a hedging, integrated, constructive sale or conversion
transaction or a straddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to U.S. Holders of our stock whose &#147;functional currency&#148; is not the U.S.&nbsp;Dollar;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to U.S. Holders who hold our stock as part of a retirement plan which is generally subject to
special income tax deferral or exemption rules; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax consequences to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders, except to the extent specifically
discussed below under &#147;&#151; Withholding and Information Reporting for <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">alternative minimum tax consequences, if any; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any U.S. federal tax consequences other than U.S. federal income tax consequences (such as estate or gift tax
consequences); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any state, local or foreign tax consequences. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a partnership holds our stock, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership.
If you are a partner of a partnership holding stock, you should consult your own tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You are urged to consult your own tax advisor with respect
to the U.S. federal, state, local and foreign tax consequences of participation in the Plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_24"></A>U.S. Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a &#147;U.S. Holder&#148; is a beneficial owner of shares of our common stock that is for U.S. federal income tax purposes:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an individual who is a citizen or resident of the United States; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof, or the District of Columbia; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an estate the income of which is subject to U.S. federal income taxation regardless of its source; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a trust, if (a)&nbsp;a court within the United States can exercise primary supervision over the administration of
the trust and one or more U.S. persons has authority to control all substantial decisions of the trust or (b)&nbsp;it has a valid election in effect under applicable Treasury regulations to be treated as a United States person.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_25"></A>Reinvested Dividends </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In general, even though you do not actually receive dividends that are reinvested under the Plan, you will be treated for U.S. federal income tax purposes as
having received a cash distribution. The amount of such distribution, in the case of reinvested dividends used to purchase shares of common stock (including fractional shares) on the open market, generally will be equal to the cash dividend used to
purchase those shares, plus the amount of your allocable portion of any brokerage fees paid by us in connection with those open-market purchases. The amount of such distribution, in the case of reinvested dividends used to purchase shares directly
from us, will be equal to the fair market value of the purchased shares (including fractional shares) on the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
dividend payment date. In either case, the distributions deemed received by a participant will include the amount of any tax withholding deducted from the reinvested dividend. These distributions
will be taxable as ordinary dividend income to you to the extent paid out of our current and accumulated earnings and profits, as determined for U.S. federal income tax purposes. To the extent that such distributions exceed our current and
accumulated earnings and profits, the excess will constitute a return of capital that is applied against, and will reduce, your tax basis in our stock, but not below zero, and then will be treated as gain from the sale of such stock. Certain
individuals and other <FONT STYLE="white-space:nowrap">non-corporate</FONT> Plan participants may be eligible to be taxed at reduced rates of tax with respect to distributions treated as qualified dividend income if certain holding period and other
requirements are satisfied. You are urged to consult your own tax advisors regarding the treatment of distributions as qualified dividend income in light of your particular circumstances. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_26"></A>Optional Cash Investments </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
general, you will not realize income, gain or loss for U.S. federal income tax purposes as a result of the purchase of shares of common stock pursuant to the Plan&#146;s optional cash investment feature. However, if you participate in the
Plan&#146;s automatic dividend reinvestment feature and you make optional cash investments in our common stock under the Plan, you may be treated for U.S. federal income tax purposes as having received a taxable distribution in an amount equal to,
in the case of shares of common stock purchased on the open market, the amount of your allocable portion of any brokerage fees paid by us in connection with those open-market purchases, and in the case of shares of common stock purchased directly
from us, the excess, if any, of the fair market value of the common stock purchased over the amount of your optional cash investment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_27">
</A>Tax Basis of Shares </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For U.S. federal income tax purposes, the tax basis of shares of our common stock purchased is generally the purchase price of
the shares plus any brokerage commissions and fees paid in connection with the purchase. The tax basis of shares of our common stock purchased with reinvested dividends generally will equal the total amount of distributions you are treated as having
received, as described above (which will include your allocable portion of any brokerage fees paid by us in connection with open-market purchases), less the amount of any tax withholding deducted from the reinvested dividend. The tax basis of shares
of our common stock acquired with optional cash investments generally will equal the amount of the voluntary cash payment. The tax basis of shares of our common stock acquired will be reported in accordance with applicable Treasury regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The IRS, pursuant to Treasury regulations on broker reporting of sales of securities and on the cost basis of securities, requires administrators of dividend
reinvestment plans to retain and accurately report cost basis information to shareholders and to the IRS. The Plan assumes that each participant will use the <FONT STYLE="white-space:nowrap">first-in,</FONT>
<FONT STYLE="white-space:nowrap">first-out</FONT> (FIFO) method when determining the tax basis of any shares sold. Participants may designate their preference for a different method of determining the tax basis of shares by identifying this
preference in writing to the Plan Administrator. Participants may designate their preference for specific identification cost basis at any time. You should consult your own tax advisor about the elections that are appropriate for you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_28"></A>Deposit, Withdrawal or Sale of Shares </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You generally will not realize any taxable income or any gain or loss for U.S. federal income tax purposes when you deposit shares into your Plan account or
when whole shares are withdrawn from your Plan account, either upon request for withdrawal by you, upon termination of your participation in the Plan or upon termination of the Plan by us. You will, however, generally recognize capital gain or loss
when you receive cash payments for fractional shares credited to your account upon your withdrawal from the Plan, upon termination of your participation in the Plan or upon the Plan&#146;s termination. You will also generally recognize capital gain
or loss when shares of common stock acquired under the Plan (including fractions of a share) are sold by the Plan Administrator or by you after withdrawal of the shares from the Plan. The amount of such gain or loss will be equal to the difference
(if any) between the amount you realize for your shares (or fractional shares) and your </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
adjusted tax basis in the shares. Whether the capital gain is long-term or short-term will depend on your holding period of the shares (or fractional shares). In general, any capital gain or loss
will be long-term if your holding period for the shares (or fractional shares) is more than one year and will be short-term if your holding period is one year or less. Your holding period for shares of common stock acquired pursuant to the Plan
generally begins on the day following the date the shares are credited to your account. Long-term capital gains of individuals and other <FONT STYLE="white-space:nowrap">non-corporate</FONT> taxpayers are generally eligible for reduced rates of
taxation. The deductibility of capital losses is subject to certain limitations. You should consult your tax advisor as to the consequences of a sale of our shares in view of your particular circumstances. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_29"></A>Medicare Tax </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain
participants that are individuals, estates or trusts will be subject to an additional 3.8% Medicare tax on the lesser of (i)&nbsp;the participant&#146;s &#147;net investment income&#148; for the relevant taxable year (&#147;undistributed net
investment income&#148; in the case of an estate or trust) and (ii)&nbsp;the excess of the participant&#146;s modified adjusted gross income (or adjusted gross income, in the case of an estate or trust) for the relevant taxable year over a certain
threshold. A participant&#146;s net investment income generally will include, among other things, certain dividends on, and capital gains from the sale or other disposition of, stock, subject to certain exceptions. If you are a participant that is
an individual, estate or trust, you are urged to consult your tax advisor regarding the applicability of the Medicare tax to your income and gains in respect of your investment in the shares acquired under the Plan. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_30"></A>IRS Reports </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plan
Administrator reports dividend income to participants and the IRS on Form <FONT STYLE="white-space:nowrap">1099-DIV.</FONT> The Plan Administrator reports the proceeds from the sale of Plan shares to the selling participants and the IRS on Form <FONT
STYLE="white-space:nowrap">1099-B.</FONT> Information reporting is generally required with respect to the amount of all actual and deemed dividend distributions (including from brokerage commissions and fees paid by the Company) and the amount of
tax withheld from those distributions. The Plan Administrator, as required, will report to the participant and to the IRS the sale of any shares of our common stock and the tax basis of the shares sold. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_31"></A>U.S. Information Reporting and Backup Withholding </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under some circumstances, U.S. Holders may be subject to information reporting and backup withholding (currently at a rate of 24%) on dividend payments made
with respect to, or cash proceeds of a sale or exchange of, shares. Information reporting and backup withholding will generally apply only if you fail to provide a correct taxpayer identification number (which, for an individual, would be his or her
social security number) on a properly completed and duly executed IRS Form <FONT STYLE="white-space:nowrap">W-9</FONT> to the Plan Administrator. Backup withholding is not an additional tax. Rather, the amount of any backup withholding with respect
to a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&#146;s </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. federal income tax liability and may entitle the U.S.
