<SEC-DOCUMENT>0001193125-22-160413.txt : 20220526
<SEC-HEADER>0001193125-22-160413.hdr.sgml : 20220526
<ACCEPTANCE-DATETIME>20220526084800
ACCESSION NUMBER:		0001193125-22-160413
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220526
DATE AS OF CHANGE:		20220526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Carlyle Group Inc.
		CENTRAL INDEX KEY:			0001527166
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				452832612
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35538
		FILM NUMBER:		22965633

	BUSINESS ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W.
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004
		BUSINESS PHONE:		202 729 5626

	MAIL ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W.
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Carlyle Group L.P.
		DATE OF NAME CHANGE:	20110801
</SEC-HEADER>
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<TYPE>DEFA14A
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<DESCRIPTION>DEFA14A
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<Center><DIV STYLE="width:8.5in" align="left">
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></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; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. ) </B></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; font-size:10pt; font-family:Times New Roman">Filed by the Registrant &#9744;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant &#9744; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check
the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>The Carlyle Group Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Rules 14a6(i)(1) and <FONT
STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;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>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE CARLYLE GROUP INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1001 PENNSYLVANIA AVENUE, NW </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20004-2505 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO THE PROXY STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2022 ANNUAL
MEETING OF SHAREHOLDERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>To Be Held on May&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following information relates to the proxy statement (the &#147;Proxy Statement&#148;) of The Carlyle Group Inc. (the &#147;Company&#148;) dated
April&nbsp;13, 2022, furnished to shareholders of the Company in connection with the solicitation of proxies by the Board of Directors of the Company (the &#147;Board&#148;) for the 2022 Annual Meeting of Shareholders and any adjournment or
postponement thereof. The Annual Meeting will be held in a virtual meeting format only and can be accessed at <U>www.virtualshareholdermeeting.com/CG2022</U> on Tuesday, May&nbsp;31, 2022 beginning at 9:00 a.m. EDT. This supplement should be read in
conjunction with the Proxy Statement. To the extent that information in this supplement differs from or updates information contained in the Proxy Statement, the information in this supplement controls. This supplement does not change or update any
of the other information contained in the Proxy Statement. All capitalized terms used in this supplement and not otherwise defined herein have the meaning ascribed to them in the Proxy Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 3 &#150; <FONT STYLE="white-space:nowrap">Non-Binding</FONT> Vote to Approve Named Executive Officer Compensation <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(&#147;Say-on-Pay&#148;)</FONT></FONT> </B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the Company&#146;s 2022 Annual Meeting of Shareholders, our shareholders will
vote on whether to approve, in a <FONT STYLE="white-space:nowrap">non-binding</FONT> advisory vote, the compensation of our named executive officers, or the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;Say-on-Pay&#148;</FONT></FONT> resolution. <B>Our Board recommends that</B><B> shareholders vote in favor of the resolution</B>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Outstanding Performance in 2021 </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We believe our executive
compensation actions and decisions should be viewed in the context&nbsp;of our exceptional financial and operational performance during fiscal 2021, as highlighted below. Our executive compensation philosophy, as set by our Compensation Committee,
is to pay for performance and link a substantial portion of compensation to the achievement of financial and other metrics that drive the overall results of the Company, with the primary objectives of: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">establishing a clear relationship between performance and compensation, </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">aligning short-term and long-term incentives with our shareholders and fund investors, and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">providing competitive incentive opportunities. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In doing this, we strive to achieve an appropriate balance between short-term and long-term incentives that motivate our named executive officers and other
key employees to work to achieve the Company&#146;s goals and objectives and to execute our strategic plan. We believe that the compensation packages our named executive officers received for 2021 were consistent with this philosophy and our primary
compensation objectives by both rewarding our named executive officers appropriately for superior performance (through a mix of short-term and long-term incentives, with an emphasis on long-term incentives) and also incentivizing them to continue to
perform going forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The cash bonuses paid to our named executive officers reflect their individual performance and the Company&#146;s performance
during 2021 and, for our Chief Executive Officer, reflect not just outstanding financial results but also critical additional factors that are important to the Board and to our stakeholders more broadly. These factors include progress on goals
