<SEC-DOCUMENT>0001047469-14-002064.txt : 20140310
<SEC-HEADER>0001047469-14-002064.hdr.sgml : 20140310
<ACCEPTANCE-DATETIME>20140310164639
ACCESSION NUMBER:		0001047469-14-002064
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140502
FILED AS OF DATE:		20140310
DATE AS OF CHANGE:		20140310
EFFECTIVENESS DATE:		20140310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12297
		FILM NUMBER:		14681508

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
</SEC-HEADER>
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<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>
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<TD COLSPAN=3 style="font-family:arial;"><FONT SIZE=2> Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
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<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
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<TD COLSPAN=3 style="font-family:arial;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
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<TD style="font-family:arial;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
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<TD style="font-family:arial;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Soliciting Material under &sect;240.14a-12<BR></FONT>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B> Penske Automotive Group,&nbsp;Inc.</B></FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
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<TD COLSPAN=5 ALIGN="CENTER" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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</FONT> <FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
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<TD COLSPAN=5 style="font-family:arial;"><FONT SIZE=2><BR>
Payment of Filing Fee (Check the appropriate box):</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><FONT SIZE=2>No fee required.</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(5)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2> <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:arial;"><BR><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>(1)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><BR><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(2)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(3)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>SEC 1913 (11-01)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.</B></FONT></TD>
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</FONT> <FONT COLOR="#FFFFFE" SIZE=6> Penske Automotive Group<BR></FONT> <FONT COLOR="#FFFFFE" SIZE=6>&nbsp;&nbsp;<BR></FONT> <FONT COLOR="#FFFFFE" SIZE=6>2014 Proxy Statement</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=3><B>Annual Meeting of Stockholders</B></FONT><FONT SIZE=2><BR>
The Annual Meeting of Stockholders of<BR>
Penske Automotive Group,&nbsp;Inc. will be held May&nbsp;2, 2014<BR>
2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302 </FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Dear Fellow Stockholder: </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>You
are invited to attend the annual meeting of stockholders of Penske Automotive Group,&nbsp;Inc. to be held at 8:00&nbsp;a.m., Eastern Daylight Time on May&nbsp;2, 2014, at our corporate
headquarters, 2555 Telegraph Rd., Bloomfield Hills, Michigan. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
agenda for this year's annual meeting includes the annual election of directors, ratification of the selection of our independent auditing firm and an advisory vote regarding our executive officer
compensation. The Board of Directors recommends that you vote FOR the director nominees, FOR
the ratification of our independent auditors and FOR approval of our executive officer compensation. Please refer to the detailed information on each of these proposals and our annual meeting of
stockholders in the accompanying materials. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
have elected to deliver our proxy materials to our stockholders over the Internet. This delivery process provides stockholders with the information they need, while at the same time conserving
natural resources and lowering the cost of printing and delivery. On or about March&nbsp;17, 2014, we will mail to our stockholders a notice of internet availability of proxy materials containing
instructions on how to access our 2014 proxy statement and 2013 annual report to stockholders. This notice also provides instructions on how to vote online or by telephone and includes information on
how to request a paper copy of the proxy materials by mail. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
annual meeting provides an excellent opportunity for stockholders to become better acquainted with the Company and its directors and officers, and I hope that you will attend. Whether or not you
plan to attend, we ask that you cast your vote as soon as possible. This will assure your shares are represented at the meeting. Thank you for your continued support of Penske Automotive Group. </FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Sincerely,</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>/s/ Roger S. Penske<BR>



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&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Roger S. Penske<BR></FONT> <FONT SIZE=2><I>Chairman of the Board and<BR>
Chief Executive Officer</I></FONT></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2> Bloomfield Hills, Michigan<BR>
March&nbsp;10, 2014</FONT></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
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</FONT> <FONT SIZE=6> Penske Automotive Group,&nbsp;Inc.</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=3><B> Notice of 2014 Annual Meeting of Stockholders  </B></FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2><B>Date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>May&nbsp;2, 2014</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Time:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>8:00&nbsp;a.m. Eastern Time</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Place:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Record date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>March&nbsp;7, 2014. Only stockholders of record at the close of business on the record date are entitled to receive notice of, and to vote at, the Annual Meeting.</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2><B>Items of business:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>To elect twelve directors
to serve until the next annual meeting </FONT><FONT SIZE=2>  </font><p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT
SIZE=2>To ratify the selection of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2014 </FONT><FONT SIZE=2>  </font><p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=justify
style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>To approve, on a non-binding advisory basis, the compensation paid to our Named Executive Officers </FONT><FONT SIZE=2>  </font><p align=left
style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>To transact other business that may properly come before the Annual
Meeting</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Important notice regarding the availability of proxy materials for the stockholder meeting to be held on May&nbsp;2, 2014.</B></FONT><FONT SIZE=2> Our Proxy Statement, Proxy
Card and Annual Report to Stockholders are available at </FONT><FONT SIZE=2><I><U>www.envisionreports.com/pag</U></I></FONT><FONT SIZE=2>. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>By order of the Board of Directors</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><U>/s/
Shane M. Spradlin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR></FONT> <FONT SIZE=2><B>Shane M. Spradlin</B></FONT><FONT SIZE=2><BR>
Executive Vice President, General Counsel and Secretary </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Bloomfield
Hills, Michigan<BR>
March&nbsp;10, 2014 </FONT></P>

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<A HREF="#bg17701a_main_toc">Table of Contents</A> </FONT></P>
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</FONT> <FONT SIZE=6> Proxy summary</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>This
summary highlights information contained elsewhere in this Proxy Statement. This summary does not contain all of the information you should consider, and you should read the entire Proxy
Statement carefully before voting. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=3><B> Annual Meeting of Stockholders  </B></FONT></P>
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<TD style="font-family:arial;"><FONT SIZE=2><B>Date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>May&nbsp;2, 2014</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Time:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>8:00&nbsp;a.m. Eastern Time</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Place:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302</FONT></TD>
</TR>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Record date:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>March&nbsp;7, 2014</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Voting:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2>Stockholders as of the record date are entitled to vote. Each share of common stock is entitled to one vote for each director nominee and one vote for each of the proposals to be voted on.</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2><B>Admission&nbsp;to meeting:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><BR><FONT SIZE=2><B> Proof of share ownership will be required to enter the Penske Automotive Annual Meeting&nbsp;&#151; see "Information about Attending the meeting" on page&nbsp;38 for details.</B></FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=3><B> Meeting agenda  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Election of twelve directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Ratification of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2014
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Advisory vote on executive compensation </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT>
<DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Transact other business that may properly come before the meeting </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=3><B> Voting matters and vote recommendation  </B></FONT></P>
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 </b></font> <font color="#ffffff" size=2>Matter</font><BR> </B></FONT></TD>
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</B></FONT></TD>
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 </b></font> <font color="#ffffff" size=2>Board vote recommendation</font><BR> </B></FONT></TD>
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 </b></font> <font color="#ffffff" size=2>Page Reference</font></B></FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>Election of directors</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>For each director nominee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Page&nbsp;5</FONT></TD>
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<TD style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2><BR>
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 Ratification of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2014</FONT></TD>
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 For</FONT></TD>
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 Page&nbsp;13</FONT></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>Advisory vote on executive compensation</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>For</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>Page&nbsp;16</FONT></TD>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bg17701a_main_toc">Table of Contents</A></FONT></P>
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</FONT> <FONT SIZE=3><B> Our director nominees</B></FONT></TD>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following table provides summary information about each director nominee. Each director is elected annually by a majority of votes cast. </FONT></P>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Name</font><BR> </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Age</font><BR> </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Director<BR>
since</font><BR> </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Occupation</font><BR> </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Independent</font><BR> </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Committee Memberships</B></FONT>&nbsp;</TD>
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&nbsp;</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">AC</font><BR> </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">CC</font><BR> </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">NCG</font><BR> </B></FONT></TD>
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</B></FONT></TD>
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&nbsp;</B></FONT></TD>
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 </B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">EC</font></B></FONT></TD>
</TR>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">John D. Barr</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">66</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2002</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Chairman<BR>
Papa Murphy's International</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#149;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">F</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 Michael R. Eisenson</FONT></TD>
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</FONT>
</TD>
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</FONT>
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 58</FONT></TD>
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</FONT></TD>
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 1993</FONT></TD>
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</FONT>
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 Managing Director&nbsp;&amp; CEO<BR>
Charlesbank Capital Partners</FONT></TD>
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 &#149;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT></TD>
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</TR>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Robert H. Kurnick, Jr.</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">52</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2006</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">President, Penske Automotive Group</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">M</FONT></TD>
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 William J. Lovejoy</FONT></TD>
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 73</FONT></TD>
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 2004</FONT></TD>
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 General Manager<BR>
Lovejoy&nbsp;&amp; Associates</FONT></TD>
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 &#149;</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Kimberly J. McWaters</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">49</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2004</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">CEO, Universal Technical Institute</FONT></TD>
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 Yoshimi Namba</FONT></TD>
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 48</FONT></TD>
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 2010</FONT></TD>
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 Sr. Vice President&nbsp;&#151; International Business Development<BR>
Penske Automotive Group</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Lucio A. Noto</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">75</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2001</FONT></TD>
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&nbsp;</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Retired Vice Chairman<BR>
ExxonMobil Corporation</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">M</FONT></TD>
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 Greg Penske</FONT></TD>
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 51</FONT></TD>
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 n/a</FONT></TD>
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 Chairman and CEO<BR>
Penske Motor Group</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Roger S. Penske</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">77</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">1999</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Chairman and CEO<BR>
Penske Automotive Group</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">C</FONT></TD>
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 Sandra E. Pierce</FONT></TD>
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 55</FONT></TD>
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 2012</FONT></TD>
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 Vice-Chairman<BR>
FirstMerit Corporation</FONT></TD>
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 &#149;</FONT></TD>
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 M</FONT></TD>
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<TD style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">Ronald G. Steinhart</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">73</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2001</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Retired Chairman and CEO<BR>
Commercial Bank Group<BR>
Bank One Corporation</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&#149;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">F</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;border-left:solid white 1.0pt;"><FONT  style="font-size:8pt;line-height:9pt;">


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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><p style="font-family:arial;margin-top:9pt;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
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<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 H. Brian Thompson</FONT></TD>
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</FONT>
</TD>
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</FONT>
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</FONT>
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 74</FONT></TD>
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</FONT></TD>
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</FONT>
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</FONT></TD>
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 2002</FONT></TD>
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</FONT>
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</FONT>
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 Executive Chairman<BR>
Global Telecom&nbsp;&amp; Technology</FONT></TD>
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</FONT></TD>
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</FONT>
</TD>
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</FONT></TD>
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 &#149;</FONT></TD>
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</FONT>
</TD>
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</FONT>
</TD>
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</FONT></TD>
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&nbsp;</FONT></TD>
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</FONT></TD>
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</FONT>
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</FONT>
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 C</FONT></TD>
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</FONT></TD>
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</FONT>
</TD>
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</FONT>
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 M</FONT></TD>
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</FONT>
</TD>
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</FONT>
</TD>
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</FONT></TD>
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 M</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>&nbsp;<BR></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="335pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="14pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>AC</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Audit Committee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>C</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Chair</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>CC</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Compensation and Management Development Committee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>F</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Financial expert</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>NCG</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Nominating and Corporate Governance Committee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Member</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:arial;"><FONT SIZE=2>EC</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>Executive Committee</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>

 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
<div style="width:100%;margin-left:0pt;margin-right:0pt;">
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;;padding-bottom:2pt;border-bottom:solid #FF1100 0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=STYLE_ADDED,"padding-bottom:2pt;border-bottom:solid #FF1100 0pt;" -->


</FONT> <FONT SIZE=3><B> Attendance</B></FONT></TD>
</TR>
</TABLE>
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 </DIV>

 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Each
nominee who is a current director attended at least 85% of meetings of the Board and of the committees of which he or she was a member in 2013. </FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=636445,FOLIO='blank',FILE='DISK116:[14ZAF1.14ZAF17701]BF17701A.;80',USER='CHE105137',CD=';8-MAR-2014;05:56' -->


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bg17701a_main_toc">Table of Contents</A></FONT></P>
 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
<div style="width:100%;margin-left:0pt;margin-right:0pt;">
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="" style="font-family:arial;"></TD>
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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;;padding-bottom:2pt;border-bottom:solid #FF1100 0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=STYLE_ADDED,"padding-bottom:2pt;border-bottom:solid #FF1100 0pt;" -->


</FONT> <FONT SIZE=3><B> Auditors</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>As
a matter of good corporate governance, we ask that our stockholders ratify the selection of Deloitte&nbsp;&amp; Touche as our independent auditor for 2014. Set forth below
is summary information with respect to 2013 auditor fees. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TD WIDTH="110pt" style="font-family:arial;"></TD>
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<TD WIDTH="110pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT SIZE=2><B>&nbsp;


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<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Deloitte</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT SIZE=2><B><BR>


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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT SIZE=2><B>&nbsp;



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 </B></FONT></TD>
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<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>KPMG</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Audit Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>$



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 1,250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 979,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Related Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>81,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>36,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Compliance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Other Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 470,750</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" -->


&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 All Other Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 9,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" -->


&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,852,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,025,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
<div style="width:100%;margin-left:0pt;margin-right:0pt;">
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;;padding-bottom:2pt;border-bottom:solid #FF1100 0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=STYLE_ADDED,"padding-bottom:2pt;border-bottom:solid #FF1100 0pt;" -->


</FONT> <FONT SIZE=3><B> Executive Compensation</B></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
ask that our stockholders annually approve on an advisory basis our named executive officer compensation. The Board recommends a FOR vote because it believes that our
compensation policies and practices are effective in achieving the Company's goals of rewarding sustained financial and operating performance and leadership excellence, aligning the executives'
long-term interest with those of our stockholders and motivating the executives to remain with the Company for long and productive careers. In 2013, over 98% of the votes cast by our stockholders
approved our 2012 executive compensation and there have not been significant changes to the elements of our executive compensation in 2013. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=3><B> 2013 Compensation Summary  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Set forth below is the 2013 compensation for each named executive officer as determined under SEC rules. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:62%;margin-left:10%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"130%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="130%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="60pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="50pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="60pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="74pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="60pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


</FONT> <FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Name and Principal Position</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Salary<BR>
($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Bonus<BR>
($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Stock<BR>
Awards<BR>
($)(1)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->





<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">All Other<BR>
Compensation<BR>
($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Total<BR>
($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


 </B></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1100;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1100;" -->


&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 1,200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 3,600,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&zwsp; (2)


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 305,569</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&zwsp; (3)


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 5,105,569</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&zwsp; (4)