Holder to a refund or credit, provided that the required information is furnished to the IRS. In any case in which backup withholding applies to dividends that are reinvested under the Plan, the Plan Administrator reinvests an amount equal to the
dividends less the amount of tax withheld. For IRS reporting purposes, the amount of the tax withheld is included in the holder&#146;s dividend income. U.S. Holders should consult their tax advisors regarding their qualification for exemption from
backup withholding and the procedure for obtaining an exemption. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_32"></A>Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each statement of account will show the amount of dividends paid and reinvested, shares purchased, as well as the price per share to be used in determining the
cost basis of the common stock purchased with reinvested dividends and/or cash payments pursuant to the stock purchase provision of the Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_33"></A>Withholding and Information Reporting for
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a <FONT STYLE="white-space:nowrap">&#147;Non-U.S.</FONT>
Holder&#148; is a beneficial owner of shares of our common stock that is neither a U.S. Holder nor a partnership. If a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder fails to provide certain U.S. federal income tax certifications
establishing an exemption from U.S. federal income tax withholding in the manner required by law (generally on a properly completed and duly executed IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> IRS Form <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or other applicable IRS Form <FONT STYLE="white-space:nowrap">W-8),</FONT> the amount of tax required to be withheld will be deducted from the amount of such
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder&#146;s reinvested dividends and only the remaining amount will be invested in Plan shares. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders should consult their own tax advisors
regarding the applicability of U.S. federal income tax withholding to them and all other tax consequences to them under applicable tax laws and any applicable tax treaties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, pursuant to the Foreign Account Tax Compliance Act, or &#147;FATCA,&#148; foreign financial institutions (which term includes most foreign hedge
funds, private equity funds, mutual funds, securitization vehicles and other investment vehicles) and certain other foreign entities generally must comply with certain information reporting rules with respect to their U.S. account holders and
investors or confront a 30% withholding tax on U.S.-source payments made to them (whether received as a beneficial owner or as an intermediary for another party). A foreign financial institution or such other foreign entity that does not comply with
the FATCA reporting requirements will generally be subject to a 30% withholding tax with respect to any &#147;withholdable payments.&#148; For this purpose, withholdable payments generally include U.S.-source payments otherwise subject to
nonresident withholding tax (e.g., U.S.-source dividends) and also include the entire gross proceeds from the sale or other disposition of any stock of U.S. issuers, even if the payment would otherwise not be subject to U.S. nonresident withholding
tax (e.g., because it is capital gain). The U.S. Department of the Treasury has released proposed regulations which, if finalized in their present form, would eliminate the U.S. federal withholding tax applicable to the gross proceeds of a sale or
disposition of equity. In its preamble to the proposed regulations, the U.S. Treasury stated that taxpayers may generally rely on the proposed regulations until final regulations are issued. Foreign financial institutions located in jurisdictions
that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. If withholding is required under FATCA, the appropriate amount of tax will be deducted and only the remaining amount will be
reinvested or paid. Under certain circumstances, you might be eligible for refunds or credits of such taxes. Prospective participants should consult their tax advisors regarding the implications of FATCA on participation in the Plan. We will not pay
any additional amounts to participants in respect of any amounts withheld, including pursuant to FATCA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the case of any withholding described above,
the amount of the tax withheld will be included in the participant&#146;s distribution income for U.S. federal income tax purposes. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_34">
</A>USE OF PROCEEDS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have no basis for estimating the number of shares of our common stock that ultimately will be purchased from us pursuant to
the Plan or the prices at which such shares will be sold. The net proceeds from the sale of any shares of authorized and unissued stock sold pursuant to the Plan will be added to our general funds and used for general corporate purposes. We will
receive no proceeds from shares purchased on the open market pursuant to the Plan. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_35"></A>PLAN OF DISTRIBUTION
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except to the extent the Plan Administrator purchases shares of our common stock in the open market, we will sell directly to you, through the Plan
Administrator, the shares of common stock acquired under the Plan. The Plan provides that we may not change our determination regarding the source of purchases of shares under the Plan more than once in any three-month period. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shares of common stock acquired under the Plan may be resold in market transactions on any national
securities exchange on which shares of our common stock trade or in privately negotiated transactions. Our common stock is listed on the Nasdaq Stock Market LLC under the trading symbol &#147;XEL.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with any optional cash investment, you will pay a transaction fee (which is somewhat lower for automatic investments) regardless of whether the
shares are acquired in the open market or directly from us. In connection with an optional cash investment in which the Plan Administrator purchases shares of common stock in the open market, you will also pay a per share trading fee (which includes
applicable brokerage fees and commissions). You also will have to pay a transaction fee and a per share trading fee (which includes applicable brokerage fees and commissions) in connection with any voluntary sale of shares from your Plan account.
For additional information, see &#147;Description of the Plan-Participation and Transaction Fees.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We reserve the right to deny, suspend or
terminate participation in the Plan by otherwise eligible persons to eliminate practices that are inconsistent with the purpose of the Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our common
stock may not be available under the Plan in all states or other jurisdictions. We are not making an offer to sell our common stock in any state or other jurisdiction where the offer or sale is not permitted. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_36"></A>DESCRIPTION OF COMMON STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following summary description sets forth some of the general terms and provisions of our common stock. Because this is a summary description, it does not
contain all of the information that may be important to you. For a more detailed description of our common stock, you should refer to the provisions of our Amended and Restated Articles of Incorporation (the &#147;Articles&#148;) and Bylaws, as
amended (the &#147;Bylaws&#148;). The Articles and the Bylaws have been filed as exhibits to the registration statement. You should read them for provisions that may be important to you. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_37"></A>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our capital stock
consists of two classes: common stock, par value $2.50 per share (1,000,000,000 shares currently authorized of which 549,848,133 shares were outstanding as of February&nbsp;23, 2023); and preferred stock, par value $100 per share (7,000,000 shares
authorized, of which no shares were outstanding as of February&nbsp;23, 2023). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our common stock is listed on the Nasdaq Stock Market LLC. EQ Shareowner
Services is the Transfer Agent and Registrar for the common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_38"></A>Dividend Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before we can pay any dividends on our common stock, the holders of our preferred stock, if any, are entitled to receive dividends at the respective rates
provided for in the terms of the shares of any outstanding series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because we are a holding company and conduct all of our operations through our
subsidiaries, our cash flow and ability to pay dividends is dependent on the earnings and cash flows of our subsidiaries and the distribution or other payment of those earnings to us in the form of dividends, or in the form of repayments of loans or
advances to us. Some of our subsidiaries may have restrictions on their ability to pay dividends including covenants under their borrowing arrangements and mortgage indentures, and possibly also restrictions imposed by their regulators and by
statute. See &#147;Management&#146;s Discussion and Analysis of Financial Conditions and Results of Operations &#151; Common Stock Dividends&#148; in our most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for a discussion
of factors affecting our payment of dividends including limitations imposed by statute. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_39"></A>Voting Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holders of our common stock are entitled to one vote for each share held on all matters submitted to a vote of our stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Participants in the Plan will receive voting materials and have the sole right to vote the common stock represented by the shares held for them in the Plan.
In the event the participant does not provide direction for voting, the Plan shares will not be voted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The participant is encouraged to read the
information carefully. Votes may be submitted online, by telephone or by returning the signed, dated proxy card. A participant&#146;s shares will be voted in accordance with the most recent submitted instructions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_40"></A>Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our board of
directors is authorized, to the fullest extent permitted by law, to establish out of our authorized capital stock up to 7,000,000 shares of preferred stock, which may be issued in one or more classes or series, having such dividend rights and times
of payment, redemption prices, liquidation prices or preferences as to assets in voluntary liquidation, and other relative rights and preferences as our board of directors shall determine. As of February&nbsp;23, 2023, no shares of preferred stock
were outstanding. The terms of any preferred stock issued by the Company could have the effect of delaying or preventing a change in control without further action by our shareholders. The issuance of shares of preferred stock with voting and
conversion rights may adversely affect the voting power of the holders of our common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_41"></A>Change of Control </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our Bylaws and the Minnesota Business Corporation Act, as amended (the &#147;MBCA&#148;), contain provisions that could discourage, delay, prevent or make more
difficult a change of control of our Company, including, but not limited to, those summarized below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Bylaw Provisions. </I></B>Under our Bylaws,
our shareholders must provide us advance notice of the introduction by them of business at annual meetings of our shareholders. For a shareholder to properly bring a proposal before an annual meeting, the shareholder must comply with the shareholder
proposal requirements under the federal proxy rules and deliver a written notice to our Corporate Secretary, or mail and be received at our principal executive office, not less than ninety days before the first anniversary date of the preceding
year&#146;s annual meeting. If, however, the date of the annual meeting is more than thirty days before or after such anniversary date, the notice must be so delivered or so mailed and received not less than ninety days before the annual meeting or,
if later, within ten days after the first public announcement of the date of the annual meeting. The required notice from a shareholder must contain a description of the business being introduced, the reasons for introducing such business, the name
and address of each shareholder supporting the introduction and such other information as required under our Bylaws and federal proxy rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A
shareholder, or a group of up to 20 shareholders, owning 3% or more of the Company&#146;s outstanding common stock continuously for at least 3 years can nominate and include in the Company&#146;s proxy materials director-nominees constituting up to
2 individuals or 20% of the board (whichever is greater), provided that the shareholder(s) and the director-nominee(s) satisfy the requirements specified in the Bylaws. To be timely, the proposal must be delivered to the Secretary, or mailed and
received at our principal executive office, not less than 120 days and not more than 150 days prior to the first anniversary of the date that the Company distributed its proxy statement to shareholders for the previous year&#146;s annual meeting of
shareholders. If, however, the date of the annual meeting of shareholders is more than thirty (30)&nbsp;days before or after such anniversary date, the Notice of Proxy Access Nomination shall be timely if so delivered or so mailed and received not
less than ninety (90)&nbsp;days before the annual meeting or, if later, within ten (10)&nbsp;days after the first public announcement of the date of the annual meeting. The required notice from such a shareholder must contain such information as
required under our Bylaws and federal proxy rules. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except to the extent otherwise required by law, the adjournment of an annual meeting of shareholders will
not commence a new time period for the giving of a shareholder&#146;s notice as required above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Minnesota Business Corporation Act. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Control Share Acquisitions. </I>Section&nbsp;671 of the MBCA applies to potential acquirers of 20% or more of our voting shares. Section&nbsp;302A.671
provides in substance that shares acquired by such acquirer will not have any voting rights unless the voting rights are either: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approved by (i)&nbsp;a majority of the voting power of all of our shares entitled to vote including all shares
held by the acquirer and (ii)&nbsp;a majority of the voting power of all of our shares entitled to vote excluding all interested shares; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acquired in a transaction that (i)&nbsp;is pursuant to a tender offer or exchange offer for all of our voting
shares, (ii) results in the acquirer becoming the owner of at least a majority of our outstanding voting shares, and (iii) has been approved by a committee of disinterested directors. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Business Combinations. </I>Section&nbsp;673 of the MBCA generally prohibits public Minnesota corporations, including us, from engaging in any business
combination with a person or entity owning, directly or indirectly, 10% or more of our voting shares for a period of four years after the date of the transaction in which such person or entity became a 10% shareholder unless the business combination
or the acquisition resulting in 10% ownership was approved by a committee of disinterested directors prior to the date such person or entity became a 10% shareholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Takeover Offers. </I>Section&nbsp;675 of the MBCA provides in substance that a person or entity making a takeover offer (an &#147;offeror&#148;) for us is
prohibited from acquiring any additional shares of our company within two years following the last purchase of shares pursuant to the offer with respect to that class unless (i)&nbsp;the acquisition is approved by a committee of disinterested
directors before the purchase of any shares by the offeror pursuant to the offer or (ii)&nbsp;our shareholders are afforded, at the time of the acquisition, a reasonable opportunity to dispose of their shares to the offeror upon substantially
equivalent terms as those provided in the earlier takeover offer. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_42"></A>Liquidation Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If we were to liquidate, subject to the terms of any outstanding series of preferred stock, the holders of our common stock are entitled to receive <FONT
STYLE="white-space:nowrap">pro-rata</FONT> our assets legally available for distribution to shareholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc579806_43"></A>Preemptive and
Subscription Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No holder of our capital stock has the preemptive right to purchase or subscribe for any additional shares of our capital stock.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_44"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our website address is<I>&nbsp;www.xcelenergy.com</I>. We file annual, quarterly and current reports, proxy statements and other information with the SEC. The
SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at<I>&nbsp;www.sec.gov</I>. Information on, or accessible through, the SEC&#146;s
website or our website is not part of this prospectus and is not incorporated by reference herein. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_45"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; the information we file with it, which means that we can disclose important information to you by
referring you to those documents. The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We incorporate by
reference the documents listed below and any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), from the date of the prospectus until we sell
all of the securities (other than, in each case, documents or information deemed to have been furnished and not filed in accordance with SEC rules). </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/72903/000007290323000007/xel-20221231.htm">Annual
 Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December<U></U>&nbsp;31, 2022</A>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/72903/000007290323000004/xel-20230208.htm">February
<U></U>&nbsp;8, 2023</A>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our description of our common stock contained in our <A HREF="http://www.sec.gov/Archives/edgar/data/72903/000095013702001231/c68060ex99-01.htm">Form
 <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on March&nbsp;
13, 2002</A>, as updated by the description of our common stock contained in <A HREF="http://www.sec.gov/Archives/edgar/data/72903/000007290320000011/descriptionofsecuritie.htm">Exhibit 4.01</A> to our Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019, including any subsequently filed amendments and reports updating such description. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We will provide, without charge, to each person, including any beneficial owner of our securities to whom this prospectus is delivered, upon written or oral
request, a copy of any or all documents referred to above that have been incorporated by reference into this prospectus, excluding exhibits to those documents unless they are specifically incorporated by reference into those documents. You may
request these documents from: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Corporate Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Xcel Energy Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">414 Nicollet Mall
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Minneapolis, MN 55401 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(612) <FONT
STYLE="white-space:nowrap">330-5500</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_46"></A>LEGAL OPINIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A legal opinion regarding the validity of the common stock to be issued pursuant to the Plan will be rendered by our counsel, Amy L.