concerning environmental, social and governance and diversity, equity and inclusion efforts, strategic initiatives, employee engagement, leadership and exemplification of the Company&#146;s values and succession planning. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The equity incentive awards granted to our named executive officers provide competitive incentive opportunities that are tied to key financial metrics for the
Company (thereby aligning compensation opportunities with the interests of our shareholders and fund investors) and/or continued service to the Company (thereby providing a useful retention feature in a competitive labor environment). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our exceptional financial and operational performance during fiscal 2021 that contributed to the compensation decisions made for our named executive officers
included the following highlights:&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Achieved a 78.5% Total Shareholder Return (&#147;TSR&#148;) in 2021, compared to 28.7% for the S&amp;P 500
index and 34.9% for the S&amp;P 500 Financials index; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>FRE grew to $598&nbsp;million in 2021, up 22% from 2020, and FRE Margin increased to 33% in 2021 from 30%
in&nbsp;2020<SUP STYLE="font-size:85%; vertical-align:top">*</SUP>; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Raised a record $51.3&nbsp;billion in new commitments across our three global business segments (an
increase of 87% over 2020), which included the launch of 11 funds across our platform, strong CLO fundraising in Global Credit, and significant growth in the separately managed accounts in Global Investment Solutions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Drove investment fund performance to create value for our fund investors with record levels of investment
activity in 2021, making investments through our carry funds of $33.8&nbsp;billion and realizing proceeds of $44.3&nbsp;billion for our carry fund investors; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Continued to strategically innovate and differentiate our business lines and product offerings to drive
growth, resulting in total assets under management exceeding $300&nbsp;billion for the first time; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B></B>Increased net accrued performance revenues to $3.9&nbsp;billion, a 67% increase from December&nbsp;31,
2020 driven by carry fund appreciation of 41%, and realized a record $1.5&nbsp;billion in realized net performance revenues during&nbsp;2021<SUP STYLE="font-size:85%; vertical-align:top">*</SUP>. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Strategic Equity RSU Awards Encourage Long-Term Performance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Institutional Shareholder Services (ISS) and Glass Lewis are recommending that shareholders vote against the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">Say-on-Pay</FONT></FONT> resolution primarily because they do not believe there is adequate rationale for the&nbsp;strategic equity restricted stock unit (RSU) awards granted in February 2021 to certain key personnel,
including each of our named executive officers. However, as discussed in more detail below, these awards were carefully considered and designed by our Compensation Committee reflecting advice from its independent compensation consultant, based on a
clear rationale aligned with the long-term interests of the Company and our shareholders and consistent with our pay for performance philosophy. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The performance targets for the performance-vesting strategic equity RSUs were all set at the beginning of the
four-year period and designed to align with the targets in our four-year strategic plan. As a result, such awards encourage sustained long-term performance over the four-year performance-vesting period aligned with our strategic 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">In addition, vesting with respect to 40% of the strategic equity RSUs (both performance-vesting RSUs and, for
certain of our named executive officers, time-vesting RSUs) is tied to performance and/or continued service during the fourth and final year of the performance period, which further aligns the award with the long-term interests of our shareholders
and incentivizes retention for our named executive officers since vesting in the largest portion of the awards does not occur if the named executive officer is not providing services to the Company at the time of vesting. </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">In addition to incentivizing successful execution of our strategic plan, the strategic equity RSU awards also
contain a post-vesting retention period that further aligns our named executive officers with the long-term interests of our shareholders. Specifically, 25% of any vested shares issued to the named executive officers generally must be retained by
them until the earlier of (i)&nbsp;the first anniversary following the recipient&#146;s termination of employment or (ii)&nbsp;February 2030. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As discussed above,<B> </B>the compensation for our named executive officers was carefully considered and designed to support our pay for performance
philosophy with a clear rationale believed to serve the long-term interests of all our shareholders.<B> Therefore, we respectfully disagree with</B><B></B><B>&nbsp;the recommendations of ISS and Glass Lewis and strongly encourage you to vote FOR
Item 3, our <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Say-on-Pay</FONT></FONT> resolution.</B> </P> <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="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For a reconciliation of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures to the corresponding GAAP
measures, please see Annex A: Reconciliations of Non-GAAP Measures in the Proxy Statement. </P></TD></TR></TABLE>
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