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 96,580</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&zwsp; (5)


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 1,496,580</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 David K. Jones</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 427,884</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 210,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 316,168</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 62,487</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&zwsp; (6)


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 1,016,539</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Calvin C. Sharp</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 435,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 115,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 136,338</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 56,834</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&zwsp; (7)


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 743,172</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Executive Vice President&nbsp;&#151;<BR>
Human Resources</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2><BR>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 450,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 210,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 305,420</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 53,361</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&zwsp; (8)


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 1,018,781</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#ebd1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


 Executive Vice President, General Counsel&nbsp;&amp; Sec.</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ebd1d1;" -->


&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Please
see the footnote references beginning on page&nbsp;26 for further information regarding our named executive officer compensation. </FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=7,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=243044,FOLIO='blank',FILE='DISK116:[14ZAF1.14ZAF17701]BF17701A.;80',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>
<A HREF="#bG17701A_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="BG17701A_main_toc"></A> </FONT></P>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Ques"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Questions about the Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Ques"><FONT SIZE=2>2</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Prop1"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 1&nbsp;&#151; Election of Directors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Prop1"><FONT SIZE=2><BR>
5</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Ourcorp"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Our Corporate Governance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Ourcorp"><FONT SIZE=2><BR>
9</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_board_committees"><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Committees</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_board_committees"><FONT SIZE=2><BR>
9</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_board_structure_and_lead_director."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Board Structure and Lead Director</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_board_structure_and_lead_director."><FONT SIZE=2><BR>
10</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_director_independence."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Independence</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_director_independence."><FONT SIZE=2><BR>
10</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_risk_management."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Risk Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_risk_management."><FONT SIZE=2><BR>
11</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_securities_trading_policy/anti-hedging."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Securities Trading Policy/Anti-Hedging</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_securities_trading_policy/anti-hedging."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_stock_ownership_guidelines/pledging."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stock Ownership Guidelines/Pledging</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_stock_ownership_guidelines/pledging."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_controlled_company."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Controlled Company</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_controlled_company."><FONT SIZE=2><BR>
12</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_director_candidates."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Candidates</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_director_candidates."><FONT SIZE=2><BR>
12</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_location_of_corporate_governance_documents."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Location of Corporate Governance Documents</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_location_of_corporate_governance_documents."><FONT SIZE=2><BR>
13</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_section_16(a)_benefici__da102001"><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Section&nbsp;16(a) Beneficial Ownership Reporting
Compliance</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_section_16(a)_benefici__da102001"><FONT SIZE=2><BR>
13</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_compensation_committee__da102454"><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Committee Interlocks and Insider
Participation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_compensation_committee__da102454"><FONT SIZE=2><BR>
13</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da17701_stockholder_nominations_and_proposals_for_2015."><p style="font-family:arial;margin-top:12pt;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Stockholder Nominations and Proposals for
2015</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#da17701_stockholder_nominations_and_proposals_for_2015."><FONT SIZE=2><BR>
13</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Prop2"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 2&nbsp;&#151; Ratification of the Selection of our Independent Auditors</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Prop2"><FONT SIZE=2><BR>
13</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Prop3"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 3&nbsp;&#151; Advisory Vote on Executive Compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Prop3"><FONT SIZE=2><BR>
16</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Executive"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Officers</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Executive"><FONT SIZE=2><BR>
17</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Committ"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Committee Report</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Committ"><FONT SIZE=2><BR>
17</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Discuss"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Compensation Discussion and Analysis ("CD&amp;A")</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Discuss"><FONT SIZE=2><BR>
18</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Exec2"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Exec2"><FONT SIZE=2><BR>
26</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Dir2"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Director Compensation</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Dir2"><FONT SIZE=2><BR>
29</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Sec2"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Security Ownership of Certain Beneficial Owners and Management</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Sec2"><FONT SIZE=2><BR>
31</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Relate2"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Related Party Transactions</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Relate2"><FONT SIZE=2><BR>
33</FONT></A></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Info2"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Information about Attending the Meeting</FONT></A></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><A HREF="#Info2"><FONT SIZE=2><BR>
38</FONT></A></TD>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="Ques"></A> </FONT></P>
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</FONT> <FONT SIZE=5> Questions about the Meeting</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;What am I voting on?  </I></B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:100%;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>


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<TD style="font-family:arial;"><FONT SIZE=2><B>A.</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Proposal 1:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2> Election of twelve directors to serve until the next annual meeting of stockholders, or until their successors are duly elected and qualified</FONT></TD>
</TR>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Proposal 2:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2> Ratification of the selection of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditing firm for 2014</FONT></TD>
</TR>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><B> Proposal 3:</B></FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2> Advisory vote regarding executive compensation</FONT></TD>
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 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;Who can vote?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our stockholders as of the close of business on the record date, March&nbsp;7,
2014, can vote at the annual meeting. Each share of our common stock gets one vote. Votes may not be cumulated. As of March&nbsp;7, 2014, there were 90,552,058 shares of our common stock
outstanding. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a full set of proxy materials?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As permitted by the Securities and Exchange Commission ("SEC"), we have elected to
provide access to our proxy materials primarily over the Internet rather than mailing paper copies of those materials to each stockholder. On or about March&nbsp;17, 2014, we will mail a Notice of
Internet Availability of Proxy Materials (the "Notice") to our stockholders, which provides website and other information for the purpose of accessing our proxy materials. All stockholders will have
the ability to access the proxy materials on the website referred to in the Notice or request a printed or electronic set of the proxy materials. Instructions on how to access the proxy materials over
the Internet or to request a printed copy may be found in the Notice. In addition, stockholders may request to receive proxy materials in printed form by mail or electronically by email on an ongoing
basis. We encourage you to take advantage of the availability of the proxy materials on the Internet to help reduce the cost and environmental impact of the annual meeting. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;How can I get electronic access to the proxy materials?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Notice provides you with instructions regarding how to view our proxy materials
for the annual meeting on the Internet and instruct us to send proxy materials to you by email. Choosing to receive proxy materials by email will save us the cost of printing and mailing documents to
you and will reduce the impact of our annual meeting on the environment. If you choose to receive future proxy materials by email, you will receive an email message next year with instructions
containing a link to those materials and a link to the proxy voting website. Your election to receive proxy materials by email will remain in effect unless and until you rescind it. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;What is the difference between a stockholder of record and a beneficial owner of shares held in street name?  </I></B></FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stockholder of Record.</I></FONT><FONT SIZE=2> If your shares are registered directly
in your name with our transfer agent, Computershare, you are the stockholder of record with respect to those shares and we sent the Notice directly to you. If you request copies of the proxy materials
by mail, you will receive a proxy card. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Beneficial Owner of Shares Held in Street Name.</I></FONT><FONT SIZE=2> If your shares are held in an account at a brokerage firm, bank, broker-dealer or other similar
organization, then you are the beneficial owner of shares held in "street name," and the Notice was forwarded to you by that organization. The
organization holding your account is considered the stockholder of record for purposes of voting at the annual meeting. As a beneficial owner, you have the right to direct that organization on how to
vote the shares held in your account. If you request copies of the </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>2</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>proxy
materials by mail, you will receive a voting instruction form. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;How do I vote my shares?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you are a stockholder of record or a participant in the Company's stock fund
within our Company 401(k) plan (the "401(k) plan"), you may vote in any of the following ways: </FONT></P>

<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Internet.</I></FONT><FONT SIZE=2> You may vote online by accessing www.envisionreports.com/pag and following the on-screen instructions. You will need the Control Number
included on the Notice or on your proxy card, as applicable. You may vote online 24&nbsp;hours a day. If you vote online, you do not need to return a proxy card. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Telephone.</I></FONT><FONT SIZE=2> In the U.S., you may vote by calling toll free 1-800-652-VOTE (1-800-652-8683) and following the instructions. You will need the Control
Number included on the Notice or on your proxy card, as applicable. You may vote by telephone 24&nbsp;hours a day. If you vote by telephone, you do not need to return a proxy card. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Mail.</I></FONT><FONT SIZE=2> If you requested printed copies of the proxy materials, you will receive a proxy card, and you may vote by signing, dating and mailing the
proxy card in the envelope provided. Votes submitted by mail must be received at our headquarters on or before May&nbsp;1, 2014. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>In Person.</I></FONT><FONT SIZE=2> You may vote in person at the annual meeting by requesting a ballot from the inspector of election at the meeting. </FONT></P>

</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;If you are a beneficial owner of shares held in street name, you may vote in any of the following ways:</I></FONT></P>

<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Internet.</I></FONT><FONT SIZE=2> You may vote online by following the instructions provided in the Notice. You will need the Control Number included on the Notice or on
your voting instruction form, as applicable. You may vote online 24&nbsp;hours a day. If you vote online, you do not need to return a voting instruction form. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Telephone.</I></FONT><FONT SIZE=2> You may vote by telephone by following the instructions provided in the Notice. You will need the Control Number included on the Notice or
on your voting instruction form, as applicable. You may vote by telephone 24&nbsp;hours a day. If you vote by telephone, you do not need to return a voting instruction form. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>By Mail.</I></FONT><FONT SIZE=2> If you requested printed copies of the proxy materials, you will receive a voting instruction form, and you may vote by signing, dating and
mailing it in the envelope provided. Votes submitted by mail must be received at our headquarters on or before May&nbsp;1, 2014. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>In Person.</I></FONT><FONT SIZE=2> You must obtain a legal proxy from the organization that holds your shares in order to vote your shares in person at the annual meeting.
Follow the instructions on the Notice to obtain this legal proxy. </FONT></P>

</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>For
both stockholders of record and beneficial owners of shares held in street name (other than stockholders within our Company 401(k) plan), online and telephone voting is available through
11:59&nbsp;p.m. ET on Thursday, May&nbsp;1, 2014. For shares held by the stock fund within the Company's 401(k) plan, online and telephone voting is available through 11:59&nbsp;p.m. ET on
Tuesday, April&nbsp;29, 2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;Can I change my mind after I vote?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You may change your vote at any time before the meeting by (1)&nbsp;signing and
returning another proxy card with a later date (or voting through the Internet or telephone again), (2)&nbsp;voting at the meeting if you are a registered stockholder or have obtained a legal proxy
from your bank or broker or (3)&nbsp;sending a notice to our Corporate Secretary prior to the meeting stating that you are revoking your proxy. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>3</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;What if I return my proxy card but do not provide voting instructions?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Proxies that are signed and returned but do not contain instructions will be voted
(1)&nbsp;FOR the election of the twelve nominees for director, (2)&nbsp;FOR the ratification of our independent auditors, (3)&nbsp;FOR approval of our executive officer compensation and
(4)&nbsp;in accordance with the best judgment of the named proxies on any other matters properly brought before the meeting. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;Will my shares be voted if I do not provide my proxy instruction form?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If you are a stockholder of record and do not provide a proxy, you must attend the
meeting in order to vote your shares. If you are a beneficial holder of shares held in street name, your shares may be voted even if you do not provide voting instructions on your instruction form.
Brokers have the authority under New York Stock Exchange rules to vote shares for which their customers do not provide voting instructions on certain "routine" matters. Under these rules, only the
proposal to ratify our independent auditing firm is a "routine matter" being voted on by our stockholders this year. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;May stockholders ask questions at the meeting?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Yes. Our representatives will answer stockholders' questions of general interest at
the end of the meeting. In order to give a greater number of stockholders an opportunity to ask questions, individuals or groups may be allowed to ask only one question and repetitive or follow-up
questions may not be permitted. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;How many votes must be present to hold the meeting?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Your shares are counted as present at the meeting if you attend the meeting and vote
in person or if you properly return a proxy card or vote via the Internet or telephone. In order for us to conduct our meeting, a majority of our outstanding shares of common stock as of
March&nbsp;7, 2014 must be present in person or by proxy at the meeting (45,276,030). This is referred to as a quorum. Abstentions and broker non-votes will be counted for purposes of establishing a
quorum at the meeting. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I> Q.&nbsp;&nbsp;&nbsp;&nbsp;How many votes are needed to approve the proposals?  </I></B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>A.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Regarding proposal&nbsp;1, the twelve nominees receiving the highest number of
"For" votes will be elected as directors. This number is called a plurality. Shares not voted, whether by marking "Abstain" on the proxy card or otherwise, will have no impact on the election of
directors. Regarding proposals 2 and 3, each measure will pass if it receives the affirmative vote of a majority of the votes cast. On these items, abstentions and broker non-votes will not be counted
in determining the number of votes cast. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>4</FONT></P>