Schneider, Minneapolis, Minnesota. Ms.&nbsp;Schneider is our Vice President, Corporate Secretary and Securities and is the beneficial owner of less than 1% of our common stock. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc579806_47"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements, and the related financial statement schedules, incorporated in this prospectus by reference from the
Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022, and the effectiveness of the Company&#146;s internal control over financial reporting have been audited by
Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting firm, as stated in their reports, which are incorporated herein by reference. Such financial statements and financial statement schedules have been so incorporated in
reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g579806g00v01.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN </B></P>
<P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>9,930,332&nbsp;Shares of Common Stock </B></P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:60pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Prospectus
dated February&nbsp;27, 2023 </B></P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:60pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:4.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;14. Other Expenses of Issuance and Distribution. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The expenses in connection with the issuance and distribution of the securities being registered are set forth below. All amounts other than
the SEC filing fee are estimated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEC filing fee for registration statement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">72,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Printing and mailing fees (estimated for one year)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fees of plan administrator (estimated for one year)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">234,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;15. Indemnification of Directors and Officers. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;302A.521 of the Minnesota Business Corporation Act permits indemnification of officers and directors of domestic or foreign
corporations under certain circumstances and subject to certain limitations. Pursuant to authorization contained in our Restated Articles of Incorporation, Article 4 of our Bylaws contains provisions for indemnification of our directors and officers
consistent with the provisions of Section&nbsp;302A.521 of the Minnesota Business Corporation Act. We have entered into indemnity agreements with our directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have obtained insurance policies indemnifying us and our directors and officers against certain civil liabilities and related expenses.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;16. Exhibits</B><B><I>.</I></B><B> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit<BR>No.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>*4.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/72903/000114036112026380/ex3_01.htm">Amended and Restated Articles of Incorporation of Xcel Energy Inc. (incorporated by reference to Exhibit 3.01 to Xcel Energy Inc. Form&nbsp;
8-K dated May&nbsp;16, 2012) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>*4.02</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/72903/000007290320000015/a301.htm">Bylaws of Xcel Energy Inc. (incorporated by reference to Exhibit 3.01 to Xcel Energy Form&nbsp;8-K dated April&nbsp;3, 2020) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d579806dex501.htm">Legal Opinion of Amy L. Schneider </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d579806dex2301.htm">Consent of Independent Registered Public Accounting Firm </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.02</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d579806dex501.htm">Consent of Amy L. Schneider (included in Exhibit 5.01) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.01</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d579806dex2401.htm">Powers of Attorney </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>107</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d579806dexfilingfees.htm">Filing Fee Table </A></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incorporated by reference. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;17. Undertakings. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The
undersigned registrant hereby undertakes: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) To include any prospectus required by Section&nbsp;10(a)(3)
of the Securities Act of 1933; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&nbsp;percent change in the maximum aggregate offering price set forth in
the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) To include any
material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that paragraphs (a)(1)(i), (ii) and (iii)&nbsp;do not apply if the registration statement is on Form <FONT
STYLE="white-space:nowrap">S-3</FONT> and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) That, for the purpose of determining liability under the Securities Act of
1933 to any purchaser: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in
reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x)&nbsp;for the purpose of providing the information required by Section&nbsp;10(a) of the Securities Act of 1933 shall be deemed to be part of and included
in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for
liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus
relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided however, that no statement made in a registration statement or prospectus that is part of the registration statement or
made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such
purchaser: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to
be filed pursuant to Rule 424; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) The portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of
the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide</I> offering thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis, and State of
Minnesota, on February&nbsp;27, 2023. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>XCEL ENERGY INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ BRIAN J. VAN ABEL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Brian J. Van Abel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President, Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ ROBERT C. FRENZEL</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Robert C. Frenzel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chairman,&nbsp;President,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and Director</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ BRIAN J. VAN ABEL</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Brian J. Van Abel</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Executive Vice President, Chief Financial Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal&nbsp;Accounting&nbsp;and&nbsp;Financial&nbsp;Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Megan Burkhart</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Lynn Casey</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Netha Johnson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Patricia L. Kampling</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">George J. Kehl</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Richard T. O&#146;Brien</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Charles Pardee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Christopher J. Policinski</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="37%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">James Prokopanko</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Kim Williams</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Daniel Yohannes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;27, 2023</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">*By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ BRIAN J. VAN ABEL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian J. Van Abel</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(Attorney-in-Fact)</FONT></FONT></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">February&nbsp;27, 2023</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-5 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.01
<SEQUENCE>2
<FILENAME>d579806dex501.htm
<DESCRIPTION>EX-5.01
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.01</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.01 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;27, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Xcel Energy Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">414 Nicollet Mall </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minneapolis, Minnesota 55401 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I am the Vice President,
Corporate Secretary and Securities of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), and, as such, I, and the attorneys that I supervise, have acted as counsel for the Company in the preparation of the registration Statement on
<FONT STYLE="white-space:nowrap">Form&nbsp;S-3&nbsp;(the</FONT> &#147;Registration Statement&#148;) filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), in connection with
the proposed issuance and sale from time to time of up to 9,930,332 shares of common stock, par value $2.50 per share (the &#147;Shares&#148;), by the Company pursuant to the Company&#146;s Dividend Reinvestment and Stock Purchase Plan (the
&#147;Plan&#148;), as described in the prospectus (the &#147;Prospectus&#148;) that forms part of the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For
purposes of this opinion letter, I, or attorneys that I supervise, have examined or are otherwise familiar with the Amended and Restated Articles of Incorporation of the Company, the
<FONT STYLE="white-space:nowrap">amended&nbsp;By-Laws&nbsp;of</FONT> the Company, the Registration Statement, certain resolutions of the Board of Directors of the Company authorizing the Registration Statement with respect to the Shares to be issued
under the Plan and such other documents, records and instruments as have been deemed necessary or appropriate for the purposes of this opinion letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing and upon my general familiarity with the Company and its affairs, I am of the opinion: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">That the Company is a duly organized and validly existing corporation under the laws of the State of Minnesota
and that it is legally qualified and authorized to operate and conduct business in the State of Minnesota. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">That following (i)&nbsp;the effectiveness of the Registration Statement, (ii)&nbsp;the issuance and sale of the
Shares by the Company in accordance with the terms of the Plan as contemplated by the Registration Statement, and (iii)&nbsp;receipt by the Company of the consideration specified in the Plan, the Shares will be validly issued, fully paid <FONT
STYLE="white-space:nowrap">and&nbsp;non-assessable&nbsp;shares</FONT> of stock of the Company. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I express no opinion as
to the laws of any jurisdiction other than the laws of the State of Minnesota and the federal laws of the United States of America. The opinions herein expressed are limited to the specific issues addressed and to the laws existing on the date
hereof. By rendering this opinion letter, I do not undertake to advise you with respect to any other matter or any change in such laws or the interpretation thereof that may occur after the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I hereby consent to the use of my name in the Registration Statement filed by the Company to register the Securities under the Securities Act
and to the filing of this opinion letter as Exhibit 5.01 to the Registration Statement. In giving such consent, I do not hereby admit that I am included in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act
or the rules and regulations of the Securities and Exchange Commission promulgated thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Respectfully submitted,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Amy L. Schneider</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Amy L. Schneider</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Vice President, Corporate Secretary and Securities, Xcel Energy Inc.</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.01
<SEQUENCE>3
<FILENAME>d579806dex2301.htm
<DESCRIPTION>EX-23.01
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.01</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.01 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> of our report dated
February&nbsp;23, 2023, relating to the financial statements of Xcel Energy Inc. and subsidiaries, and the effectiveness of Xcel Energy Inc. and subsidiaries&#146; internal control over financial reporting, appearing in the Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> of Xcel Energy Inc. for the year ended December&nbsp;31, 2022. We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ DELOITTE&nbsp;&amp; TOUCHE LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Minneapolis, Minnesota</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">February&nbsp;27, 2023</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.01
<SEQUENCE>4
<FILENAME>d579806dex2401.htm
<DESCRIPTION>EX-24.01
<TEXT>
<HTML><HEAD>
<TITLE>EX-24.01</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 24.01 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned
directors and/or officers of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint <B>BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s
true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all
capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective
amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all
exhibits thereto and other supporting documents, with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be
executed as of this 22nd day of February, 2023. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert C. Frenzel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Robert C. Frenzel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chairman, President, Chief Executive Officer and Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Megan Burkhart</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Megan Burkhart</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lynn Casey</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Lynn Casey</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Netha Johnson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Netha Johnson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Patricia Kampling</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Patricia Kampling</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ George Kehl</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">George Kehl</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Richard O&#146;Brien</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Richard O&#146;Brien</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Charles Pardee</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Charles Pardee</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Christopher Policinski</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Christopher Policinski</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Prokopanko</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James Prokopanko</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kim Williams</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kim Williams</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned director and/or officer of Xcel Energy Inc., a Minnesota corporation (the &#147;Company&#148;), does hereby make, constitute and appoint
<B>ROBERT C. FRENZEL, BRIAN J. VAN ABEL</B> <B>and</B> <B>AMANDA ROME</B>, and each or any one of them, the undersigned&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorneys-in-fact</FONT></FONT> and
agents, with full power of substitution, for the undersigned and in the undersigned&#146;s name, place and stead and in any and all capacities, to sign and affix the undersigned&#146;s name as such director and/or officer of said Company to that
certain Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and all amendments, including post-effective amendments, thereto, to be filed by the Company with the SEC in connection with the registration of securities related to
the Dividend Reinvestment and Stock Purchase Plan under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other supporting documents, with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF,</B> the undersigned has caused this Power of Attorney to be executed as of this 22nd day of February, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Daniel Yohannes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Daniel Yohannes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Director</TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>d579806dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML><HEAD>
<TITLE>EX-FILING FEES</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 107 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calculation of Filing Fee Table </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form S-3 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Form Type) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Xcel Energy Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B></B>(Exact name of registrant as specified in its charter)<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1: Newly Registered Securities </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Security&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Type</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Security Class Title&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Fee&nbsp;Calculation&nbsp;&nbsp;<BR>Rule&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Amount&nbsp;&nbsp;<BR>Registered&nbsp;(1)&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Proposed&nbsp;<BR>Maximum&nbsp;<BR>Offering&nbsp;<BR>Price Per&nbsp;<BR>Unit&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum&nbsp;<BR>Aggregate&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering Price&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Fee Rate</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Amount of&nbsp;<BR>Registration&nbsp;<BR>Fee&nbsp;</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common stock, par value $2.50 per share&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Rule&nbsp;457(c)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">9,930,332&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$65.81(2)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$653,515,149(2)&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$110.20&nbsp;per&nbsp;$1,000,000&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">$72,018&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Total Offering Amounts</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B></B>$72,018&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Total Fee Offsets</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B></B>$&#151;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Net Fee Due</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="right" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B></B>$72,018&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Pursuant to Rule 416 under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;),
this registration statement covers, in addition to the number of shares of common stock shown, such additional number of shares of common stock as are required by the Xcel Energy Inc. Dividend Reinvestment and Stock Purchase Plan to prevent dilution
resulting from any stock split, stock dividend, recapitalization or similar transaction effected without the receipt of consideration that results in an increase in the number of outstanding shares of common stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the
Securities Act, based on the average of the high and low sale prices of the common stock on February 24, 2023 as reported on the Nasdaq Global Select Market. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g579806g00v01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g579806g00v01.jpg
M_]C_X  02D9)1@ ! 0(!>0%Y  #_X3M2:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87 O,2XP+P \/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(
M>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS
M.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835 @0V]R92 U+C,M8S Q,2 V-BXQ
M-#4V-C$L(#(P,3(O,#(O,#8M,30Z-38Z,C<@(" @(" @("(^"B @(#QR9&8Z
M4D1&('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR
M9&8M<WEN=&%X+6YS(R(^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2(B"B @(" @(" @(" @('AM;&YS.GAM<#TB:'1T<#HO+VYS+F%D;V)E
M+F-O;2]X87 O,2XP+R(*(" @(" @(" @(" @>&UL;G,Z>&UP1TEM9STB:'1T
M<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+V<O:6UG+R(^"B @(" @(" @(#QX
M;7 Z0W)E871O<E1O;VP^061O8F4@26QL=7-T<F%T;W(@0U,V("A7:6YD;W=S
M*3PO>&UP.D-R96%T;W)4;V]L/@H@(" @(" @(" \>&UP.DUO9&EF>41A=&4^
M,C R,RTP,BTR-%0Q,3HU-#HU,BLP-3HS,#PO>&UP.DUO9&EF>41A=&4^"B @
M(" @(" @(#QX;7 Z0W)E871E1&%T93XR,#(S+3 R+3(T5#$Q.C4T.C4Q*S U
M.C,P/"]X;7 Z0W)E871E1&%T93X*(" @(" @(" @/'AM<#I-971A9&%T841A
M=&4^,C R,RTP,BTR-%0Q,3HU-#HU,BLP-3HS,#PO>&UP.DUE=&%D871A1&%T
M93X*(" @(" @(" @/'AM<#I4:'5M8FYA:6QS/@H@(" @(" @(" @(" \<F1F
M.D%L=#X*(" @(" @(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E/2)2
M97-O=7)C92(^"B @(" @(" @(" @(" @(" @(#QX;7!'26UG.G=I9'1H/C(U
M-CPO>&UP1TEM9SIW:61T:#X*(" @(" @(" @(" @(" @(" @/'AM<$=);6<Z
M:&5I9VAT/C4R/"]X;7!'26UG.FAE:6=H=#X*(" @(" @(" @(" @(" @(" @
M/'AM<$=);6<Z9F]R;6%T/DI014<\+WAM<$=);6<Z9F]R;6%T/@H@(" @(" @
M(" @(" @(" @(" \>&UP1TEM9SII;6%G93XO.6HO-$%!45-K6DI29T%"06=%
M05-!0DE!040O-U%!<U5':'9D1SEZ84<Y=TE$375-04$T46ML3D$K,$%!04%!
M04)!05-!04%!045!)B-X03M!44))04%!04%104(O*S1!1&M&:V(R2FQ!1U1!
M04%!04%F+V)!25%!0F=114)!545"9U5&0F=K1T)164I#=V='0F=G3$1!;TM#
M=V]+)B-X03M$0D%-1$%W341!=U%$031014$X3T1"351&0E%417AW8D=X<V-(
M>#AF2'@X9DAX.&9(=T5(0G=C3D1!,%E%0D%91VA54D92;V9(>#AF)B-X03M(
M>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX.&9(>#AF2'@X9DAX
M.&9(>#AF2'@X9DAX.&8O.$%!15%G04Y!14%!=T52)B-X03M!04E205%-4D%F
M+T5!84E!04%!2$%114)!445!04%!04%!04%!05%&07=)1T%104A#06M+0W=%
M04%G241!445"05%%04%!04%!04%!)B-X03M!44%#07=11D)G8TE#46],14%!
M0T%1341!9U%#0F=C1$)!24=!;DU"06=-4D)!049)4DEX459%1T4R16EC6455
M37!':$)X5WA1:5!")B-X03M5=$AH37A::3A#4GEG=D5L47I25&MQ2WE9,U!#
M3E51;FLV3WI.:&156DA41#!U24E*;TU*0VAG6FA*4D92<5,P5G1.5DM"<GDT
M+U!%)B-X03LQ3U0P6EA71FQA5S%X9%AL.5=:,FAP86UT<V)7-799,U(Q9&YD
M-&58<#=F2#$K9C-/16A984AI26U+:31Y3FIO*T-K-5-6;'!E66U:)B-X03MQ
M8FY*,F5N-4MJ<$M7;7 V:7!Q<75S<F$V=F]204%)0T%1241"455%0E%914-!
M341B445!06A%1$)#15--545&55).:$EG6GAG6D5Y)B-X03MO8DAW1DU(4C13
M3D-&5DII8W9%>DI$4D1G:&%357E7:5DW3$-",U!33F5*16=X9%5K=V=*0VAG
M6DIJ6D9':61K9$95,SAQ3WIW>6=P)B-X03LP*U!Z:$I3:W1-5%4U4%)L9%E7
M5G!B6$8Q95@Q4FQ:;61O85=P<F)',75B,E(Q9&YD-&58<#=F2#$K9C-/16A9
M84AI26U+:31Y3FIO)B-X03LK1&Q*5U=L-6E:;7!U8VY:-F9K<4]K<&%A;G%+
M;7%Q-GET<G$K=B]A04%W1$%104-%44U2040X03E26#$O6E=&<$QE6'-Y5SER
M0W9+)B-X03M785%H5E5$>$IY37!#27-T;4Q&3$I)4F=,:V5J13,X>&5B=&9"
M2&QA>%-X,#@W1%=D5%9L-6IX9W1H.&)E>E!12$UB>%IZ*V=53SAU)B-X03LS
M1VHP,FXO>&E81E K6D1P+U=L>2M6;T=F.'%,,U5W1'(O;7963#%Q5DM136QT
M14=056E/:VEJ-W-(-55Y*W%23&M2-V9H:2]U8T=/)B-X03M0=G52*V5Y5U@S
M+T]02&Q/5D0Y579R,C-L<%%--U)Y<E@K67)W42\X3F=/:6HP2F-R1C=986=(
M,5)H269%9G O47=B5S O36XX<V11)B-X03MI365P>5A';7I.*S1K2F%3,FM)
M1S9013500G%E2#!(35=56C1J>F0O<%1O93%)1S1!5$A0<$EE9&IM4'A4,2\X
M=79Z1'-03T=M3315)B-X03M7*W%7=T%V8E-U=W(P94]V5D=P.4A1*RMF9WHX
M63@S:D\R97@U-DQ*6%!(3#94*V<K8DQS>4A43WA6,DMU>%8R2W5X5C)+=7A6
M,DMU)B-X03MX5C)+=7A6,DMU>%8R2W5X5C)+=7A6,DMU>%8R2W5X5C)+=7A6
M,DMU>%9I,FXK6#=Z5V)M4%=033AD5U9U96YA2U1Y9W12*WDX;TAW)B-X03MY
M>C V:S=,,%AX>D=J:4UZ>%0K03=N8EIT6$A"131T3V8V,"MS=F0S4BLP.590
M>B]!4&U0<$AL0WE";"\P;E4U9V9Q=&EP;U0O;'E()B-X03MF9VXV*S)(4'%"
M1#-S=7EE>'-U<VQT-F-9-7DO5C-L.#9E6F90;FUN>D9D=%!Q1CE)17%42&%X
M35DT67=E>6]$*THS>E=4;5IN9#E,)B-X03LP6%I/;C P86A%93@W:R]&-C4O
M>FHU<D]U,W5N87!A,W-K;'A95VI29E9*6E=,8T=C3GIJ56UP<%%+861V<'I-
M,%5J=4]J>'9T9G!S)B-X03M73V-*44%%-5AD9D-J.39C+VYW,7-0>2]M13-(
M,4=U64)B5C8K<'E*4$@S.4U.;&US*VHT=48W2T-8-7=6>31:6#=V-V%E3B]L
M1G%T)B-X03MX<#-N+U-Z13%%=35$87IR=E)K;$9+1VYG,40Y1UE/0U941#(S
M=$1P-#5.2$\O-%)X1#10<69.>2M3=7A6:5@U<'HK8DQ8>59F6"]L)B-X03M7
M-6$S,6%W-#-)0U)W>2MP0VXY.&Y'9%A86D-8*T5C:59O3W1-5F5-+VQ0*V5V
M;7$W.#4R.6HU=#%A2UA33'5+5TUZ5')A,FMC17%R)B-X03LV:5-&,&IJ<EAH
M-EE5<T(X6'1I<40X.&8X-4(K8TPO>E)*1#5-=DAT9$I5:3-T149V1$TY>31C
M:C%G<S!44TPV;%%&5'=P=%=U2W9D)B-X03MV>3=S4%!&=&]A>BMC.54K=C9V
M9&-:1W1L:70T-#=686)2:&]55&TK+W=!8D5L83=,,#5-<7EN1EA9<3=&6%EQ
M.'8X07HK."MA>#53)B-X03LX=6%C*V@S-'-T5W9,>6EJ,#0U4SET2$4O<3!%
M<5-,<S=X92LO=T$X5E5F*V-F.$%Z6C4R.# V5'$R<659-SEB,C)394\Q<U(V
M54U4)B-X03M).&%&-7%I1DDV9VE73VQA.4U65E!Z9S@V*UDY3#AW954O3&9L
M,U5K,#(X,7DW158S8V5L1F-34GAY4U)W>$XV8V]:94IA4GHR2C0Y)B-X03ME
M=4MO+W=$=UHK8B]!4#5C5F8X075$,F8Y8U94;GER-68X.39D<4UK+VU$>E=.