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</FONT> <FONT SIZE=5> Proposal 1&nbsp;&#151; Election of Directors</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
first proposal to be voted on at the annual meeting will be the election of twelve director nominees. Our Nominating and Corporate Governance Committee and Board of Directors recommend approval of
each of the nominees outlined below. If elected, each will serve a one-year term. Mr.&nbsp;Rich Peters, one of our current directors, is not standing for reelection. Pursuant to a stockholders
agreement, certain of our stockholders affiliated with Roger S. Penske and Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd. have agreed to vote together to elect members of our Board of Directors. See "Related
Party Transactions" for a description of this stockholders agreement. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Penske
Corporation recommended Greg Penske (Roger S. Penske's son) to our Nominating and Corporate Governance Committee as a candidate for election to our Board of Directors at the 2014 annual
meeting. Penske Corporation has also informed us that it intends to recommend Greg Penske for re-election to our Board at the 2015 and 2016 annual meetings. Beginning in 2017, in lieu of Greg Penske,
Penske Corporation presently intends to recommend one of Mr.&nbsp;Penske's other sons, Roger Penske, Jr., to the Nominating and Corporate Governance Committee for nomination as a candidate for
election to our Board at the 2017, 2018 and 2019 annual meetings. It is expected that Mr.&nbsp;Penske, Jr. will serve as an advisory committee member of Penske Truck Leasing (PTL) for 2014, 2015 and
2016 and it is expected that Greg Penske will step down from our Board at the 2017 annual meeting and will serve as an advisory committee member of PTL beginning in 2017. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_director_nominees."> </A>
<A NAME="toc_da17701_1"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Director Nominees. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Nominating and Corporate Governance Committee has established minimum qualifications for director nominees, including having personal
integrity, loyalty to
Penske Automotive Group and concern for its success and welfare, willingness to apply sound and independent business judgment and having sufficient time available for Penske Automotive Group matters.
Experience in at least one of the following is also desired: high level of leadership experience in business or administration, breadth of knowledge concerning issues affecting Penske Automotive
Group, willingness to contribute special competence to board activities, accomplishments within the director's respective field, and experience reading and understanding financial statements. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Nominating and Corporate Governance Committee and Board of Directors reviewed the qualities of the Board members as a group, including the diversity of the Board's career experiences, viewpoints,
company affiliations, expertise with respect to the various facets of our business operations, and business experiences. The Board did not employ any particular benchmarks with respect to these
qualities, but was mindful of achieving an appropriate balance of these qualities with respect to the Board of Directors as a whole. Moreover, the Board of Directors and Nominating and Corporate
Governance Committee considered each nominee's overall service to Penske Automotive Group during the previous term, each nominee's personal integrity and adherence to the standards noted above, as
well as the individual experience of each director noted within their biographies below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>Our Board of Directors Recommends a Vote "FOR" Each of the Following Nominees:</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_john_d._barr"> </A>
<A NAME="toc_da17701_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    John D. Barr </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Chairman, Papa Murphy's International&nbsp;Inc. </FONT><FONT SIZE=2><I>Mr.&nbsp;Barr,</I></FONT><FONT SIZE=2> 66, has served as a
director since December 2002. Mr.&nbsp;Barr has been the Chairman of Papa Murphy's International&nbsp;Inc., a take-and-bake pizza chain, since September 2009 and was its Chief Executive Officer
from April 2005 to January&nbsp;1, 2012. From 1999 until April 2004, Mr.&nbsp;Barr served as President and Chief Executive Officer of Automotive Performance Industries, a vehicle transportation
service provider. Prior thereto, Mr.&nbsp;Barr was President and Chief Operating Officer, as well as a member of the Board of Directors, of the Quaker State Corporation from June 1995 to 1999. Prior
to joining Quaker State, Mr.&nbsp;Barr spent 25&nbsp;years with The Valvoline Company, a subsidiary of </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>5</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Ashland,&nbsp;Inc.,
where he was President and Chief Executive Officer from 1987 to 1995. In the previous five years, Mr.&nbsp;Barr was formerly a director of Clean Harbors,&nbsp;Inc. </FONT> <FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive oil
industry experience from serving ultimately as COO and director of Quaker State Corporation; breadth of knowledge
concerning issues affecting our Company; experience with franchise business model as CEO of Papa Murphy's International. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_michael_r._eisenson"> </A>
<A NAME="toc_da17701_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Michael R. Eisenson </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Managing Director and CEO of Charlesbank Capital Partners&nbsp;LLC </FONT><FONT SIZE=2><I>Mr.&nbsp;Eisenson</I></FONT><FONT SIZE=2>, 58,
has served as a director since December 1993. He is a Managing Director and CEO of Charlesbank Capital Partners&nbsp;LLC, a private investment firm and the successor to Harvard Private Capital
Group,&nbsp;Inc., which he joined in 1986. Mr.&nbsp;Eisenson is also a director of Blueknight Energy Partners,&nbsp;L.P., Montpelier RE Holdings&nbsp;Ltd. and a number of private companies. In
the previous five years, Mr.&nbsp;Eisenson was formerly a director of Animal Health International,&nbsp;Inc., Catlin Group Limited and CIFC Corp. </FONT><FONT SIZE=2><I>Individual
experience</I></FONT><FONT SIZE=2>: Familiarity with all of the Company's key operations from serving as our director since 1993; experience managing Charlesbank and affiliates and their portfolio
companies; experience in commercial finance, private equity and leveraged finance; demonstrated success serving as our audit committee chairman. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_robert_h._kurnick,_jr."> </A>
<A NAME="toc_da17701_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Robert H. Kurnick, Jr. </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;President of Penske Automotive Group </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Kurnick, Jr.</I></FONT><FONT SIZE=2>, 52, has served as our President since April 2008. From March 2006 to April 2008 he served as our Vice Chairman and has been a
director since May 2006. He also serves as President and a director of Penske Corporation, which he joined in 1995. Penske Corporation is a privately owned diversified transportation services company
that holds, through its subsidiaries, interests in a number of businesses. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Familiarity with all of the Company's key operations;
breadth of knowledge concerning issues affecting our Company; extensive automotive industry experience; experience as President of Penske Corporation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_william_j._lovejoy"> </A>
<A NAME="toc_da17701_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    William J. Lovejoy </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;General Manager of Lovejoy&nbsp;&amp; Associates </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Lovejoy, 73</I></FONT><FONT SIZE=2>, has served as a director since March 2004. Since September 2003, Mr.&nbsp;Lovejoy has served as General Manager of
Lovejoy&nbsp;&amp; Associates, an automotive consulting firm. From January 2000 until December 2002, Mr.&nbsp;Lovejoy served as Group Vice President, North American vehicle sales, service and
marketing for General Motors Corporation. From 1994 until December 1999, Mr.&nbsp;Lovejoy served as Vice President of General Motors service and parts operation. From 1962 until 1992,
Mr.&nbsp;Lovejoy served in various capacities for General Motors Acceptance Corporation ("GMAC") and ultimately President of GMAC in 1990. Mr.&nbsp;Lovejoy also serves on the Advisory Board of On
My Own of Michigan. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive automotive industry experience with General Motors, including its sales and service and parts
operations; automotive finance experience culminating with experience as President of GMAC; breadth of knowledge concerning issues affecting our Company. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_kimberly_j._mcwaters"> </A>
<A NAME="toc_da17701_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Kimberly J. McWaters </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;CEO of Universal Technical Institute,&nbsp;Inc. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Ms.&nbsp;McWaters,</I></FONT><FONT SIZE=2> 49, has served as a director since December 2004. Ms.&nbsp;McWaters has served as CEO of Universal Technical
Institute,&nbsp;Inc. ("UTI"), a nationwide provider of technical educational training for individuals seeking careers as professional automotive technicians, since October 2003, as Chairman of the
Board of UTI since December&nbsp;9, 2013 and as a director on UTI's board since February 2005. From February 2000 to February 2011, Ms.&nbsp;McWaters served as President of UTI. From 1984 until
2000, Ms.&nbsp;McWaters held several positions at UTI including Vice President of Marketing and Vice President of Sales and Marketing. </FONT><FONT SIZE=2><I>Individual
experience</I></FONT><FONT SIZE=2>: Automotive industry experience with Universal Technical Institute; accomplishment within her field culminating with leadership experience as Chief Executive Officer
of UTI; expertise relating to service and parts operations and particularly service technicians. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_yoshimi_namba"> </A>
<A NAME="toc_da17701_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Yoshimi Namba </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Senior Vice President, International Business Development of Penske Automotive Group </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Namba,</I></FONT><FONT SIZE=2> 48, has served as a director and our Senior Vice President&nbsp;&#151; International Business Development since October 2010.
Mr.&nbsp;Namba is currently an employee of Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd.
(Japan) and has held several positions with Mitsui since August 2001. Mr.&nbsp;Namba served as the Deputy General Manager of Mitsui's Second Motor Vehicles Division from June 2010 to October 2010.
From May 2009 to June 2010, he served as the General Manager of Mitsui's Mining and Construction Machinery First Department. From November 2005 to May 2009, Mr.&nbsp;Namba first served as the Deputy
General Manager and then the General Manager of Mitsui's Yamaha Business Department. Mr.&nbsp;Namba began his career at Mitsui in August 2001 serving as the Chief Operating Officer and Vice
President of its PT Bussan Auto Finance (Indonesia) subsidiary until November 2005. </FONT><FONT SIZE=2><I>Individual experience:</I></FONT><FONT SIZE=2> Global automotive industry experience;
breadth of knowledge concerning international opportunities; affiliation with Mitsui, which is the Company's second largest stockholder. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_lucio_a._noto"> </A>
<A NAME="toc_da17701_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Lucio A. Noto </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Retired Vice Chairman of ExxonMobil Corporation </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Noto</I></FONT><FONT SIZE=2>, 75, has served as a director since March 2001. Mr.&nbsp;Noto retired as Vice Chairman of ExxonMobil Corporation in January 2001, a
position he had held since the merger of Exxon and Mobil companies in November 1999. Before the merger, Mr.&nbsp;Noto was Chairman and CEO of Mobil Corporation, where he had been employed since
1962. Mr.&nbsp;Noto is a managing partner of Midstream Partners&nbsp;LLC, an investment company specializing in energy and transportation projects. He is also a director of RHJ
International&nbsp;SA, Philip Morris International, an Emeritus member of Temasek's International Advisory Panel, and was formerly a director of Commercial International Bank of Egypt in the
previous five years. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive oil industry experience culminating with appointments as CEO of Mobil Corporation and Vice
Chairman of ExxonMobil Corporation; breadth of knowledge concerning issues affecting our Company; experience as an executive and a director of some of the world's leading global corporations. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_greg_penske"> </A>
<A NAME="toc_da17701_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Greg Penske </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Chairman of the Board and CEO of Penske Motor Group </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Penske</I></FONT><FONT SIZE=2>, 51, has been the Chairman and Chief Executive Officer of Penske Motor Group,&nbsp;LLC, an automotive group that includes Longo
Toyota, the largest automotive retail dealership in the United States by volume, since 1993. From 1997 to 1999 he was the President and CEO of Penske Motorsports, a publicly traded company which
operated racetracks in the U.S. Mr.&nbsp;Penske currently serves as a director of Penske Corporation. In the last five years, he has been a director of Ares Capital Corporation. Mr.&nbsp;Penske is
the son of our Chief Executive Officer, Roger&nbsp;S. Penske. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive automotive retail industry experience; relationships
with key automotive partners; familiarity with all of the Company's key operations through Penske Corporation directorship. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_roger_s._penske"> </A>
<A NAME="toc_da17701_10"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Roger&nbsp;S. Penske </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Chairman of the Board and CEO of Penske Automotive Group </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Penske,</I></FONT><FONT SIZE=2> 77, has served as our Chairman and CEO since May 1999. Mr.&nbsp;Penske has also been Chairman of the Board and CEO of Penske
Corporation since 1969. Mr.&nbsp;Penske has also been Chairman of the Board of Penske Truck Leasing Corporation since 1982. Mr.&nbsp;Penske serves as a member of the Board of Directors of
Universal Technical Institute, and was formerly a director of General Electric Company and Internet Brands,&nbsp;Inc. in the previous five years. Mr.&nbsp;Penske also is Vice Chairman of the
Downtown Detroit Partnership and a director of Business Leaders for Michigan. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive automotive industry experience;
relationships with our key automotive partners; familiarity with all of the Company's key operations; experience as an executive and a director of some of the world's leading companies; significant
ownership position of our stock through Penske Corporation and other affiliates. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_da17701_1_8"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_sandra_e._pierce"> </A>
<A NAME="toc_da17701_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Sandra E. Pierce </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Vice Chairman of FirstMerit Corporation and Chairman and CEO of FirstMerit Michigan </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Ms.&nbsp;Pierce,</I></FONT><FONT SIZE=2> 55, has served as a director since December 2012. Since February&nbsp;1, 2013, Ms.&nbsp;Pierce has served as Vice Chairman of
FirstMerit Corporation, and Chairman and CEO of FirstMerit Michigan. From 2005 until June 2012, Ms.&nbsp;Pierce served as the Chief Executive Officer and President at Charter One Bank Michigan, a
division of Royal Bank of Scotland ("RBS"). In that role, she was responsible for the bank's commercial banking business, overseeing all state bank activities and was involved in local marketing and
community giving. From July through December 2012, Ms.&nbsp;Pierce was a consultant for RBS. In addition, Ms.&nbsp;Pierce was the Regional Executive for the Midwest, overseeing activities in
Illinois and Ohio. From 1978 through 2004, Ms.&nbsp;Pierce served as Regional Executive of Midwest Retail Operations for JPMorgan Chase, with responsibilities for Michigan and Indiana, and she held
a number of management positions in the retail, commercial lending, and private banking businesses at JPMorgan Chase and its predecessor companies, Bank One, First Chicago NBD Corp. and NBD Bancorp.
Ms.&nbsp;Pierce has performed leadership duties with numerous civic organizations, including Chairman and Trustee of Henry Ford Health System,&nbsp;Inc. since January 2012. </FONT> <FONT SIZE=2><I>Individual Experience</I></FONT><FONT SIZE=2>:
Extensive retail and commercial banking experience; accomplished within her field culminating in CEO experience; extensive
experience on private company boards and demonstrated commitment to civic works. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_ronald_g._steinhart"> </A>
<A NAME="toc_da17701_12"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Ronald G. Steinhart </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Retired Chairman and CEO, Commercial Banking Group, Bank One Corporation </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Steinhart</I></FONT><FONT SIZE=2>, 73, has served as a director since March 2001. Mr.&nbsp;Steinhart served as Chairman and CEO, Commercial Banking Group, of Bank
One Corporation from December 1996 until his retirement in January 2000. From January 1995 to December 1996, Mr.&nbsp;Steinhart was Chairman and CEO of Bank One, Texas, N.A. Mr.&nbsp;Steinhart
joined Bank One in connection with its merger with Team Bank, which he founded in 1988. Mr.&nbsp;Steinhart also serves as a director of Southcross Energy Partners,&nbsp;L.P., Susser Holdings
Corporation and Texas Industries&nbsp;Inc. In the previous five years, Mr.&nbsp;Steinhart formerly served as a director of Animal Health International,&nbsp;Inc. and as a Trustee of the
MFS/Compass Group of mutual funds. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive experience in banking and commercial lending industries; experience with respect to
automotive retail finance and insurance operations; extensive public company audit committee experience. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_h._brian_thompson"> </A>
<A NAME="toc_da17701_13"> </A>
<BR></FONT><FONT SIZE=2><B><I>    H. Brian Thompson </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Executive Chairman of Global Telecom&nbsp;&amp; Technology (GTT) </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Thompson</I></FONT><FONT SIZE=2>, 74, has served as a director since March 2002. Mr.&nbsp;Thompson is Executive Chairman of Global Telecom&nbsp;&amp; Technology
(GTT). Mr.&nbsp;Thompson continues to head his own private equity investment and advisory firm, Universal Telecommunications,&nbsp;Inc. From December 2002 to June 2007, Mr.&nbsp;Thompson was
Chairman of Comsat International and also served as Chairman and Chief Executive Officer of Global TeleSystems Group,&nbsp;Inc. from March 1999 through September of 2000. Mr.&nbsp;Thompson was
Chairman and CEO of LCI International from 1991 until its merger with Qwest Communications International&nbsp;Inc. in June 1998. Mr.&nbsp;Thompson became Vice Chairman of the board for Qwest until
his resignation in December 1998. Mr.&nbsp;Thompson previously served as Executive Vice President of MCI Communications Corporation from 1981 to 1990, and prior to MCI, was a management consultant
with the Washington, DC offices of McKinsey&nbsp;&amp; Company for nine years, where he specialized in the management of telecommunications. He currently serves as a member of the board of directors of
Axcelis Technologies,&nbsp;Inc., Pendrell Corporation, and Sonus Networks,&nbsp;Inc. Mr.&nbsp;Thompson received his MBA from Harvard's Graduate School of Business, and holds an undergraduate
degree in chemical engineering from the University of Massachusetts. </FONT><FONT SIZE=2><I>Individual experience</I></FONT><FONT SIZE=2>: Extensive experience as an executive and director of
numerous public companies; experience in a leadership role directing international corporations; perspective gained from leadership role in communications industry; demonstrated success serving as our
lead independent director. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_da17701_1_9"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="Ourcorp"></A> </FONT></P>
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</FONT> <FONT SIZE=5> Our Corporate Governance</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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</FONT> <FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>CURRENT DIRECTORS</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