M9',R:$M2,F=S24Q4:DM756E4,4EI5TY&1$1J-RLR)B-X03M+<W%X5C)+=7A6
M,DMU>%8R2W5X5C)+=7A6,DMO4DY8,&PW:&)D3#)"<F@U2DE5:%=60S5K:$9:
M14-G,4Q)0CA1-V0X5E-N>C,U=W10)B-X03M+;FPV9E4U9TI*>BLW<S=C;BLX
M;5EF0U!K3W)E,E4U<W9"1RMR<W5Y=7IP879-35DU8WEE-&9J:RM5.5@Q8E5.
M6#%+9E5T46U-.3-C)B-X03MT>FQK4#-!061G0G-"-%IQ0U-46F983E!P-%E9
M0T5"55ES:#AG+VPQ<DAM*RMP0T1B-EI#=T8S9G-0:%AO4VE$.7 V9'9V>7I&
M:4UZ)B-X03MS-C-T8G1N1F\T8C<U1'EJ*W9U1#99,$A19$<X=&%-;&A9271V
M6E<V;#5*2$E"63 K3U=2:E1C,#-0.$%$3G)#15E2;U!L,G(Q95A6)B-X03M:
M5$]E.&HK2T0U-R]!1&8O041!5'I0<DM7;&A)5S!B5#9I0G5G;&Q/>E,O3'-V
M=#@X,6UO>F-C='519E(O6C-S9S981GA42#<R9E!Y)B-X03M(9"MT0B]K-W!-
M=6\O;4)P<%9367)-=&143E-V1EEL4$@W,TMJ0F=J8W<S93!E;T=04GHW-65K
M9D@Y;'9Q5$YW*U1U>%8R2W9H:GHS)B-X03M:95AR2'IF<71R-61U5G4Y1FEN
M65=5>49I;D5G16]J35=,<D=X2T(V;FM">7%A-'$Y6B\U>' X:2M83E1E-CAZ
M,S=P9#9L<&QW27)0)B-X03M4,C1K44AG<G!D3W134WI%;%EQ:6EL5TEQ,4]+
M<6@K9"]W0V,R=7DV+V,K5R],=#5,<#EH<'IM0SEU24-9-7!R:$=P26]K56AL
M4D-/)B-X03M.1G!5,7)557=Q:T=R+VLQ*V%U9S9B86$Y1S!L>F5Y>5)F-DQP
M>C--,3E!-55Y2WHK;6Q"-EI7:%I83D=P46Y&6' O;&HX>79.6&PW)B-X03LX
M<'11,4QZ;&%84V$Q<&MN,5A44F914WA36%AQ278Q8WE'57 V<%8K6'%-=2]"
M86UR8FM+.&LP;518=GI+,5<W;#AZ96-B9E-R84%H)B-X03MJ*VM,9U)2:C%1
M4GAT8EET1DA4.3)/9$-/>$Y38TMQ+VQB>G@U:"],,WIU;6U*<FME<F%$2&-2
M>#-G9VU.>EIY=U,X4S!K3E=#<DEQ)B-X03MT,4)(>$-J5D9C5EI$+WIL4G%L
M>$PU<C!F4S(T+U9R4WA.>DA19D8V;'I->5-64&AX=#!P9U8V<BM13VU,669L
M8G!,1S-.=E!E1V4V)B-X03MN-4M685%V339X>4=V.#!+4CA4,U=M2W9.9GI!
M.'=A=6XO3U%36&QP;T5N;4(O3%9T16ME;E=Y3S=U:E%'5EIN-'!0>$UC,31#
M1S1D)B-X03ML-S<T<7EZ+T%*6&(K64@O04IA+U9V=G5F*WE01E5F-2]W1$]U
M=%-F:VIE-CE*8E1E5V1:=7=S0U=-<G-T>$=7=7A#>7%84T8K5'=+)B-X03MZ
M:6EG:&1X,')I<5@V5BM496]E82]+=6QN>GIR5W!*37--3'<V5&%Y*VY$0T)(
M.$Q4<&-X>74Y,%,W=$LW9$-X569#0FEQ5B]L4C5N)B-X03MG.&TR=C5H5U=O
M,VQX3C5B.'!8;VHP*T8V4U-Q2&YU275#54,O1DTX86)B2GE*4'<Q631Q;$]J
M869O9FXO5'!D82]-8GHW2&%36#AV)B-X03MR5V5G5S)O,C!%5G%I,5%C;UIJ
M2W%S5G!X05AK0G5Z37I':7%E*U%D6G1F3%@U<%<O:S-2=DUC;FU4>7AQ=&E:
M3$QL8U)8471,:4E/)B-X03LU5#%)>GA(=W=/94MH9G1R56)62W%!,'54>G8U
M,2]-+WIR639D<59X<$9J8GII>75,-DME56DR:'1P4%1#,C!)6E%*-VQR54AN
M54)6)B-X03LY5'%71TMQ,G,V4&-E5'13=&9Y,2],-C=:3F(X,"MR9#9L<D8X
M=RMT47A)=G=#3S1H4T]N=W=Z2#=,34MK<E%S1&EQ8F%P*U)9,'$P)B-X03MV
M9DUE:F5:9%EB>F9B,C=44C,P,#AB0V572E%X4U%&03535&AX;S!H03<X9TM&
M5FE(;'$T.#,K6G9Y<"]-5'I'*V]U8FDW=55M:'1X)B-X03M,2W%7=W-N1C=C
M:41K>CA%84MB:7%G+W,P3TMV5U!*2&Y04V]F>6@P<GI*9GI-;&Y:86-I,U5S
M<$A.<$Q19E8S035(-&UK;&I)459Q)B-X03MX23=N1E5G+TQ04V9-=74V9#5H
M.#8V:$I086%R-6U36DY#='!:6D9J=&)2;'!!=T-"3W!#,&LT8W5+:&@Y<S%6
M5&9Y,35'=F)B5G)M)B-X03LU;5-7,6=A-#EA3&PY6&EA3TU88C-#=U%',EIY
M,%A'3T--:5DO0V=:54-H>49+=E!0*V-G.6-L=69-.7)P2W-F<2MN=T(R5'-:
M6GI5)B-X03MN+V=!=6%R5GIU9&1Z-E W26%54G=3>61:>2MW9G1T:'9K4'ED
M9"MA+TU-3VUX17@R-"]E6'1W0B]D=W%D>G8K,&5I*RM5-#A:;DMG)B-X03LW
M=G18=$=/:W=N269Q-5)(969X>F95=&A985 U9#!63&$S0U=E;5=-93=-47%Q
M<6ER3S=(=65R135T-'AJ0U!K2'EB3&QY-FY+6E-U)B-X03M5-6XX05!"9GI0
M.$%Z9G5F34)K,&I25V4S,%5%<DY,.6U3-2MF.'-F*U0S-RM'83-0<4106693
M*VAD:"MZ<V105U1,=FPV9#!F,BMF)B-X03MY95IO:G4V;VEL;EEG2V]&4U-D
M9T%";4TY45-!3$PV62]*+WE#+VQJ43)U8C5/3W-A:E(W:%1U66]X6&A&.#DV
M=#<W9',R;6QW.$ES)B-X03LX>2M893!887<Q5UAH9V8S8T]8;65P+U8K,6XK
M6E1Z<G-69E!N-2\O04IV,2MT951.0FU"56HP.5IV66Y934=$37-L;4YH-$0Q
M0T=.)B-X03MA;$0K,6ER>F)14'EP,7969DE'<RMC4W)X,C%J1TI.4&E!4VQY
M<V-H1C%*>4Q!<7-%84UF<R]%9&@P;U95>B\U>"LX-$1Y+S4K9W1*)B-X03LR
M9C9L<F=7=V1&6G5!;F1X.5AK2T%%35$O=T%!2BMY2$IR,7%Q:VXU:3(Q-6\S
M-6\V,CDW0E)H<6MT-FM:26\X33!X;FI)27)S>4U-)B-X03M+=E=F3V8X07IK
M-T)#.7%N:RLQ4S5"5FUV2DY1:6110V%C1E%2>4EA:F9K5'0P<&=66BM:9'HU
M,3@Q9FMB6F$W<3%N1$1C9EAO<CDT)B-X03M,5E=12EE'2U-+3C-74U-2;35.
M24@R+UI),C)*=W$X,2],<7HO2T\W<S=X9E!&-V0R1C5(27!T2DE055I*26U8
M8U5I:6U)6D=8=E-T)B-X03M25'!I<DIV2T]H+VMJ-6PQ*S$P:E-.33AY5%AC
M>D%K>4YA0TM.1DY7:VQ):TY%6'8S-T-P24=+<U,O3TA62#%R.#!D96MI:6-'
M3S8K)B-X03MO>'<Q-6MT84MT<V5)2#@W>&QG4&9!<C=",$Q3;SE(,%!4=$II
M8WEX-F1B43)I4W1137EW4FE-36%D>GAX5C12*U-V;69Y=% U-#@T)B-X03LK
M8G19,4\S,#97+VU+86%,*S=I:68V=F-44$LV8UI(1F5!:FA516)$;TU697DO
M.$%+>%!Y+W=$*W!M,&XO<$]T=BMA.%9E9"]N,4Q&)B-X03LU9U!K9GDQ8D]S
M=&@U:3%*6FAF=T5356I12D5(:G!65U5X,VAE=G0T67$Y9'9R,C%S3$LT=G)U
M45$R;'!%.#EX2V%K2DA'<%HR3DMN)B-X03M:4EA&6'IF6E='=39N*U%0;7I8
M6'1X.60Q<E9M,4<W;&II1%!C5S!C,%)K231B<6M5=VMF9EI11S='=4MS>3AL
M+VQR*U(S;41Y8F%A)B-X03LK=6Y296MT=4<Q3U(W-C=55S@P8UEA-%=9;5=-
M3'=.4U-6030O15!H27A61&519BM65'AA+W)(;41Y,35C;6@P=GET8GDS2"M*
M0F,S)B-X03M,;S=E:695:FIT-6YQ>$UB4V1J,$A4:W5+<'HO04TT-%=L*U!)
M;'IQ="MF575.6C%'-'9"8W,S2U-6445I6G!'-C$Y84]4<C@K*TMP)B-X03M0
M96%N86569BMC:3=Z579-5&96=$TQ=E0P:#!U+VQ+*VA'=U-&5TQU>$%J2$]"
M,5!H>4)0=W181E4O.$%Z:"].3'EV;R]L2%5D3W1R)B-X03LR2R\Q8E9,95,P
M9W1B5UI'94U835906&M+8W5#<6MG9&$O8C)P=%9G<6HO>7,X<5=Y9FLY<'5I
M,W9&-&17<UI*3'1O=F=,4C9I1VMO)B-X03M4,35,1DM&<C=9<3AF.&DS:W9N
M=GDS-5HO3$,P86$Q<V)/4S9V=DTQ,4A11G):2C)L:%)+=4%W6C5G1T1),4<T
M3G9X27A6.4XR.79B)B-X03LR,79&8E<P4U%7.$-,2$1$1V]215)">%965F%"
M5E5#9T%X5E5X5C@T+VXY<',Q=#4S5SA99G5B-C)J9$<W8V\V>'-V,&-19G!Z
M539Q)B-X03M.5%!M*VUE>5=94S!V1#%H22]B=7DW+VY(1S-T4F\K<UA#,"MT
M4&-2>'EE26I62W Y0EIM>2]21&TV9C)Z;DQX8V-F-&5%+T\Y+S!*)B-X03LU
M*V4Q=G$P,VM6:%E+-WA*8WAV9F]G2E!O2W)'<' K>7(X4V-S,6=00CA803EL
M6C0T-G8Q."M%.%!V,B]28C4R,'939%0Q5SA3>3 R)B-X03LR:W4W<5$P5TM*
M4W@K6CA"-&LW6G)10U119E-C*V]X-%DX57E)>#@S,$(K5U@U4%<O;#4T.5<Q
M:W!D87E.-%EL*TM+,W(S1F9T4V8U)B-X03M8461V2$YH9S!V1'9,;2MD.70K
M,&-T4T1J>&5N1C$W-69Q2&MZ1%AF37=T8FQD2C!U35@R=GIR5TLP52]$0W O
M,V1C<U W=4UF93-2)B-X03MC=7E:85!$2&58-#5U;#!U:#0T*TIK4$)H2%AV
M+V]X-WHY,U9.<D-+-VES;TDW>6-83C)I050S0552:#,W:TE.;$AT;'-!44XY
M>31E)B-X03MA551-;4DT63E">E@S14-81G9,8GE&,5-:1VIC>'4X5&=-2TAJ
M2D=69$<X1U5G:G1K;71G6"]+9W9Y;"\V<U@O044Y,VXO5F)&5V52)B-X03M7
M9'!&84I:4E%2>#)C8UEH:G1L5E9I5TI6-&A!9TA%2T8R<%-L35992"]Y;TPX
M<&8K<D8O,#DS;B]68D974RMA4$I(;%AZ5&)X46$Y)B-X03MP,&0X:T)*:%II
M-E-*6%EH6DDR4G=$459(2V@R.$U64U149GE4+TLW5&(R2SET9$)J.65%.&\O
M5VQU2C!"2%$K;DY*26AP-VI&5V%Y)B-X03M2>'E2=$A);V5.=U9D1T9145)1
M9V<Y46-664QD+VM8*U9.,6-Y6$UU9TES:W)&,E=+935H444W+T%!>'A3;VEJ
M,E5!67%Y4'EX-4XX)B-X03MS958W5U,R,$A4-#='2UEH<&EN2FYC:71/8VIL
M;F%L5%-P,GA62C$O2T0X=7AR-#$X850O04QL>&1F6"]!2S!B;39**W,K<#9V
M<6-$)B-X03M,=RLS=E-L4&)&5UDT<3@K+W=#5D)F;$PO=T)73"]P-W90.$%Q
M=&ER=BM60F9L3"]!3E=,+W W=E K<3)+<VU8>5@U85A63DLQ4F)0)B-X03MJ
M96%*06)84VU75U52=U%L1$565TE0-E@R1S0Q2S$V94%X5DTY4C K,#%(5#=R
M5#<R4#%B3SAI93-U67%S=DM+5E-J<GE5:&A65#%")B-X03MR:7%(,$113DDX
M=C920G!':U%F5G1/='5F;U%C,VLT*V\W4TXX56I/>'%Z:S=N1E=*6$@U12]L
M4F-8171X2F]+2SAZ=$DT:G5,<4I!)B-X03M73E1X:FIL5D58=U9104\R2W-O
M="]+;FPR,CAV>2M88F%W:G0Y1VUH93)M=$EQ>&AO-54Y3BM42U$U6FPV=EAK
M971A-'%R849O5VQA)B-X03M$<%9V<$]K,C1T9%!T47=G9T1-,TAK>&1V:6-S
M>'%Z13=N1E5J.#E**U=E;U%P<$AN3S4P,6%Q2F]93#(U:G0U;%5T.75*:3AC
M<4)I)B-X03ML0U9)<E%J>'A6-#!F3$AL2'ID<G$K5U!Y-#!E4S$X=65T1$HU
M:SAZ:5<T06MH:5!*<E=*<FHQ3G%S<D)A9DA)<71X-'!Z>%8W;C5Q)B-X03LQ
M+U102C-L1S@Q6C164WHP=4%#,W1)>#9A1FA33T-"94-T=T1/5E-V1VEJ9F]-
M5EEV*U(O:V%8>3$U6&$O=T)1:$U/=F$V=W4Y4FI:)B-X03MF5#E.87-96693
M0599>7%U5UEC45%Z1F5W;W$Y1GA6,DMS62]-2'E,6F5B.48K<'EV-D8U051*
M63-.2SA(26]1=S=O,V8W*S)56CA0)B-X03M'4$XR=EI(87-T2&PT:'9%-U-(
M;"MS4$5.2V)Z,2M697536$YZ<#=35V-O161Z,4YT3V=0=SA:9T-&644W9'@S
M1V$K2FYI;&1095IX)B-X03MP3S%S46I'9G%(3"MC4#A!3C=V>&(P>E1V>CDX
M:C--4VTW1GI9>3 K3DAI.5)19EIO>3%F=4=:8V1B2'%#.'1M.6MT6$4K;FAK
M4&98)B-X03LS<3EV*V(S:V--,&5H,E8S<49X25%48C9F6FYM>DA95D(T66I5
M=T<P4GIA-2MZ=7(U-7!2:$AV;% K,4A25"]M2C5I;T1!;FQ85$<K)B-X03LQ
M27I,8V%G-B]W0U-T4%1I<B]L5DEW9S5:+S!2.7)J>6IO=$XQ+TU:4#E,1#EC
M=G5:2&]8;#=43D5T;6=S67IZ;&)N8S--<D=396%4)B-X03MU.'-H*TIM+WI'
M6#0X46=.;E<V<E=:33AR;6582419061W2%)-<W-C5C)+=7A6,DMU>%8R2W5X
M5C)+=7A6,DMU>%8R2W5X5C)+=7A6)B-X03LR2W5X5C)+=7A6,DMS83%,.'0O
M2D=Q82MD93%04V\W+T%&37%)>3DP,&LX6$96-$)28GE-,$%!2"M2,3,V-S1Q
M;G5N-F1P*VY7:V1L)B-X03MP.7)&6C)C5F93=')D1FEI6&MX6G5+24%O<7A*
M4'9I<6YQ;6IA4'$Y=71T<71J8C9H8F\T:U-'-FE36D$T0E5-1FM$1&Q2:4LK
M*TMO)B-X03MZ1EA9<3=&6%EQ,4IW-$XV;%!4;V5F3'!4=E=U07!&,W-X*S4O
M=T-69F5S,S%N.44K="LQ-FXQ8FPY4$QF36,K1#$T9G-D:D0X-5AP)B-X03LX
M5W9,:51M>"]2,V]F-D(V4&]6+S-2>#16+S)',EA1-&$Y3F9"=W-V2&9R=2].