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</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>BOD</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>



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 </B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>Audit<BR>
Committee</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


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</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>Compensation&nbsp;&amp;<BR>
Management<BR>
Development<BR>
Committee</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR><BR>



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 </B></FONT></TD>
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 </b></font> <font color="#ffffff" size=2>Nominating&nbsp;&amp;<BR>
Corporate<BR>
Governance<BR>
Committee</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR><BR>


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</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>Executive<BR>
Committee</font></B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 John D. Barr</FONT></TD>
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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



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 F</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



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&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael R. Eisenson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>C, F</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Robert H. Kurnick, Jr.</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 M</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 M</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William J. Lovejoy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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 Kimberly J. McWaters</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
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 M</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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 C</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Yoshimi Namba</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Lucio A. Noto</FONT></TD>
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</FONT>
</TD>
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 M</FONT></TD>
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&nbsp;</FONT></TD>
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 M</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Roger&nbsp;S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>C</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>C</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Richard J. Peters</FONT></TD>
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 M</FONT></TD>
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&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Sandra E. Pierce</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


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 Ronald G. Steinhart</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>H. Brian Thompson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>M</FONT></TD>
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<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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 No. of Meetings 2013</FONT></TD>
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 7</FONT></TD>
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</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>C</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Chair
 </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>F</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Financial
expert  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>M</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Member
 </FONT></DD></DL>
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_board_committees"> </A>
<A NAME="toc_da17701_14"> </A>
<BR></FONT><FONT SIZE=2><B>  Board Committees    <BR>    </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Board of Directors has four standing committees: the Audit Committee, the Compensation and Management Development Committee, the Nominating and Corporate Governance Committee and the Executive
Committee. Charters for the Audit, Compensation and Management Development, and Nominating and Corporate Governance committees are available on our website, www.penskeautomotive.com, under the tab
"Corporate Governance." The principal responsibilities of each committee are described below. Collectively, our directors attended over 97% of our board and committee meetings in 2013, and each
director attended at least 85% of their meetings. All of our directors are encouraged to attend the annual meeting of stockholders and all directors serving at that time attended the annual meeting in
2013. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Committee Member Qualifications.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each of the members of our Audit, Compensation and Management Development, and Nominating and Corporate Governance Committees are
independent under New York Stock Exchange guidelines and our guidelines for director independence. The Board of Directors has determined that all members of the Audit Committee are "independent" and
"financially literate" under New York Stock Exchange rules and applicable law, and each is an "audit committee financial expert," as that term is defined in Securities and Exchange Commission rules. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>The Audit Committee</I></FONT><FONT SIZE=2> assists the Board of Directors in fulfilling its oversight responsibility relating to
the:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>financial statements, financial reporting and financial controls </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>internal audit function </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>engagement and evaluation of the independent auditing firms </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>significant business risks or exposures and the steps taken to assess, monitor and
mitigate these risks or exposures </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_da17701_1_10"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>The Compensation and Management Development Committee</I></FONT><FONT SIZE=2> assists the Board of Directors in discharging its responsibility relating
to:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>executive officers' compensation </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>compensation and benefits of other employees </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT
SIZE=2>administration of our equity incentive plans </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>recommendations to the Board of Directors with respect to director compensation </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>management progression and succession plans </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>The Nominating and Corporate Governance Committee</I></FONT><FONT SIZE=2>:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>identifies prospective candidates for our Board of Directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>recommends director nominees for each annual meeting of stockholders and
any interim vacancies the Board of Directors
determines to fill </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>recommends to the Board of Directors corporate governance principles </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>annually reviews our corporate
governance policies </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>oversees the Board self-evaluation </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT>
<DD style="font-family:arial;text-align:justify"><FONT SIZE=2>oversees our compliance with legal and regulatory requirements </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Executive Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Executive Committee's primary function is to act upon matters when the Board of Directors is not in session. The Executive Committee has
the full power and authority of the Board of Directors, except to the extent limited by law or our certificate of incorporation or bylaws or other governance documents. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_board_structure_and_lead_director."> </A>
<A NAME="toc_da17701_15"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Board Structure and Lead Director. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Roger&nbsp;S. Penske is the Chairman of our Board of Directors and our Chief Executive Officer. We believe the combination of
these two offices represents the
most appropriate approach for our company due to Mr.&nbsp;Penske's significant ownership position through Penske Corporation, his extensive automotive industry experience, his relationships with our
key automotive partners and his experience as an executive and a director of some of the world's leading companies. In light of the combination of these positions, one of our governance principles is
to have an independent "Lead Director." Our Lead Director is responsible for:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>coordinating and leading the activities of the outside directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>establishing the agenda for executive sessions of the outside
directors </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>presiding at the executive sessions of the outside directors which generally occur as part of each Board meeting
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>facilitating communication between the outside directors as a group and our management team </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Lead Director is H. Brian Thompson. He may be contacted by leaving a message at the following telephone number: 800-469-1634. All messages will be reviewed by our Corporate Secretary's office and
all (other than frivolous messages) will be forwarded to the Lead Director. Any written communications to the independent directors as a group or the entire Board of Directors may be sent care of the
Corporate Secretary to our principal executive office. These communications (other than frivolous messages) will also be forwarded to the Lead Director. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_director_independence."> </A>
<A NAME="toc_da17701_16"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Director Independence. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A majority of our Board of Directors is independent and each of the members of our audit, compensation and nominating committees is
independent. The Board of
Directors has determined that Ms.&nbsp;McWaters and Pierce and Messrs.&nbsp;Barr, Eisenson, Lovejoy, Steinhart and Thompson are each independent in accordance with the listing requirements of the
New York Stock Exchange and our guidelines for independent directors which can be found in our corporate governance guidelines on our website www.penskeautomotive.com and as set forth below. As
required by New York Stock Exchange rules, our Board of Directors determined that no material relationship exists which would interfere with the exercise of independent judgment in carrying out the
responsibilities of the independent directors. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>For
a director to be considered independent under our corporate governance guidelines, the Board of Directors must determine that the director does not have any direct or indirect </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_da17701_1_11"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>material
relationship with us. In addition to applying these guidelines, the Board of Directors considers relevant facts and circumstances in making the determination of independence, and not merely
from the standpoint of the director, but also from that of persons or organizations with which the director has an affiliation. The Board considers the transactions, relationships and arrangements
between the Company and affiliates of the director, including those described under "Related Party Transactions" and elsewhere in the proxy statement, in its independence determination. The Board also
considers ownership of our or our affiliates' securities by the directors and their affiliates, ownership by our management team of any securities of affiliates of directors, and any direct or
indirect investments in affiliates of Charlesbank Capital Partners, an affiliate of Michael Eisenson, or Transportation Resource Partners, an affiliate of Penske Corporation. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Under
our guidelines, which are more stringent than the New York Stock Exchange guidelines, a director will not be independent if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director is employed by us, or an immediate family member is one of our executive officers.*  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director receives more than $60,000 of direct compensation from us, other than director fees and deferred compensation for prior service (provided such
compensation is not contingent in any way on continued service).*  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director is affiliated with or employed by one of our independent auditing firms, or an immediate family member is affiliated with or employed in a
professional capacity by one of our independent auditing firms.  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>An
executive officer of ours serves on the compensation committee of the board of directors of a company that employs the director or an immediate family
member as an executive officer.  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director is an executive officer or employee, or if an immediate family member is an executive officer, of another company that does business with us and
the sales by that company to us or purchases by that company from us, in any single fiscal year during the evaluation period, are more than the greater of two percent of the annual revenues of that
company or $1&nbsp;million.  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
director serves as an officer, director or trustee of a charitable organization, and our charitable contributions to the organization are more than the
greater of $250,000 or one percent of that organization's total annual charitable receipts during its last completed fiscal year.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Employment
as an Interim Chairman, Interim CEO or other executive officer on an interim basis, and related compensation, shall not disqualify a director from
being considered independent following that employment. </FONT></DD></DL>
</UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_risk_management."> </A>
<A NAME="toc_da17701_17"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Risk Management. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have designed and implemented processes to manage risk in our operations. The Board of Director's role in risk management is primarily one of
oversight.
Management is responsible for the implementation and execution of our risk management initiatives. Our Board of Directors executes its oversight role directly and also through its various committees
as set forth below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Audit Committee  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>principally responsible for implementing the Board's risk management oversight role </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>reviews management's assessment of the key risks
facing our Company, including the key controls we rely on to mitigate
those risks </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>monitors certain key risks at each of its regularly scheduled meetings, such as liquidity risk, risk relating to
compliance with credit covenants, and related party transaction risk </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Nominating and Corporate Governance Committee  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>oversees compliance with legal and regulatory requirements </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>reviews risks relating to our governance structure </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Compensation and Management Development Committee  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>reviews risks inherent in our compensation policies </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>reviews the Company's succession planning </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Full Board of Directors  </B></FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>reviews strategic and operational risk in the context of reports from corporate management, regional executives and other
officers </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>receives reports on all significant committee activities at each regular meeting </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>reviews the risks inherent in
any significant Company transactions </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_securities_trading_policy/anti-hedging."> </A>
<A NAME="toc_da17701_18"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Securities Trading Policy/Anti-Hedging. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our securities trading policy applies to all of our directors and officers and restricts trading in our securities while in
possession of material nonpublic
information. The policy prohibits our directors and officers from engaging in hedging, short sales and other speculative trading techniques in our securities without the approval of our General
Counsel. No such approvals were requested in 2013. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_stock_ownership_guidelines/pledging."> </A>
<A NAME="toc_da17701_19"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stock Ownership Guidelines/Pledging. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our stock ownership guidelines, discussed in the CD&amp;A below, require threshold levels of our stock to be held by executive
officers, other senior officers and
directors. These guidelines exclude any shares that are pledged by our directors and officers. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_controlled_company."> </A>
<A NAME="toc_da17701_20"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Controlled Company. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under the New York Stock Exchange rules, if a company is "controlled" it need not have a majority of independent directors or solely independent
compensation or
nominating committees. We are a "controlled company" because more than 50% of the voting power for the election of directors is held by Penske Corporation through its voting agreement with
Mitsui&nbsp;&amp;&nbsp;Co. and their affiliates. These entities are considered a group due to the provisions of the stockholders agreement between these parties described under "Related Party
Transactions." Even though we are a "controlled company," we are fully compliant with the New York Stock Exchange rules for non-controlled companies. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_director_candidates."> </A>
<A NAME="toc_da17701_21"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Director Candidates. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;When considering new candidates for our Board of Directors, the Nominating and Corporate Governance Committee uses the network of contacts of
the Board of
Directors to compile potential candidates, but may also engage, if it deems appropriate, a professional search firm. The committee considers whether the nominee would be independent and meets with
each candidate to discuss and consider his or her qualifications. The Nominating and Corporate Governance Committee will consider director candidates recommended by stockholders pursuant to procedures
outlined below. Stockholder proposals for nominees should be addressed to our Corporate Secretary, Penske Automotive Group, 2555 Telegraph Road, Bloomfield Hills, MI 48302. The committee's evaluation
of stockholder-proposed candidates will be the same as for any other candidates. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Director
candidate submissions are to include:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>sufficient biographical information concerning the recommended individual, including age, employment history with employer
names and description of the employer's business </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>whether such individual can read and understand basic financial statements </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT
SIZE=2>a list of board memberships and other affiliations of the nominee </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>a written consent of the individual to stand for election and serve if elected by the stockholders
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>a statement of any relationships between the person recommended and the person submitting the recommendation
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>a statement of any relationships between the candidate and any automotive retailer, manufacturer or supplier </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>proof of
ownership by the person submitting the recommendation of 500 shares of our common stock for one year </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Recommendations
received by November&nbsp;10, 2014, will be considered for nomination at the 2015 annual meeting of stockholders. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Recommendations
received after November&nbsp;10, 2014 will be considered for nomination at the 2016 annual meeting of stockholders. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_location_of_corporate_governance_documents."> </A>
<A NAME="toc_da17701_22"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Location of Corporate Governance Documents. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our corporate governance guidelines and the other documents referenced in this section are posted on our website,
www.penskeautomotive.com, under the tab
"Corporate Governance." We have also adopted a Code of Business Conduct and Ethics that applies to all of our employees and directors. We intend to disclose waivers, if any, for our executive officers
or directors from the code, and changes to the code, on our website. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_section_16(a)_benefici__da102001"> </A>
<A NAME="toc_da17701_23"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Section&nbsp;16(a) Beneficial Ownership Reporting Compliance. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires our executive officers, directors
and persons who beneficially own more than 10% of our stock
to file reports of ownership with the SEC. Our employees prepare these reports using information obtained from them and our records. We believe all Section&nbsp;16(a) reports were timely filed in
2013. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_compensation_committee__da102454"> </A>
<A NAME="toc_da17701_24"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Compensation Committee Interlocks and Insider Participation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;One of our directors, Lucio A. Noto was previously a member of our compensation committee in 2013. An
entity (the "Investor") controlled by Mr.&nbsp;Noto, owns
a 16.4% interest in one of our subsidiaries, UAG Connecticut I,&nbsp;LLC ("UAG Connecticut I"), pursuant to an agreement which entitles the Investor to 20% of the operating profits of UAG
Connecticut I. This agreement also provides the Investor with the right to appoint one of three directors, and "tag-along rights" in the event we intend to sell our interest in UAG Connecticut I. We
have a right of first refusal with respect to any potential sale by the Investor of its interest. From time to time, we provide UAG Connecticut I with working capital and other debt financing. The
Investor paid $378,000 to us in 2013 pursuant to its option to purchase up to a 20% interest in UAG Connecticut I. In addition, UAG Connecticut I makes periodic pro rata distributions pursuant to
which the Investor was paid $1.4&nbsp;million during 2013. In November 2013, a separate entity controlled by Mr.&nbsp;Noto (the "Additional Investor") paid approximately $3.7&nbsp;million for a
20% interest in our subsidiary that owns Mercedes-Benz of Greenwich. From time to time, we provide Mercedes-Benz of Greenwich with working capital and other debt financing and expect to make periodic
pro rata distributions from Mercedes-Benz of Greenwich to the Additional Investor. We have entered into an operating agreement that provides rights and obligations similar to those described above
with respect to UAG Connecticut I. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da17701_stockholder_nominations_and_proposals_for_2015."> </A>
<A NAME="toc_da17701_25"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stockholder Nominations and Proposals for 2015. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We must receive any proposals submitted pursuant to Rule&nbsp;14(a)-8 of the SEC proxy rules intended to be
presented to stockholders at our 2015 annual meeting
of stockholders at our principal executive offices at 2555 Telegraph Road, Bloomfield Hills, Michigan 48302-0954 for inclusion in the proxy statement by November&nbsp;10, 2014. These proposals must
also meet other requirements of the rules of the SEC relating to stockholder proposals. Stockholders who intend to present an item of business at the annual meeting of stockholders in 2015 (other than
a proposal submitted for inclusion in our proxy statement) must follow the procedures set forth in our bylaws and provide us notice of the business no later than February&nbsp;2, 2015. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="Prop2"></A> </FONT></P>
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</FONT> <FONT SIZE=5> Proposal 2&nbsp;&#151; Ratification of the Selection of our Independent Auditors</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Audit Committee has selected Deloitte&nbsp;&amp; Touche&nbsp;LLP, the member firms of Deloitte Touche Tohmatsu Limited, and their respective affiliates (collectively referred to as "Deloitte") as
our principal independent auditing firm for 2014. In performing its services for 2014, we anticipate Deloitte will not audit our subsidiaries which own the majority of our international operations and
their opinions, insofar as they relate to those operations, will be based solely </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>on
the report of the independent auditor of those operations, KPMG Audit&nbsp;Plc ("KPMG"). We refer to Deloitte and KPMG collectively as our independent auditing firms. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
have determined to submit the selection of auditors to stockholder ratification, even though it is not required by our governing documents or Delaware law. If the selection of Deloitte as our
independent auditors is not ratified by our stockholders, our Audit Committee will re-evaluate its selection, taking into consideration the stockholder vote on the ratification and the advisability of
selecting new auditors prior to completion of the 2014 audit. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Audit Committee is solely responsible for selecting, engaging and terminating our independent auditing firms, and may do so at any time at its discretion. It is anticipated that a representative
of Deloitte will be present at the annual meeting with the opportunity to make a statement and to answer appropriate questions. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>OUR BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" RATIFICATION OF DELOITTE&nbsp;&amp; TOUCHE AS OUR INDEPENDENT AUDITORS</B></FONT></P>
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</FONT> <FONT SIZE=2><B> AUDIT COMMITTEE REPORT</B></FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Audit Committee of the Board of Directors is responsible for providing independent, objective oversight of our accounting functions and internal controls as more fully discussed above under "Our
Corporate Governance." The Audit Committee has the sole authority to retain and terminate our independent auditing firms, and is responsible for recommending to the Board of Directors that our
financial statements be included in our annual report on Form&nbsp;10-K. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Audit Committee took a number of steps in making this recommendation for our 2013 annual report. The Audit Committee discussed with our independent auditing firms those matters required to be
discussed by the Public Company Accounting Oversight Board ("PCAOB"), including information regarding their independence and the scope and results of their audit. These communications and discussions
were intended to assist the Audit Committee in overseeing the financial reporting and disclosure process. The Audit Committee also discussed the independent auditing firms' independence and received
the letters and written disclosures from the independent auditing firms required by the PCAOB. Finally, the Audit Committee reviewed and discussed the annual audited financial statements with our
management and the independent auditing firms in advance of the public release of operating results, and before the filing of our annual and quarterly reports with the Securities and Exchange
Commission. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Based
on the foregoing, and such other matters deemed relevant and appropriate by the Audit Committee, the Audit Committee recommended to the Board of Directors that our audited financial statements
be included in our 2013 annual report on Form&nbsp;10-K as filed with the SEC on March&nbsp;3, 2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> The Audit Committee of the Board of Directors</B></FONT><FONT SIZE=2><BR>
Michael R. Eisenson (Chairman)<BR>
John D. Barr<BR>
Ronald G. Steinhart </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>14</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> INDEPENDENT AUDITING FIRMS  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
paid the independent auditing firms the fees described below in 2013 and 2012, all of which services were approved by our Audit Committee: </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Audit
Services:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>audits of our consolidated financial statements </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>audits of management's assessment of internal control over financial reporting
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>reviews of quarterly financial statements </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>other services normally provided in connection with statutory or regulatory
engagements </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Audit
Related Services:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>services in connection with our communications with the Securities&nbsp;&amp; Exchange Commission and registration
statements </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>acquisition due diligence </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>audits of benefit plans </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT
SIZE=2>accounting research and consultation </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Tax
Fees:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>services rendered by the independent auditing firms in connection with tax compliance, planning and advice. </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>All
Other Fees:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>primarily related to software charges. </FONT></DD></DL>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="96pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="96pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="96pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="96pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="20pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD COLSPAN=4 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Deloitte</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD COLSPAN=4 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</B></FONT><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>KPMG</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>2013</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>2012</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>2013</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>2012</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" -->