M15I.<61I<G-69&ER<U9D:7)S5F1I<G-69&ER<U9D)B-X03MI<G-69&ER<U9D
M:7)S5F1I<G-69&ER<U9D:7)S5F1I<G-69&ER<U9D:7(O+S)1/3T\+WAM<$=)
M;6<Z:6UA9V4^"B @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @
M(" \+W)D9CI!;'0^"B @(" @(" @(#PO>&UP.E1H=6UB;F%I;',^"B @(" @
M(#PO<F1F.D1E<V-R:7!T:6]N/@H@(" @(" \<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SID8STB:'1T<#HO+W!U<FPN
M;W)G+V1C+V5L96UE;G1S+S$N,2\B/@H@(" @(" @(" \9&,Z9F]R;6%T/F%P
M<&QI8V%T:6]N+W!O<W1S8W)I<'0\+V1C.F9O<FUA=#X*(" @(" @(" @/&1C
M.G1I=&QE/@H@(" @(" @(" @(" \<F1F.D%L=#X*(" @(" @(" @(" @(" @
M/')D9CIL:2!X;6PZ;&%N9STB>"UD969A=6QT(CY-:6-R;W-O9G0@5V]R9" M
M($124U!0("T@,C R,R M(%!R;W-P96-T=7,N9&]C>#PO<F1F.FQI/@H@(" @
M(" @(" @(" \+W)D9CI!;'0^"B @(" @(" @(#PO9&,Z=&ET;&4^"B @(" @
M(" @(#QD8SIC<F5A=&]R/@H@(" @(" @(" @(" \<F1F.E-E<3X*(" @(" @
M(" @(" @(" @/')D9CIL:3YR<C,Y,S4S,SPO<F1F.FQI/@H@(" @(" @(" @
M(" \+W)D9CI397$^"B @(" @(" @(#PO9&,Z8W)E871O<CX*(" @(" @/"]R
M9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B
M;W5T/2(B"B @(" @(" @(" @('AM;&YS.G!D9CTB:'1T<#HO+VYS+F%D;V)E
M+F-O;2]P9&8O,2XS+R(^"B @(" @(" @(#QP9&8Z4')O9'5C97(^06-R;V)A
M="!$:7-T:6QL97(@,3 N,2XQ-B H5VEN9&]W<RD\+W!D9CI0<F]D=6-E<CX*
M(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I
M;VX@<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.GAM<$U-/2)H='1P
M.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O;6TO(@H@(" @(" @(" @("!X;6QN
M<SIS=%)E9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+W-4>7!E+U)E
M<V]U<F-E4F5F(R(*(" @(" @(" @(" @>&UL;G,Z<W1%=G0](FAT=' Z+R]N
M<RYA9&]B92YC;VTO>&%P+S$N,"]S5'EP92]297-O=7)C945V96YT(R(^"B @
M(" @(" @(#QX;7!-33I$;V-U;65N=$E$/GAM<"YD:60Z-C,S-38X1#$P,4(T
M140Q,3@Y131%.#<X13%$.#0P1D(\+WAM<$U-.D1O8W5M96YT240^"B @(" @
M(" @(#QX;7!-33I);G-T86YC94E$/GAM<"YI:60Z-C,S-38X1#$P,4(T140Q
M,3@Y131%.#<X13%$.#0P1D(\+WAM<$U-.DEN<W1A;F-E240^"B @(" @(" @
M(#QX;7!-33I/<FEG:6YA;$1O8W5M96YT240^=75I9#HX,3)D.#%B,"TU,34S
M+31D9#0M.#AD9BTQ-&)A9F4U96$P,F4\+WAM<$U-.D]R:6=I;F%L1&]C=6UE
M;G1)1#X*(" @(" @(" @/'AM<$U-.D1E<FEV961&<F]M(')D9CIP87)S951Y
M<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @/'-T4F5F.FEN<W1A;F-E240^
M>&UP+FEI9#HV,C,U-CA$,3 Q0C1%1#$Q.#E%-$4X-SA%,40X-#!&0CPO<W12
M968Z:6YS=&%N8V5)1#X*(" @(" @(" @(" @/'-T4F5F.F1O8W5M96YT240^
M>&UP+F1I9#HV,C,U-CA$,3 Q0C1%1#$Q.#E%-$4X-SA%,40X-#!&0CPO<W12
M968Z9&]C=6UE;G1)1#X*(" @(" @(" @(" @/'-T4F5F.F]R:6=I;F%L1&]C
M=6UE;G1)1#YU=6ED.C@Q,F0X,6(P+34Q-3,M-&1D-"TX.&1F+3$T8F%F935E
M83 R93PO<W12968Z;W)I9VEN86Q$;V-U;65N=$E$/@H@(" @(" @(" @(" \
M<W12968Z<F5N9&ET:6]N0VQA<W,^9&5F875L=#PO<W12968Z<F5N9&ET:6]N
M0VQA<W,^"B @(" @(" @(#PO>&UP34TZ1&5R:79E9$9R;VT^"B @(" @(" @
M(#QX;7!-33I(:7-T;W)Y/@H@(" @(" @(" @(" \<F1F.E-E<3X*(" @(" @
M(" @(" @(" @/')D9CIL:2!R9&8Z<&%R<V54>7!E/2)297-O=7)C92(^"B @
M(" @(" @(" @(" @(" @(#QS=$5V=#IA8W1I;VX^<V%V960\+W-T179T.F%C
M=&EO;CX*(" @(" @(" @(" @(" @(" @/'-T179T.FEN<W1A;F-E240^>&UP
M+FEI9#HV,C,U-CA$,3 Q0C1%1#$Q.#E%-$4X-SA%,40X-#!&0CPO<W1%=G0Z
M:6YS=&%N8V5)1#X*(" @(" @(" @(" @(" @(" @/'-T179T.G=H96X^,C R
M,RTP,BTR-%0Q,3HU-#HT,RLP-3HS,#PO<W1%=G0Z=VAE;CX*(" @(" @(" @
M(" @(" @(" @/'-T179T.G-O9G1W87)E06=E;G0^061O8F4@26QL=7-T<F%T
M;W(@0U,V("A7:6YD;W=S*3PO<W1%=G0Z<V]F='=A<F5!9V5N=#X*(" @(" @
M(" @(" @(" @(" @/'-T179T.F-H86YG960^+SPO<W1%=G0Z8VAA;F=E9#X*
M(" @(" @(" @(" @(" @/"]R9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z
M;&D@<F1F.G!A<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @
M(" \<W1%=G0Z86-T:6]N/G-A=F5D/"]S=$5V=#IA8W1I;VX^"B @(" @(" @
M(" @(" @(" @(#QS=$5V=#II;G-T86YC94E$/GAM<"YI:60Z-C,S-38X1#$P
M,4(T140Q,3@Y131%.#<X13%$.#0P1D(\+W-T179T.FEN<W1A;F-E240^"B @
M(" @(" @(" @(" @(" @(#QS=$5V=#IW:&5N/C(P,C,M,#(M,C14,3$Z-30Z
M-3(K,#4Z,S \+W-T179T.G=H96X^"B @(" @(" @(" @(" @(" @(#QS=$5V
M=#IS;V9T=V%R94%G96YT/D%D;V)E($EL;'5S=')A=&]R($-3-B H5VEN9&]W
M<RD\+W-T179T.G-O9G1W87)E06=E;G0^"B @(" @(" @(" @(" @(" @(#QS
M=$5V=#IC:&%N9V5D/B\\+W-T179T.F-H86YG960^"B @(" @(" @(" @(" @
M(#PO<F1F.FQI/@H@(" @(" @(" @(" \+W)D9CI397$^"B @(" @(" @(#PO
M>&UP34TZ2&ES=&]R>3X*(" @(" @(" @/'AM<$U-.E)E;F1I=&EO;D-L87-S
M/F1E9F%U;'0\+WAM<$U-.E)E;F1I=&EO;D-L87-S/@H@(" @(" \+W)D9CI$
M97-C<FEP=&EO;CX*(" @(" @/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70]
M(B(*(" @(" @(" @(" @>&UL;G,Z>&UP5%!G/2)H='1P.B\O;G,N861O8F4N
M8V]M+WAA<"\Q+C O="]P9R\B"B @(" @(" @(" @('AM;&YS.G-T1&EM/2)H
M='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C O<U1Y<&4O1&EM96YS:6]N<R,B
M"B @(" @(" @(" @('AM;&YS.GAM<$<](FAT=' Z+R]N<RYA9&]B92YC;VTO
M>&%P+S$N,"]G+R(^"B @(" @(" @(#QX;7!44&<Z36%X4&%G95-I>F4@<F1F
M.G!A<G-E5'EP93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" \<W1$:6TZ=SXV
M,3(N,# P,# P/"]S=$1I;3IW/@H@(" @(" @(" @(" \<W1$:6TZ:#XW.3(N
M,# P,# P/"]S=$1I;3IH/@H@(" @(" @(" @(" \<W1$:6TZ=6YI=#Y0;VEN
M=',\+W-T1&EM.G5N:70^"B @(" @(" @(#PO>&UP5%!G.DUA>%!A9V53:7IE
M/@H@(" @(" @(" \>&UP5%!G.DY086=E<SXQ/"]X;7!44&<Z3E!A9V5S/@H@
M(" @(" @(" \>&UP5%!G.DAA<U9I<VEB;&54<F%N<W!A<F5N8WD^1F%L<V4\
M+WAM<%109SI(87-6:7-I8FQE5')A;G-P87)E;F-Y/@H@(" @(" @(" \>&UP
M5%!G.DAA<U9I<VEB;&5/=F5R<')I;G0^1F%L<V4\+WAM<%109SI(87-6:7-I
M8FQE3W9E<G!R:6YT/@H@(" @(" @(" \>&UP5%!G.E!L871E3F%M97,^"B @
M(" @(" @(" @(#QR9&8Z4V5Q/@H@(" @(" @(" @(" @(" \<F1F.FQI/D-Y
M86X\+W)D9CIL:3X*(" @(" @(" @(" @(" @/')D9CIL:3Y-86=E;G1A/"]R
M9&8Z;&D^"B @(" @(" @(" @(" @(#QR9&8Z;&D^665L;&]W/"]R9&8Z;&D^
M"B @(" @(" @(" @(" @(#QR9&8Z;&D^0FQA8VL\+W)D9CIL:3X*(" @(" @
M(" @(" @/"]R9&8Z4V5Q/@H@(" @(" @(" \+WAM<%109SI0;&%T94YA;65S
M/@H@(" @(" @(" \>&UP5%!G.E-W871C:$=R;W5P<SX*(" @(" @(" @(" @
M/')D9CI397$^"B @(" @(" @(" @(" @(#QR9&8Z;&D@<F1F.G!A<G-E5'EP
M93TB4F5S;W5R8V4B/@H@(" @(" @(" @(" @(" @(" \>&UP1SIG<F]U<$YA
M;64^1&5F875L="!3=V%T8V@@1W)O=7 \+WAM<$<Z9W)O=7!.86UE/@H@(" @
M(" @(" @(" @(" @(" \>&UP1SIG<F]U<%1Y<&4^,#PO>&UP1SIG<F]U<%1Y
M<&4^"B @(" @(" @(" @(" @(#PO<F1F.FQI/@H@(" @(" @(" @(" \+W)D
M9CI397$^"B @(" @(" @(#PO>&UP5%!G.E-W871C:$=R;W5P<SX*(" @(" @
M/"]R9&8Z1&5S8W)I<'1I;VX^"B @(#PO<F1F.E)$1CX*/"]X.GAM<&UE=&$^
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" */#]X<&%C:V5T(&5N9#TB=R(_/O_;
M $,  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! ?_; $,! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M ?_  !$( #8!&P,!$0 "$0$#$0'_Q  >  $  @(# 0$!            "0H'
M" 0&"P4# O_$ #80  $$ @(!! $# @,'!0    0" P4& 0<("0 1$A,4%0H6
M(1<B&!DC,31!6%F7V"64EM77_\0 '@$!  (!!0$!              $"!P,%
M!@@)! K_Q  ]$0 ! P," P4&!0(& 04    ! @,$  41!B$'$C$305%A\ @B
M<8&1H12QP='A"3(5%B-"4O%B,T-C<J+_V@ , P$  A$#$0 _ +^^<XQC.<YQ
MC&,9SG.<^F,8Q_.<YSG^,8QC_;GQ3KTK1.W\S3;;/3&O.'FLC>3-YA3'XJR7
M$:8:J7'W7\DQGV$"6G;I@Q4=/S@*EMNNU#7XEEF'$H(',(AWFEJ1QQ^_*?=7
M%L415WDMJ*'GPYV%LBJ']P>G%*D..)V/81DO.'=*BV0<=A;+P,8LMNA:EXVZ
MK8X4Z?G,-S+78WH2[SQ)U+%<',T]9]%L.LR;;;Y 2I"+WJ5ZTP4E3;K#<YM:
M0<)3O$/GKO9+I>]>>16I(P]2OGUAQ-I3M3B(IA>/1P4/:<W*A7Z42XC.6GDS
M 1#6?164)PVZIG&WN6/4EQRJXZC,)"^L.RQRRV@'J$S'%IDKST/:)(\-CBN>
MV_C5[.W#TI9X?>SNSK.5' #>K.,E^1>9LQQ)]UY_2$")(TY#4DCG08,AM8R
MHE2 LX/LW0[H"X?.=:.17*JRV!:%?#,6:Z4J?]CR\XRIQ]J1H+IKZ%9QG*D(
ME&%*SZ>KO\?SMSW#BV2,J>NEY>=/1QY^.[CXA<8J/R6*Y_:OZAW$BR=G'M/#
M+@_:K:E0YX-JL-^MN4#.$MJC:C1';4.Y1B. ;^YOMI+NKJ-YC\3H<_97##D?
ML"Y@5IAR8+I-=E+'K_8_PCYRX2F"C("9-KUZ4AC#I!,4K,/(2+7R1\="313K
M8I''[AHB^65M4NPW62^ED=HJ.TMV+*PG=79(:6IJ1MDE![-:Q[B6W%$).>M"
M>VAP0XQS8VEN.G"_3=CDW5Q,)F_W2':]2:7YW!RM*N,NY06+GIX%PH::F)$Z
M-%7RR9,^ RA3K3@GW@WR&M,-JGFF^+/5J0/3$,;I:BQX6S5 M:\CL)OD+$!"
MQLU!,/8;',EP8Z-G8EO#YTHFP9^3(\Z<XA26WFX5_(=94KD%PY V\PK. )+;
M:4H<;!V4XE*'4 %2PZ<D/:$]@/3LZSSM8<"6WK?=8T<S7-"+EN3[5>V0GM7#
MIV?-?=E0+@XV5.,0I$J5;IBNSCQ#;!RARTX(6*>*,<"2.8$:.R6&8*\V0*6*
M0VEX<D8AE2VGQWVEH=9>:6IMUM:5H4I*L9SF)*DJ2%)(4E0"DJ204J21D$$;
M$$;@C8C<5Y$/,O1WG8\AIQA]AQ;+[#R%-/,O-**'&G6UA*VW&UI4A:%I"D*!
M2H @BN1Y-:=/%*>*4\4IXI3Q2GBE/%*>*4\4IXI3Q2GBE/%*>*4\4IXI3Q2G
MBE/%*>*4\4IXI3Q2GBE/%*>*4\4IXI6AJ(6V\V&52EA-L6O>(Q3CB("G1C\E
M6+_R3BT.J;_<EWE6<A3M)TM.-I^2N4N)=CK3L&&>;FK9)15<D6*L=QOLW]0C
MG=4[%L:B>S807&95V1T[60L<CD>WNC=IA!2]*;(<?6AI895V'5.LW 98B6QB
MV:EXT,I2JXWN4W%NVF^%LM2$J_PNP1%_B+??]>6]9Y;I?9J)5GTW.0J!9HDR
MZ17+O'VKD9#5F@-9DR)SE1U3J?7$#EQU3;,?6JG58$%.$MLC""M#AB,^]:&!
M A&,O%EO-#"L/ED-M.;RI4.V0RI780H41K)P$M,,M)[@E("4C)PE*1E2B D%
M1 .((L;5_$?5;4:.F]:PUCJBXA" IR3=;S>+C(.5+=>>6Z^\OE27'GWW.1EA
MM;KSC;+2EIJX\V^\_9=VFI*C\/G'=;T 1QT-[:,K$"$[ MN4+RA9<%'2S!@%
M+@WT^_ZF7P2;8^UE@U1=;)R]%M8@U!Q$ER'%Q[&3$BIRDS%H293_ (J;2L*3
M';._+E)?(PHJ:5E ];N O]/O2MA@Q;_QL2C5.HWDH?1I*%-?:TW9<@*2S<94
M)QF1?K@V<=L&Y#-F;5VD<,W1H(F+PYUU=F_+*-Y2ZCUYL?:EOW!K_;VP*QKF
M>@;W(.V0V+(NDP)7XNQU^9.^66B'H*1D!CC V"U11T4V<.1'J)R$8#\&EM6W
MI%X@Q94R1/BSI+,5UJ2LO*09#B6D/-.*RX@M*4%*2%%"D<X*"KE4GG'M.>RC
MP;E<(M::FTOI"RZ)U)HK3=VU/;KCIZ,BUQY;5BA/7*9:[E!C\D.:BX18SL=E
M]QD3(\Q4=UN2&A(8D7./,\UX8U07[3JA5Z-S_P"2T!3A1081=PAK$H4-Q#@S
M,Y<Z35[C:L-X;_TV/=:9Z96L1&$I!<4H-*&\,80GK;K%AF-J:[-,)"6R^V[R
MI.0')$=F0]CP_P!9UP\HV3_:  ,5^C#V1+W=]0>SAPKN-[>=?GILDZV!U]*D
MNKM]BOUVL=G*N8<SF+1;H*0\K)D) ?*E=IS&RQT>[ZGMQ<-VZC:329&9T9<3
M=< 'EOY(()IBXR-GZBTZZO.7,(AAI,VL@LYQ[&(F"C6D+5A*DMY7X>W)V=8@
MP\I2W+<^J*E2CDE@H2ZP,]<-I6IE(/1#:!W5Y7^WYPZMVB.."KU:&&HL'B#9
M&-42([+8:::OJ9<JW7I:$)'*53G8D>[2' >9R;<92U)&053(><[KH_3Q2HQN
MU_E;R8X4\9<\BN.M$UKL06G6N*"VM#;#B;9)?B*78,JBP+7$+JMMK#S:8JSO
M0\;,,E)/1D*<1(X4$/%&+?LD G!SOTI4-77/^H8W5RAY>:JX^[^UGI&E4S:Y
M<I58JS4$&\QTP!>'XLDNG"$.66]60!\"?EQ&ZU]=L!!69&8CGFRFVF7VWK*0
M ,C.WY?2E;1=N/>8YP5V77M"\=JQKS:6WX]E$UMMZ\9GI"K4*//#P] 57 M6
MGJZ<_=)1I]B=.2]*I&@H3,>V^":7/(7#PE.=SG'=YTKB]3G9SV(]CNR9(Z>T
MMQWH/&Z@O?#L;9<76=H)E)&:>%^>/HE"7*;/-C#+22ET<^6,)#.C:O"*0=)L
M/&24#&2Y02/'/K?I3X>O'UXU8V\I2GBE/%*>*4\4JO?W-=PVU>N;9>F-7Z7H
MVK+M/WBC3]]NB=EA6P[\5$*GVZ]3\PR*M;*MEK)YD-</R"CLG?)@$+ V!O8_
ME^Z4YSGUZ]>:MN^H/FYN[G]QEL>^MUTW7=(,1MBQ4>HQVN0+,#&2->KD!5BB
M9@W]SV:SE.EN3\Q+QB<BDCC(;BL8RTIU3BL0H ' ST[Z>O7VK&7<3V6[5Z]X
M7CO%Z.HE!V)LS?%TL\&% 7T6QR GXBM"UX=?XT2LV2L&?E3Y^WU\(1PDYP53
M>2F\#+=SAU@E/,3GH/7[TK4#_'#^HB_Z9ND/_=&_^27DX1XGU\J5DK3/+_OE
MMVW=85?:?7UI.@ZRL-_J,/L2\-/2+KU1H\A.@C6NQC,M<@Y5QTJ'@G#SQ&DQ
MDCETEAI'TBO=\*Q",'!.>[UBE6%_*4IXI3Q2GBE/%*>*4\4IXI3Q2GBE/%*>
M*4\4KY4[.0]8A)BR6*3"A8"OQ9\U-S$D0V)'141%BNG2,D>4\I+0P80;#Q)+
M[BDMM,M+6O.$ISGRCCB&FUNNK2VVTA3CCBR$I0A"2I:U*.P2E()43L "37V6
M^WSKM/A6NV1'Y]RN4N- M\&*TIZ5,FS'D1XL6.R@%;K\A]Q#33: 5+<6E*02
M15'?LQ[&[9S3V&56:B?*P''.FR3C=)JF5NA+MQHBW6?Z@6\3&4Y?DSTJ7F!B
MB\+:K,2XEAII$L9,F&]>M6ZI>O\ *+3"G&K4PHB.QDI[=2<C\4^G;*U?^TA6
M0R@X "U.*5[]>RI[,%FX$Z99NMZC0[EQ/OD5*K]> E#Z;+'>"%_Y;LCQY@W$
MCD)%QF,D+NTU*G%K5"9@,1XN&672'6AQVG'WWW$,LLLH4ZZ\ZZK"&VFFT84M
MQQQ:DH0A"<J6K.$IQG.<8\X> 20 "23@ ;DD] !WDUVX6M#:%N.+2VVVE2W'
M%J"$(0@%2EK4HA*4I2"5*)  !)( JUMU%]5LYJF5K_*OD=$DQ&P6!WB]4:O.
M1\1=/9E '@U7"[#+QE3-I? ,?;@ZT]A+E90]F1ET)LGU0Z]F;1&C782VKS=4
M%N2 3"AJ&%,!:2DOR >CQ2HAMD[L@\[G^KRI:\>?;0]KZWZQAW+@_P +YC4W
M3;CJ&=8ZMCJYF;VN))0^+)874G"[0W(8;7<+H@E-U4@182C:^V?N<VG)KD-1
M>+.E+ONO8)*$Q%3C%JC8E!#3$C:K*5A3-?JD/AS"LN24Y(9;&2M+;B !,&2Q
MF$1\>8\UD"[W2/9[?(N$D^XP@\B 0%/.JV:91G_>XO S@A*>9:L)2HCH7PIX
M::AXNZ\L&@]-M*,V\RDIE35-+<BV>U,D+N5YG%&.6);XW,ZH%:%2'BS#8*I,
MEAM?GG;3V-8]O[*ONU+<\A^S;$MU@N4XIGY,#-R%ADR9-\8-#JW%L@!J(^H
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(%*>*4\4K_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