&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Audit Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,250,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,245,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 979,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 762,800</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Audit Related Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>81,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>126,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>36,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>102,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Tax Compliance</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>32,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Other Tax Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 470,750</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 97,032</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 209,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>129,032</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>209,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" -->


&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 All Other Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 9,600</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" -->



</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;"><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->




<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;"><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->




<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;"><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</TD>
<TD COLSPAN=2 ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->




<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;</TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-family:arial;background-color:#e5d1d1;"><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</TD>
<TD style="line-height:0pt;font-family:arial;background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;</TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" -->


 </font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 </TD>
<TD VALIGN="BOTTOM" style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="line-height:0.1pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 <font></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total Fees</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,852,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,500,282</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,025,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"  VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>$</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>1,074,400</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Audit Committee has considered the nature of the above-listed services provided by the independent auditing firms and determined that they are compatible with their provision of independent audit
services under relevant guidance. The Audit Committee has discussed these services with the independent auditing firms and management and determined that they are permitted under the Code of
Professional Conduct of the American Institute of Certified Public Accountants, the auditor independence requirements of the Public Company Accounting Oversight Board, and the laws and regulations
administered by the Securities and Exchange Commission. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Pre-approval Policy.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has adopted a policy requiring pre-approval of all audit and non-audit services provided by the independent auditing
firms. The primary purpose of this policy is
to ensure that we engage our public accountants with a view toward maintaining independence. The Audit Committee is required to pre-approve all services relating to work performed for us by our
independent auditing firms and related fees. The Audit Committee must also approve fees incurred for pre-approved services that are in excess of the approved amount. Pre-approval of audit and
non-audit services and fees may be given at any time up to a year before commencement of the specified service. The Chairman of the Audit Committee may independently approve fees and services as long
as they are reviewed and ratified by the Audit Committee at its next regularly scheduled meeting. All of the services and related fees set forth above were approved by the Audit Committee in
accordance with this policy. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=22,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=263801,FOLIO='15',FILE='DISK116:[14ZAF1.14ZAF17701]DC17701A.;31',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
<A NAME="page_dc17701_1_16"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="Prop3"></A> </FONT></P>
 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
<div style="width:100%;margin-left:0pt;margin-right:0pt;">
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TD style="font-family:arial;;padding-bottom:2pt;border-bottom:solid #FF1100 1pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=5> Proposal 3&nbsp;&#151; Advisory Vote on Executive Compensation</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Last
year, our stockholders approved the compensation of our named executive officers as described under "Compensation Discussion and Analysis" and "Executive Compensation" with over 98% of the votes
cast by our stockholders voting in favor. We are again seeking a non-binding advisory vote on our executive compensation and there have not been any significant changes to the elements of our
executive compensation program in 2013. Because your vote is advisory, it will not be binding upon the Compensation and Management Development Committee however, the committee will take the outcome of
the vote into account when making future executive compensation decisions. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
compensation program is designed to motivate our executive officers to enhance long-term stockholder value and to attract and retain the highest quality executive and key employee talent
available. We believe our executive compensation is aligned with increasing the value of our common stock and promoting our key strategies, values and long term financial and operational objectives.
In this regard, we note that: </FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Mr.&nbsp;Penske beneficially owns approximately 32&nbsp;million shares of our common stock, which significantly aligns
his interests with the stockholders' interests </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>In the last several years, neither our Chief Executive Officer nor President has received an annual cash bonus as both
only have received restricted stock grants in lieu of a cash bonus </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The named executive officers receive restricted stock grants with vesting provisions weighted towards the third and
fourth
years and are subject to stock ownership requirements discussed below, which encourages long-term stock ownership </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>We do not have any employment agreements with our named executive
officers and have no agreements that provide for
severance payments upon termination of employment </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Our executive officers earn no additional retirement income under any supplemental executive retirement plan </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Executive officers are subject to a "clawback" of incentive compensation for detrimental conduct to encourage compliance
with policies and appropriate behavior </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>We structure our compensation practices to be consistent with and support sound risk management. Our compensation
committee reviews risk associated with our compensation policies and has determined such risk is not excessive </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>THE BOARD OF DIRECTORS BELIEVES THAT THE COMPENSATION OF OUR EXECUTIVE OFFICERS IS APPROPRIATE AND RECOMMENDS A VOTE FOR THE FOLLOWING ADVISORY
RESOLUTION:</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>"RESOLVED,
that the compensation paid to the Company's named executive officers, as disclosed pursuant to Item&nbsp;402 of Regulation&nbsp;S-K, including the Compensation Discussion and Analysis,
compensation tables and narrative discussion is hereby APPROVED." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>16</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="Executive"></A> </FONT></P>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
executive officers are elected by the Board of Directors and hold office until their successors have been duly elected and qualified or until their earlier resignation or removal from office.
Biographies of Messrs.&nbsp;Kurnick and Penske are set forth above. Biographies of our other executive officers are provided below: </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>David K. Jones</I></B></FONT><FONT SIZE=2>, 44, has served as our Executive Vice President and Chief Financial Officer since May&nbsp;3, 2011. Mr.&nbsp;Jones served as our Vice
President and Chief Financial Officer for our international operations from October 2010 to May 2011. He also has served as our Vice President&nbsp;&#151; Financial Compliance and Controls
from April 2006 to May 2011. Mr.&nbsp;Jones joined the Company in 2003 as our Director of Financial Reporting. Prior to joining us, Mr.&nbsp;Jones was a Senior Manager at Andersen&nbsp;LLP, an
accounting and financial advisory services firm, which he joined in 1991. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Calvin C. Sharp</I></B></FONT><FONT SIZE=2>, 62, has served as our Executive Vice President&nbsp;&#151; Human Resources since July&nbsp;1, 2007. Mr.&nbsp;Sharp served
as Senior Vice President&nbsp;&#151; Human Resources for our Eastern Region from October 2003 to July 2007. From 1988 to 2003, Mr.&nbsp;Sharp served in numerous positions with Detroit
Diesel Corporation, culminating in his appointment as Senior Vice President&nbsp;&#151; Administration. From 1974 to 1988, Mr.&nbsp;Sharp held various positions in Human Resources
Management with General Motors. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>Shane M. Spradlin</I></B></FONT><FONT SIZE=2>, 44, has served as our Executive Vice President since February 2010, our General Counsel since December 2007, and our Corporate
Secretary since March 2004. Mr.&nbsp;Spradlin joined our Company in March 2003. From 1999 to 2003, he served as Corporate Counsel to Nextel Communications in Reston, Virginia. From 1995 through
1999, Mr.&nbsp;Spradlin was an associate with the New York and Washington, D.C. offices of Latham&nbsp;&amp; Watkins, specializing in corporate finance and mergers and acquisitions. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B><I>J.D. Carlson</I></B></FONT><FONT SIZE=2>, 44, has served as our Senior Vice President and Principal Accounting Officer since May&nbsp;3, 2011. Mr.&nbsp;Carlson has served as
our Corporate Controller since April 2006. Prior to joining us, Mr.&nbsp;Carlson was Corporate Controller for Tecumseh Products. He was previously a Senior Manager for PricewaterhouseCoopers, an
accounting and financial advisory services firm, which he joined in 1995. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="Committ"></A> </FONT></P>
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</FONT> <FONT SIZE=5> Compensation Committee Report</FONT></TD>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Compensation and Management Development Committee of the Board of Directors has reviewed and discussed the Compensation Discussion and Analysis set forth below with
management. Based on this review and these discussions with management, the committee has recommended to our Board of Directors that the Compensation Disclosure and Analysis be included in this proxy
statement. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> The Compensation&nbsp;&amp; Management<BR>
Development Committee of the Board of Directors  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>H.
Brian Thompson (Chairman)<BR>
William J. Lovejoy<BR>
Sandra A. Pierce </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>17</FONT></P>

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<A NAME="toc_de17701_1"> </A></FONT> <FONT SIZE=2><B><I>    Executive Summary. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation program is designed to motivate our executive officers to enhance long-term stockholder value and to
attract and retain the highest quality
executive and key employee talent available. We believe our executive compensation should be aligned with increasing the value of our common stock and promoting our key strategies, values and long
term financial and operational objectives. As further discussed below:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Mr.&nbsp;Penske beneficially owns approximately 32&nbsp;million shares of our common stock, which significantly aligns
his interests with the stockholders' interests </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>In the last several years, neither our Chief Executive Officer nor President has received an annual cash bonus as both
only have received restricted stock grants in lieu of a cash bonus </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The named executive officers receive long-term restricted stock grants with vesting provisions weighted towards the
third
and fourth years and are subject to stock ownership requirements discussed below, which encourages long-term stock ownership </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>We do not have any employment agreements with our named
executive officers and have no agreements that provide for
severance payments upon termination of employment </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Our executive officers earn no additional retirement income under any supplemental executive retirement plan </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Executive officers are subject to a "clawback" of incentive compensation for detrimental conduct to encourage compliance
with policies and appropriate behavior </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>We structure our compensation practices to be consistent with and support sound risk management. Our compensation
committee reviews risk associated with our compensation policies and has determined such risk is not excessive </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
recent years, Mr.&nbsp;Penske has received an annual performance based award payable in shares of restricted stock. For 2013, Mr.&nbsp;Penske was eligible to attain up to 150% of his target
performance based award. As detailed below, Mr.&nbsp;Penske achieved 143% of the performance targets listed below, entitling him to approximately $4.6&nbsp;million in shares of restricted stock
granted in February 2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2013, over 98% of the votes cast by our stockholders approved of our 2012 executive compensation and there have not been any significant changes to the elements of our executive compensation in
2013. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_compensation_philosophy."> </A>
<A NAME="toc_de17701_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Compensation Philosophy. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than with respect to Mr.&nbsp;Penske, the majority of our executive and employee compensation is payable in cash in the short-term,
and is comprised
principally of salary and cash bonuses. We use cash compensation as the majority of our compensation because we believe it provides the most flexibility for our employees and is less dilutive to
existing stockholders than equity compensation. The compensation committee also recognizes that stock prices may reflect factors other than long-term performance, such as general economic conditions
and varying attitudes among investors toward the stock market in general and toward automotive retail companies specifically. However, we also provide long-term compensation in the form of restricted
stock awards for senior employees. Our restricted stock program awards typically vest over four years, with 70% of any award vesting in the third and fourth years. We believe this long term
compensation helps to align management's goals with those of our other stockholders and provides a long-term retention inducement for our key employees, as discussed below under the heading "Incentive
Equity Awards." </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_outside_advisors_and_consultants."> </A>
<A NAME="toc_de17701_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Outside Advisors and Consultants. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee has full access to any of our employees and has the authority to hire outside consultants and advisors
at its discretion, though it did
not do so in 2013. Notwithstanding management's participation in the executive compensation process, all </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>18</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>executive
officer compensation determinations are made by the committee, using its independent judgment and analysis. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_role_of_executive_officers."> </A>
<A NAME="toc_de17701_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Role of Executive Officers. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee relies on our senior management to assist in fulfilling many of its duties, in particular our Executive Vice
President&nbsp;&#151; Human Resources and Chief Executive Officer, each of whom attends part of most committee meetings. These executives make recommendations concerning our compensation
policies generally, certain specific elements of compensation for senior management (such as equity awards and bonuses), and report to the committee as to company personnel and developments. Our Chief
Executive Officer also makes specific compensation recommendations concerning our other executive officers and certain other employees. Our Chief Executive Officer does not participate in determining
his own compensation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_addressing_risk."> </A>
<A NAME="toc_de17701_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Addressing Risk. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee recognizes that any incentive based compensation arrangement induces an inherent element of risk taking by senior
management. We incent
management through annual discretionary bonuses, restricted stock grants and, in some cases, performance based bonuses. The committee assesses the risk related to our compensation policies for the
named executive officers and for the employees generally, and has determined that our compensation arrangements do not lend themselves to unnecessary or excessive risk taking. The committee believes
that any inherent risk is mitigated by the following factors:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Our compensation recovery policy noted below </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Our committee's negative discretion to reduce any performance based award
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Approximately 70% of the equity compensation we issue vests in the third and fourth years </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Rigorous internal and external
audits of our dealership and consolidated results
</FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Our commitment to full compliance with our code of conduct </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Thorough investigation of all fraud and financial-related
complaints, including those received on our anonymous hotline </FONT></DD></DL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
responsibilities of the compensation committee and committee member independence are described under "Our Corporate Governance" beginning on page&nbsp;9. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_compensation_recovery_policy."> </A>
<A NAME="toc_de17701_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Compensation Recovery Policy. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have a policy regarding the recovery of unfairly earned compensation. Under the policy, if our Board determines that a member of
management earned performance
based compensation or incentive compensation within the last three years due to fraud, negligence or intentional misconduct, and such conduct was a significant contributing factor to our restating our
financial statements or the reporting of material inaccuracies relating to financial reporting or other performance metrics used in those awards, our Board has the discretion to cause that employee to
repay and/or forfeit all compensation that was expressly conditioned upon the achievement of the misreported financial results. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_equity_award_approval_policy."> </A>
<A NAME="toc_de17701_7"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Equity Award Approval Policy. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We have an equity award approval policy which requires that all equity awards be approved by the committee and that the grant date of
all awards except those
discussed below shall be the date of the approval by the committee. As part of that policy, the compensation committee delegated to our Chief Executive Officer the authority to grant awards of up to
an aggregate of 50,000 shares of our common stock (or stock equivalents) for new hires or spot awards, provided that the awards are reported to the committee at its next meeting. Our compensation
committee believes that this delegation of authority allows us to meet our ongoing business needs in a practical manner. Our Chief Executive Officer approved awards for 31,500 shares under that
authority in 2013, which awards were ratified by the committee. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_stock_ownership_guidelines."> </A>
<A NAME="toc_de17701_8"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stock Ownership Guidelines. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our stock ownership guidelines are designed to align our management and Board members' interests with our stockholders. The guidelines
require that officers and
directors own the following </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>19</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>levels
of common stock, expressed as a multiple of base salary. </FONT></P>
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 </b></font> <font color="#ffffff" size=2>Executive Officer Level</font><BR> </B></FONT></TD>
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 </b></font> <font color="#ffffff" size=2>Multiple of<BR>
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&nbsp;</FONT></TD>
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 CEO</FONT></TD>
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 8x</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>President</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>4x</FONT></TD>
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 Executive Vice Presidents</FONT></TD>
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 2x</FONT></TD>
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<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Non-employee
board members are required to own common stock equal to five times our annual retainer (currently, $40,000&nbsp;&times;&nbsp;5= $200,000). Directors and officers have until the
later of five years from adoption of the policy or appointment, to reach the minimum ownership level, though our policy allows extensions at the discretion of the Chairman and Lead Independent
Director. These guidelines exclude any shares that are pledged by any of our directors and officers. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_determination_of_amounts."> </A>
<A NAME="toc_de17701_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Determination of Amounts. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee reviews and determines all aspects of compensation for our executive officers. In making decisions regarding
non-CEO compensation, the
committee receives input from our Chief Executive Officer. Except with respect to our annual performance awards to our Chef Executive Officer and President (discussed below), our compensation
committee does not use formulas in determining the amount and mix of compensation. The committee believes that solely using annual quantitative performance measurements does not create the appropriate
balance of incentives to build long-term value. Thus, the committee evaluates a broad range of qualitative factors, including reliability, a track record of integrity, good judgment, foresight and the
ability to lead others. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
committee reviews salary adjustments with a view to maintaining external compensation competitiveness. We benchmark competitiveness against a group of publicly traded automotive retailers (Asbury
Automotive Group, AutoNation, CarMax, Group 1 Automotive, Lithia Motors and Sonic Automotive). While we benchmark our compensation against our industry peers, we do not target a specific quartile of
pay for our executive officers as compared to our peers as we believe each of our executive officer's circumstances and challenges are unique to the individual and we base our compensation
accordingly. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_deductibility_of_executive_compensation."> </A>
<A NAME="toc_de17701_10"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Deductibility of Executive Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended, generally imposes a $1&nbsp;million per year ceiling
on the tax-deductibility of some
types of compensation paid to certain of the named executive officers of a public company, unless the remuneration is treated as performance-based. We have designed our 2012 Equity Incentive Plan, and
our Management Incentive Plan to facilitate the payment of performance-based compensation meeting these tax deductibility rules. For any of these awards, the compensation committee reserves discretion
to reduce (but not increase) the payout under the award. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Our Compensation Program.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation program primarily consists of four elements:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Base salary </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Annual discretionary cash bonus payments </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Restricted stock
awards </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Employee health and welfare plan participation and other benefits, such as a vehicle allowance </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_base_salary."> </A>
<A NAME="toc_de17701_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Base Salary. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The salaries of our executive officers are determined by scope of job responsibility, experience, individual performance, historical salary levels and
the
benchmarking information discussed above. The committee approves salary levels for executive officers and certain key employees in order to maintain external compensation competitiveness using the
benchmarks noted above, and to reflect the performance of those employees in the prior year and to reflect any change in the employee's responsibilities. The evaluation of the individual's performance
is based upon the committee's subjective perception of that performance, based in large part on input from our Chief Executive Officer </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=27,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=181335,FOLIO='20',FILE='DISK116:[14ZAF1.14ZAF17701]DE17701A.;49',USER='MVANGB',CD=';8-MAR-2014;14:53' -->
<A NAME="page_de17701_1_21"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>and
the factors noted above under "Determination of Amounts." </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
committee also considers our Company-wide performance and general economic factors. The items of corporate performance that are considered for our named executive officers are the same
as those with respect to the award detailed below under "2013 Compensation." Our compensation committee uses these factors in a subjective evaluation to gauge Company performance, keeping in mind the
impact of the general performance of the automotive retail industry. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_annual_bonus_payments."> </A>
<A NAME="toc_de17701_12"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Annual Bonus Payments. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our senior management is eligible to receive annual discretionary cash bonus payments. In the past several years, our Chief Executive Officer
and President have
not received any discretionary bonus payments, receiving only the restricted stock grants resulting from their performance based awards described below under "2013 Compensation" and "President
Compensation." We pay annual bonuses to our other executive officers to provide an incentive for future performance and as a reward for performance during the prior year. These discretionary bonus
payments are determined in varying degrees based on three criteria:</FONT></P>

<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Company-wide performance in the prior year </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Evaluation of an individual's performance in the prior year </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT
SIZE=2>&#149;</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Evaluation of the annual performance of an individual's business unit in the prior year </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
items of Company-wide performance that are considered for our named executive officers are the same as those detailed below under "2013 Compensation." Our compensation committee uses these factors
in a subjective evaluation to gauge Company performance, keeping in mind the impact of the overall performance of the automotive retail industry. The evaluation of the individual's performance and the
performance of the individual's business unit is based on the committee's perception of that performance, based in part on input from our Chief Executive Officer and the factors noted above under
"Determination of Amounts." </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_incentive_equity_awards."> </A>
<A NAME="toc_de17701_13"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Incentive Equity Awards. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We issue equity incentive awards under our 2012 Equity Incentive Plan. This plan initially provided up to two million shares for equity
awards, including awards
that are intended to satisfy the requirements of Section&nbsp;162(m) of the Internal Revenue Code, and terminates in 2015. We have granted 830,774 incentive equity awards under this plan since 2012,
leaving availability for 1,173,576 awards (giving effect to certain forfeitures). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Each
member of senior management is eligible to receive a restricted stock award because we believe these awards effectively align management's goals with those of our other stockholders. Restricted
stock grants for management typically vest over four years at a rate of 15%, 15%, 20% and 50% per year, and are subject to forfeiture in the event the employee departs from the Company before vesting.
We believe these awards provide a longer-term incentive for management because the majority of the award vests in the third and fourth year. We employ this form of compensation in part because many of
our initiatives may take several years to yield benefits. We also believe that weighted vesting of these awards provides an additional incentive to retain our valuable employees due to the unvested
value that may be created over time. Our restricted stock awards mirror our other outstanding stock, including the right to vote with our other stockholders and receive dividends. Under certain
situations, we have issued restricted stock units to employees, in particular in foreign jurisdictions, which awards otherwise mirror the restricted stock awards. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Restricted
stock grants are generally discretionary and are based upon the awards granted in the prior year adjusted to reflect changes in the responsibilities of the named executive officers, the
individual's performance and Company-wide performance measures detailed below under "2013 Compensation," keeping in mind the overall performance of the automotive retail industry. The amounts are also
established to induce retention, as the awards are the sole aspect of long-term compensation for our named executive officers. In 2013, the committee approved the grant of approximately </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_de17701_1_22"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>471,472
incentive equity awards to employees (representing approximately 0.5% of our current outstanding equity), including the awards relating to the 2012 management incentive awards for our Chief
Executive Officer and President. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_other_compensation."> </A>
<A NAME="toc_de17701_14"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We may also provide employees with selected other benefits or perquisites in order to attract and retain highly skilled employees. With respect
to health and
welfare benefits, the committee believes that our employees should receive a meaningful benefit package commensurate with those of other automotive retailers, recognizing the increasing cost of those
benefits in recent years. We also provide our U.S.&nbsp;employees with company matching under our 401(k) plan. Our named executive officers and directors are also provided with an automobile
allowance or the use of a company vehicle. From time to time, we may provide other benefits to certain members of our senior management, such as payment for a country club membership or tax gross-ups
for certain items. We have valued these benefits in the following disclosure tables based on our cost except for situations where the employee or director has used a company owned vehicle, in which
case we have used Internal Revenue Service guidelines. We review these benefits on a case-by-case basis and believe, if limited in scope, such benefits can provide an incentive to long term
performance and help retain our valuable employees. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_no_employment_agreements_and_p__no_02544"> </A>
<A NAME="toc_de17701_15"> </A>
<BR></FONT><FONT SIZE=2><B><I>    No Employment Agreements and Pre-arranged Severance Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;None of our current executive officers have been provided an employment agreement, nor are they
entitled to any pre-arranged severance compensation. We believe
our mix of short-term and long-term compensation provides a retention incentive that makes an employment contract unnecessary, while providing us flexibility with respect to managing the departure of
an executive officer. Our lack of pre-arranged severance compensation is consistent with our performance based compensation philosophy, and provides us the flexibility to enter into post-employment
arrangements based on circumstances existing upon departure. We have historically entered into varying types of severance arrangements with departing members of our senior management, which have
included vesting of restricted stock and consulting agreements, as we believe it may be important to have continuing access to these individuals' knowledge base and guidance. In the event we employ
consulting agreements, we have typically obtained a non-compete agreement with these individuals. With respect to a change in control, none of our current executive officers have been guaranteed any
change of control payments, however, certain of our outstanding restricted stock grants provide that in the event of a change of control, the award will vest. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> 2013 Compensation  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_chief_executive_officer_compensation."> </A>
<A NAME="toc_de17701_16"> </A></FONT> <FONT SIZE=2><B><I>    Chief Executive Officer Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee established 2013 performance targets for a performance based award for
Mr.&nbsp;Penske in February 2013. The award established a
threshold payout of $2.4&nbsp;million (50% of targets), a target payout of $3.6&nbsp;million (100% of targets) and a maximum potential payout of $4.8&nbsp;million (150% of targets) to be paid in
shares of restricted stock to be granted in 2014. Mr.&nbsp;Penske achieved 143% of the performance metrics noted below, which entitled him to approximately $4.6&nbsp;million in shares of
restricted stock granted in February 2014. Mr.&nbsp;Penske did not receive an annual cash bonus because he received this restricted stock grant in lieu of a cash bonus. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>22</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_de17701_1_23"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
specific 2013 performance objectives and related performance were as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="83pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="74pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="83pt" style="font-family:arial;"></TD>
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<TD style="font-family:arial;background-color:#FF1100;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



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</FONT> <FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>Objective</font><BR> </B></FONT></TD>
<TD style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>Result</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B><BR>


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</B></FONT></TD>
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 </b></font> <font color="#ffffff" size=2>% of Award</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B><BR>


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 </B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>Achievement</font></B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>EBITDA (earnings before interest,
taxes, depreciation and amortization) of $440&nbsp;million (100% attainment). EBITDA below $400&nbsp;million results in no attainment, EBITDA of $425&nbsp;million results in 50% attainment, and EBITDA of $460&nbsp;million yields 200% attainment.
EBITDA between these amounts yields pro&nbsp;rata attainment(1)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 $485.0&nbsp;million</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 20%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 40%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>same-store
revenue growth of 5% (100% attainment). Growth below 5% results in no attainment, and growth of 10% yields 200% attainment. Growth between 5% and 10% yields pro&nbsp;rata attainment</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10.9%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>20%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>worldwide year-end credit
availability of at least $225&nbsp;million, excluding funds used for repurchases of outstanding debt or common stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Achieved</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>compliance
with the covenants in our credit facilities</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>Compliant</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>customer satisfaction scores
exceed manufacturer objectives at 85% of our U.S.&nbsp;franchises</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Exceeds</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>no material
weaknesses in our internal controls</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>None</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>common stock price performance
exceeds the S&amp;P&nbsp;500 Index during 2013 (100% attainment) Performance below the S&amp;P&nbsp;500 results in no attainment, outperformance by 15% yields 150% attainment. Performance between 100 and 115% yields pro&nbsp;rata
attainment.</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 57% vs. 30%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 20%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 30%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>reduce
selling, general and administrative expense as a percentage of gross profit by 100&nbsp;basis points (100% attainment). Reduction below 100&nbsp;basis points results in no attainment, and reduction of 150&nbsp;basis points yields 200% attainment.
Reduction between 100 and 150&nbsp;basis points yields pro&nbsp;rata attainment(1)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>114 bps</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>13%</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="line-height:0pt;font-family:arial;">


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<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" -->


&nbsp;</TD>
<TD VALIGN="TOP" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD VALIGN="CENTER" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
<TD VALIGN="CENTER" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="TOP" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="CENTER" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="CENTER" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Total</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 100%</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 143%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>This
performance target excludes income or loss from discontinued operations, extraordinary items, changes in accounting principles, or any items of gain or
loss relating to strategic or financial restructurings, the divestiture of assets or a business and, in each case, only if excluded from the definition of consolidated net income under the Company's
U.S.&nbsp;credit agreement. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>23</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_de17701_1_24"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
February 2014, the committee established a similar performance based award for Mr.&nbsp;Penske with respect to 2014, with a threshold payout of $2.4&nbsp;million (50% of target), a target
payout of $3.6&nbsp;million (100% of target) and a maximum potential payout of $4.8&nbsp;million (150% of target) to be paid in shares of restricted stock to be granted in 2015. The performance
objectives for 2014 are as follows: </FONT></P>
 <DIV style="padding:0pt;position:relative;width:75%;margin-left:12%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="74pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD style="font-family:arial;background-color:#FF1100;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#FF1100;" -->


</FONT> <FONT SIZE=2><B>


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 </b></font> <font color="#ffffff" size=2>Objective</font><BR> </B></FONT></TD>
<TD style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B><BR>


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</B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#FF1100;" -->




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 </b></font> <font color="#ffffff" size=2>% of Award</font></B></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>EBITDA (earnings before interest,
taxes, depreciation and amortization) of $565&nbsp;million (100% attainment). EBITDA below $485&nbsp;million results in no attainment, EBITDA of $485&nbsp;million results in 50% attainment, and EBITDA of $600&nbsp;million yields 200% attainment.
EBITDA between these amounts yields pro&nbsp;rata attainment(1)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 20%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>same-store
revenue growth of 5% (100% attainment). Growth below 5% results in no attainment, and growth of 10% yields 200% attainment. Growth between 5% and 10% yields pro&nbsp;rata attainment</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>maintain quarter-end availability
under our U.S.&nbsp;and U.K. credit facilities of at least $250&nbsp;million, excluding funds used for repurchases of debt or common stock</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>compliance
with the covenants in our U.S.&nbsp;and U.K. credit facilities</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>5%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>customer satisfaction scores
exceed manufacturer objectives at 85% of our U.S.&nbsp;franchises</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>no material
weaknesses in our internal controls</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>common stock price performance
exceeds the S&amp;P&nbsp;500 Index during 2014 (100% attainment) Performance below the S&amp;P&nbsp;500 results in no attainment and outperformance by 15% yields 150% attainment. Performance between 100% and 115% yields pro&nbsp;rata
attainment.</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>reduce
selling, general and administrative expense as a percentage of gross profit by 100&nbsp;basis points (100% attainment). Reduction below 50&nbsp;basis points results in no attainment, and reduction of 150&nbsp;basis points yields 150% attainment.
Reduction between these amounts yields pro&nbsp;rata attainment(1)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT> <FONT SIZE=2> </font> &#149; </font></p> <p align=justify style="font-family:arial;margin-top:0pt;margin-left:10pt;"> <font size=2> </FONT><FONT SIZE=2>Return on equity (income from
continuing operations divided by the average of beginning and ending stockholders equity) of between 17.8% and 18.5% (100% attainment). Return on equity below 17.8% results in no attainment, and return on equity over 18.5% yields 150% attainment.(1)
</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 20%</FONT></TD>
</TR>
<TR style="font-size:1.5pt;" bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="line-height:0pt;font-family:arial;">


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;" -->


&nbsp;</TD>
<TD VALIGN="TOP" style="line-height:0pt;font-family:arial;">&nbsp;</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-family:arial;border-bottom:solid #000000 1.0pt;">&nbsp;</TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0.1pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="TOP" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0.1pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p style="font-family:arial;margin-left:20pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Total</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>100%</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:12%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>This
performance target excludes income or loss from discontinued operations, extraordinary items, changes in accounting principles, or any items of gain or
loss relating to strategic or financial restructurings, the divestiture of assets or a business and, in each case, only if excluded from the definition of consolidated net income under the Company's
U.S.&nbsp;credit agreement, and, for return on equity only, if disclosed in our quarterly earnings press releases. </FONT></DD></DL>
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="de17701_president_compensation."> </A>
<A NAME="toc_de17701_17"> </A></FONT> <FONT SIZE=2><B><I>    President Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In February 2013, the committee established a similar performance based award for Mr.&nbsp;Kurnick with respect
to 2013, with a threshold payout of $350,000
(50% of targets), a target payout of $700,000 (100% of targets) and a maximum potential payout of $1.05&nbsp;million (150% of targets) to be paid in shares of restricted stock to be granted in 2014.
The performance objectives and component percentages are the same as those set forth above with respect to the 2013&nbsp;award for Mr.&nbsp;Penske. Mr.&nbsp;Kurnick achieved 143% of the
performance metrics noted below, which entitled him to approximately $1.0&nbsp;million in shares of restricted stock granted in February 2014. Mr.&nbsp;Kurnick did not receive an annual cash bonus
because he received this restricted stock grant in lieu of a cash bonus. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>24</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>
<A HREF="#bG17701A_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In February 2014, the committee established a similar performance based award for Mr.&nbsp;Kurnick with respect to 2014, with a threshold payout of $350,000 (50% of target),
a target payout of $700,000 (100% of target) and a maximum potential payout of $1.05&nbsp;million (150% of targets) to be paid in shares of restricted stock to be granted in 2015. The performance
objectives and component percentages are the same as those set forth above with respect to the 2014&nbsp;award for Mr.&nbsp;Penske. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Mr.&nbsp;Kurnick
is also the President of Penske Corporation (our controlling stockholder) and he receives a substantial amount of compensation from Penske Corporation. While Mr.&nbsp;Kurnick
devotes a substantial amount of time and effort to our company, his total compensation paid by us reflects that he devotes time to Penske Corporation. Our committee does not track the exact percentage
of time spent on Penske Automotive matters, recognizing that the amount varies from year to year, but it is generally expected to represent approximately 75% of his time. In determining
Mr.&nbsp;Kurnick's pay, our compensation committee considers the impact of the time Mr.&nbsp;Kurnick spends on Penske Automotive matters, including the benefits of his leadership capabilities. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dg17701_other_executive_officer_compensation."> </A>
<A NAME="toc_dg17701_1"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Executive Officer Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In June 2013, Mr.&nbsp;Jones's salary was increased from $400,000 to $450,000. In January 2014, Messrs.&nbsp;Sharp and
Spradlin's salaries were each increased
from $435,000 and $450,000, respectively, to $460,000 and $475,000, respectively. Our compensation committee approved these increases in recognition of the Company's performance in 2013 and based upon
its benchmarking against our peer companies. Each of our named executive officers received the stock awards and bonuses set forth in the tables below. In addition, in February 2014,
Messrs.&nbsp;Jones, Sharp and Spradlin received 8,125, 3,500, and 7,000 shares of restricted stock, respectively, vesting over four years at a rate of 15%, 15%, 20% and 50% as part of our annual
grant under the 2012 Equity Incentive Plan. In 2013, we were reimbursed approximately six percent of Mr.&nbsp;Spradlin's base salary by Penske Corporation to reflect his efforts on behalf of Penske
Corporation. The full amount of Mr.&nbsp;Spradlin's base salary is shown in the table below. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>25</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_dg17701_1_26"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="Exec2"></A> </FONT></P>
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<div style="width:100%;margin-left:0pt;margin-right:0pt;">
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</FONT> <FONT SIZE=5> Executive Compensation</FONT></TD>
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</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following table contains information concerning 2013 annual and long-term compensation for our Chief Executive Officer, Chief Financial Officer and each of our three other most highly compensated
executive officers, collectively referred to as the "named executive officers." For a discussion of our methodology in valuing the items set forth under "All Other Compensation," see
"CD&amp;A&nbsp;&#151; Other Compensation." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="dg17701_2013_summary_compensation_table"> </A>
<A NAME="toc_dg17701_2"> </A>
<BR></FONT><FONT SIZE=2><B>  2013 Summary Compensation Table    <BR>    </B></FONT></P>
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<TD WIDTH="59pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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</FONT> <FONT  style="font-size:8pt;line-height:9pt;"><B>


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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Name and Principal Position</font><BR> </B></FONT></TD>
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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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<BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Year</font><BR> </B></FONT></TD>
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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;



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<BR><BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Salary<BR>
($)</font><BR> </B></FONT></TD>
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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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<BR><BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Bonus<BR>
($)</font><BR> </B></FONT></TD>
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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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<BR><BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Stock Awards<BR>
($)(1)</font><BR> </B></FONT></TD>
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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


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<BR><BR><BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">All Other<BR>
Compensation<BR>
($)</font><BR> </B></FONT></TD>
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</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;



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<BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Total<BR>
($)</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 2013</FONT></TD>
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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,600,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&zwsp; (2)


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 305,569</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&zwsp; (3)


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5,105,569</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


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 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 2012</FONT></TD>
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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



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 3,500,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 209,336</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 4,909,336</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,200,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,150,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 114,933</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 4,464,933</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&zwsp; (4)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 96,580</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&zwsp; (5)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,496,580</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 600,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 71,576</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,371,576</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 &#151;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 540,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 57,115</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,297,115</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 David K. Jones</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 427,884</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 210,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 316,168</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 62,487</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&zwsp; (6)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,016,539</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&amp; Chief</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2012</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 400,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 180,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 241,100</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 72,597</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 893,697</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Financial Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 364,038</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 125,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 189,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 464,559</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,142,837</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Calvin C. Sharp</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 435,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 115,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 136,338</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 56,834</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&zwsp; (7)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 743,172</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&#151; Human</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2012</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 416,827</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 100,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 108,495</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 50,280</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 675,602</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Resources</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 90,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 68,390</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 43,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 601,390</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:8pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 450,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 210,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 305,420</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 53,361</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&zwsp; (8)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,018,781</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President, General</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2012</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 424,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 180,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 192,880</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 66,996</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 863,915</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:16pt;text-indent:-8pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2011</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 160,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 117,240</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 53,287</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 730,527</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">These
amounts represent the grant date fair value of awards computed in accordance with FASB ASC Topic&nbsp;718 in connection with restricted stock awards
granted under our 2012 Equity Incentive Plan.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">In
February 2013, Mr.&nbsp;Penske received an equity incentive plan-based award payable upon achievement of 2013 performance targets. The award
established a threshold payout of $2.4&nbsp;million (50% of targets), a target payout of $3.6&nbsp;million (100% of targets) and a maximum potential payout of $4.8&nbsp;million (150% of targets)
to be paid in shares of restricted stock to be granted in 2014. Mr.&nbsp;Penske achieved 143% of the performance metrics relating to this award, which entitled him to approximately
$4.6&nbsp;million in shares of restricted stock granted in February 2014. See the narrative discussion following this table for further discussion of this award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Consists
of $35,000 in matching charitable donations pursuant to our director charitable matching program (see below "Director
Compensation&nbsp;&#151; Charitable Donation Matching Program") and $270,569 in dividends on unvested restricted stock awards.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">In
February 2013, Mr.&nbsp;Kurnick received an equity incentive plan-based award payable upon achievement of 2013 performance targets. The award
established a threshold payout of $350,000 (50% of targets), a target payout of $700,000 (100% of targets) and a maximum potential payout of $1.05&nbsp;million (150% of targets) to be paid in shares
of restricted stock to be granted in 2014. Mr.&nbsp;Kurnick achieved 143% of the performance metrics relating to this award, which entitled him to approximately $1.0&nbsp;million in shares of
restricted stock granted in February 2014. See the narrative discussion following this table for further discussion of this award.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(5)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Represents
an automobile allowance, $35,000 in charitable donations pursuant to our director charitable matching program and $41,171 in dividends on
unvested restricted stock awards. </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>26</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=33,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=477478,FOLIO='26',FILE='DISK116:[14ZAF1.14ZAF17701]DG17701A.;24',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
<A NAME="page_dg17701_1_27"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(6)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Represents
an automobile allowance, matching funds under our U.S. 401(k) plan, company-sponsored life insurance, company-sponsored lunch program, personal
use of sporting event tickets, dividends on unvested restricted stock awards, payments for a country club membership (though this membership is used for personal and business purposes) and a tax
allowance of $5,276.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(7)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Represents
$28,411 for an automobile allowance, matching funds under our U.S. 401(k) plan, dividends on unvested restricted stock, payments for a country
club membership (though this membership is used for personal and business purposes), company-sponsored life insurance, company-sponsored lunch program and a tax allowance of $7,231.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-9pt;'><FONT  style="font-size:8pt;line-height:9pt;">(8)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT  style="font-size:8pt;line-height:9pt;">Represents
an automobile allowance, company-sponsored life insurance, matching funds under our U.S. 401(k) plan, company-sponsored lunch program, payments
for a country club membership (though this membership is used for personal and business purposes), personal use of sporting event tickets, dividends on unvested restricted stock and a tax allowance of
$2,232. </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="dg17701_grants_of_plan-based_awards_in_2013"> </A>
<A NAME="toc_dg17701_3"> </A>
<BR></FONT><FONT SIZE=2><B>  Grants of Plan-Based Awards in 2013    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:54%;margin-left:10%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="60pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TD WIDTH="45pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TD WIDTH="61pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="82pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TD WIDTH="73pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD COLSPAN=10 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Estimated Future Payouts under Equity<BR>
Incentive Plan Awards</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->





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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">All other Awards:<BR>
Number of Shares<BR> </B></FONT></TD>
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 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Grant Date Fair<BR>
Value of Stock<BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"><B> </B></FONT><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Name and Principal Position</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Grant Date</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->





<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Threshold ($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Target ($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


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<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Maximum ($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">of Stock</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>


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<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Awards ($)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;&nbsp;</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;"><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2/26/2013</FONT></TD>
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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,400,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,600,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 4,800,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,600,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2/26/2013</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 119,372</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 3,500,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robert H. Kurnick, Jr.</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2/26/2013</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 350,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 700,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,050,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 700,000</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:14pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2/26/2013</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 20,464</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 600,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:7pt;text-indent:-7pt;"><FONT  style="font-size:8pt;line-height:9pt;"> </FONT><FONT  style="font-size:8pt;line-height:9pt;">


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 David K. Jones</FONT></TD>
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 Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
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 Shane M. Spradlin</FONT></TD>
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 2/26/2013</FONT></TD>
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 9,000</FONT></TD>
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 263,880</FONT></TD>
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 Executive Vice President,</FONT></TD>
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 10/22/2013</FONT></TD>
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 1,000</FONT></TD>
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 41,540</FONT></TD>
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 General Counsel&nbsp;&amp; Secretary</FONT></TD>
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 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>This
table reflects two years of awards for Messrs.&nbsp;Penske and Kurnick: the 2012 awards attained that were paid in the form of restricted stock in 2013, and the awards relating to 2013 that
were paid in 2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Narrative Discussion of Summary Compensation Table and Plan Based Awards  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The amounts set forth in the two preceding tables reflect payments and awards to our named executive officers based on the principles and
descriptions discussed under "CD&amp;A." </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Mr.&nbsp;Penske's Performance Based Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our compensation committee established 2013 performance targets for a performance based award for Mr.&nbsp;Penske in
February 2013. The award established a threshold payout of $2.4&nbsp;million (50% of targets), a target payout of $3.6&nbsp;million (100% of targets) and a maximum potential payout of
$4.8&nbsp;million (150% of targets) to be paid in shares of restricted stock to be granted in 2014. Mr.&nbsp;Penske achieved 143% of the performance metrics noted above relating to this award,
which entitled him to approximately $4.6&nbsp;million in shares of restricted stock granted in February 2014, as more fully discussed above in "CD&amp;A&nbsp;&#151; Chief Executive Officer
Compensation." Mr.&nbsp;Penske did not receive an annual cash bonus because he received this restricted stock grant in lieu of a cash bonus. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Mr.&nbsp;Kurnick's Performance Based Award.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In February 2013, the committee established a similar performance based award for Mr.&nbsp;Kurnick with respect to
2013, with a threshold payout of $350,000 (50% </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>27</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=34,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=825280,FOLIO='27',FILE='DISK116:[14ZAF1.14ZAF17701]DG17701A.;24',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
<A NAME="page_dg17701_1_28"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bG17701A_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>of
targets), a target payout of $700,000 (100% of targets) and a maximum potential payout of $1.05&nbsp;million (150% of targets) to be paid in shares of restricted stock to be granted in 2014.
Mr.&nbsp;Kurnick achieved 143% of the performance metrics noted above relating to this award, which entitled him to approximately $1.0&nbsp;million in shares of restricted stock granted in
February 2014, as more fully discussed above in "CD&amp;A&nbsp;&#151; President Compensation." Mr.&nbsp;Kurnick did not receive an annual cash bonus because he received this restricted stock
grant in lieu of a cash bonus. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Other Restricted Stock Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The equity awards granted in February 2013 to Messrs.&nbsp;Jones, Sharp
and Spradlin were awarded as part of an annual grant of restricted stock pursuant to the terms of the 2012 Equity Incentive Plan. The October 2013 awards to Messrs.&nbsp;Jones and Spradlin were in
recognition of achievement by those officers in connection with an acquisition project in 2013. These awards each vest annually on June&nbsp;1 over four years at a rate of 15%, 15%, 20% and 50% and
were issued based on principles described in the "CD&amp;A&nbsp;&#151; Incentive Equity Awards." </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="dg17701_outstanding_equity_awards_at_2013_year-end"> </A>
<A NAME="toc_dg17701_4"> </A>
<BR></FONT><FONT SIZE=2><B>  Outstanding Equity Awards at 2013 Year-End    <BR>    </B></FONT></P>
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<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="126pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="131pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
 </TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD COLSPAN=3 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Stock Awards</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Name</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->





<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Number of Shares<BR>
of Stock That<BR>
Have Not Vested (#)</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Market Value of Shares<BR>
of Stock That<BR>
Have Not Vested(1)</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 531,740</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (2)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 $25,076,858</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>88,733</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(3)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4,184,648</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 David K. Jones</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 26,500</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (4)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,249,740</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Calvin C. Sharp</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>12,425</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(5)</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>585,963</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 23,250</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (6)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,096,470</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:18pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President, General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:9pt;text-indent:-9pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Market
value is based upon the closing price of our common stock on December&nbsp;31, 2013 ($47.16).  </FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>These
restricted shares vest as follows: </FONT></DD></DL>
</UL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:65%;margin-left:17%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="140pt" style="font-family:arial;"></TD>
<TD WIDTH="14%" style="font-family:arial;"></TD>
<TD WIDTH="134pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2014&nbsp;&#150; 159,786</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2017&nbsp;&#150; 80,738</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2015&nbsp;&#150; 133,596</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2018&nbsp;&#150; 52,630</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 104,990</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>These
restricted shares vest as follows: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:65%;margin-left:17%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="140pt" style="font-family:arial;"></TD>
<TD WIDTH="14%" style="font-family:arial;"></TD>
<TD WIDTH="134pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2014&nbsp;&#150; 20,625</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2017&nbsp;&#150; 14,780</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2015&nbsp;&#150; 23,255</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2018&nbsp;&#150; 11,370</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 18,703</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>These
restricted shares vest as follows: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:65%;margin-left:17%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="140pt" style="font-family:arial;"></TD>
<TD WIDTH="14%" style="font-family:arial;"></TD>
<TD WIDTH="134pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2014&nbsp;&#150; 5,905</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 7,140</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2015&nbsp;&#150; 8,105</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2017&nbsp;&#150; 5,350</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>These
restricted shares vest as follows: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:65%;margin-left:17%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="140pt" style="font-family:arial;"></TD>
<TD WIDTH="14%" style="font-family:arial;"></TD>
<TD WIDTH="134pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2014&nbsp;&#150; 3,572</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 3,180</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2015 &#150; 3,348</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2017&nbsp;&#150; 2,325</FONT></TD>
</TR>
</TABLE></DIV>
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 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>The
restricted shares vest as follows: </FONT></DD></DL>
 </DIV>
<DIV style="padding:0pt;position:relative;width:65%;margin-left:17%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

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<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="140pt" style="font-family:arial;"></TD>
<TD WIDTH="14%" style="font-family:arial;"></TD>
<TD WIDTH="134pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2014&nbsp;&#150; 6,150</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 6,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2015&nbsp;&#150; 6,100</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>June&nbsp;1, 2017&nbsp;&#150; 5,000</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">

 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>
<A HREF="#bg17701a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="di17701_option_exercises_and_stock_vested_during_2013"> </A>
<A NAME="toc_di17701_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Option Exercises and Stock Vested During 2013    <BR>    </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="147pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="93pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD COLSPAN=4 ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




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 </b></font> <font color="#ffffff" size=2>Stock Awards</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2><B> </B></FONT><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Name</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->





<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Number of Shares<BR>
acquired on Vesting (#)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Value Realized<BR>
On&nbsp;Vesting&nbsp;($)</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 78,838</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2,531,488</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Chief Executive Officer</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Robert H. Kurnick, Jr.</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>10,759</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>345,471</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>President</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 David K. Jones</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 5,750</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 184,633</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Calvin C. Sharp</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>4,304</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>138,201</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Executive Vice President&nbsp;&#150; Human Resources</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 7,759</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 249,141</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Executive Vice President, General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Pension Benefits and Nonqualified Deferred Compensation  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our executive officers are not eligible to participate in any defined benefit or non-qualified deferred compensation plans. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> "Golden Parachutes" or Termination/Change in Control Payments  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>None of our executive officers have been provided an employment agreement, nor are they entitled to any pre-arranged severance compensation. With
respect to a change in control, none of our current executive officers have been guaranteed any change of control payments, however, certain of our outstanding restricted stock grants provide that in
the event of a change of control the award will vest. Based on a closing stock price of $43.29 on March&nbsp;1, 2014, the following number of shares would vest assuming a change of control occurred
on that date: Roger Penske 224,631 shares ($9,724,276), Robert Kurnick 43,203 shares ($1,870,258) David Jones 18,825 shares ($814,934), Calvin Sharp 8,150 shares ($352,814), Shane Spradlin 17,000
shares ($735,930). <A NAME="Dir2"></A> </FONT></P>
 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
<div style="width:100%;margin-left:0pt;margin-right:0pt;">
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;;padding-bottom:2pt;border-bottom:solid #FF1100 1pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=STYLE_ADDED,"padding-bottom:2pt;border-bottom:solid #FF1100 1pt;" -->


</FONT> <FONT SIZE=5> Director Compensation</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Board of Directors believes that its members should receive a mix of cash and equity compensation, with the option to receive all compensation in the form of equity. The Board of Directors
approves changes to director compensation only upon the recommendation of the Compensation and Management Development Committee, which is composed solely of independent directors. Although all of our
directors are eligible for our charitable donation matching program discussed below, only those directors who are not our employees are eligible for director compensation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="di17701_annual_fee_and_stock_award."> </A>
<A NAME="toc_di17701_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Annual Fee and Stock Award. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each non-employee director receives an annual fee of $40,000, except for audit committee members, who receive $45,000. Committee
chairpersons receive an
additional $5,000. These fees are payable, at the option of each non-employee director, in cash or common stock valued on the date of receipt (generally in the fourth quarter of the year of service).
Our non-employee directors also receive an annual grant of 4,000 shares of stock. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="di17701_option_to_defer_receip__di102401"> </A>
<A NAME="toc_di17701_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Option to Defer Receipt until Termination of Board Service. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Under our Non-Employee </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=36,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=447495,FOLIO='29',FILE='DISK116:[14ZAF1.14ZAF17701]DI17701A.;34',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
<A NAME="page_di17701_1_30"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bg17701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Director
Compensation Plan, the annual fee and equity awards earned by our non-employee directors may be deferred in either cash (for the annual fee) and/or deferred stock. Each deferred stock unit is
equal in value to a share of common stock, and ultimately will be paid in cash after a director retires. These stock units do not have voting rights, but do receive dividends in the form of additional
stock units which are credited to the director's account on the date dividends are paid. All cash fees deferred are held in our general funds, and interest on such deferred fees is credited to the
director's account at the then current U.S. 90-day Treasury bill rate on a quarterly basis. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="di17701_charitable_donation_matching_program."> </A>
<A NAME="toc_di17701_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Charitable Donation Matching Program. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All directors are eligible to participate in a charitable matching gift program. Under this program, in 2013 we matched up to
$35,000 per year in contributions by
each director to institutions qualified as tax-exempt organizations under 501(c)(3) of the Internal Revenue Code and other institutions approved at the discretion of management. We may decline to
match any contribution to an institution with goals that are incompatible with ours, or due to conflicts with our director independence policy. This program is not available for matching of political
contributions. While the contributions are directed by our directors, we retain the tax deduction for matching contributions paid by us. For 2014, our Board has increased the amount available for
matching to $50,000. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="di17701_other_amounts."> </A>
<A NAME="toc_di17701_5"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Amounts. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As part of our director continuing education program, each director is eligible to be reimbursed by us for the cost and expenses relating to one
education seminar
per year. These amounts are excluded from the table below. Each non-employee director is also entitled to the use of a company vehicle, including the cost of routine maintenance and repairs and
company-sponsored automobile insurance relating to that vehicle. All directors are also entitled to reimbursement for their reasonable out-of-pocket expenses in connection with their travel to, and
attendance at, meetings of the Board of Directors or its committees. Because we expect attendance at all meetings, and a substantial portion of the Board of Directors' work is done outside of formal
meetings, we do not pay meeting fees. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="di17701_2013_director_compensation_table"> </A>
<A NAME="toc_di17701_6"> </A>
<BR></FONT><FONT SIZE=2><B>  2013 Director Compensation Table    <BR>    </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our directors who are also our employees (Messrs.&nbsp;Kurnick, Namba and Penske) receive no additional compensation for serving as directors,
though they are eligible for the charitable matching program noted above. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:67%;margin-left:10%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"120%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="97pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="65pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="92pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="56pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT SIZE=2><B>


<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Name</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Fees&nbsp;Earned&nbsp;or<BR>
Paid in Cash(1)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Stock<BR>
Awards(2)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>All Other<BR>
Compensation</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Total<BR>
</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 John D. Barr</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 45,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 92,049</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (3)



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>$


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 315,809</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael R. Eisenson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>50,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>55,445</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>284,205</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 William J. Lovejoy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 40,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 57,197</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (5)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 275,957</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Kimberly J. McWaters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>45,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>58,807</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>282,567</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Lucio A. Noto</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 40,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 64,352</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (7)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 283,112</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Richard J. Peters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>40,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>54,345</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(8)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>273,105</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Sandra A. Pierce</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 40,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 53,652</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (9)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 272,412</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ronald G. Steinhart</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>45,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>53,352</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>(10)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>277,112</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 H. Brian Thompson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 45,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 178,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 88,203</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&zwsp; (11)


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 311,963</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Messrs.&nbsp;Eisenson,
Lovejoy and Noto elected to receive equity in lieu of a cash retainer for 2013. Mr.&nbsp;Thompson elected to receive 50% of his
retainer in equity in 2013. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=37,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=208947,FOLIO='30',FILE='DISK116:[14ZAF1.14ZAF17701]DI17701A.;34',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
<A NAME="page_di17701_1_31"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bg17701a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>These
amounts represent the grant date fair value of awards computed in accordance with FASB ASC Topic 718 in connection with stock awards granted under our
2012 Equity Incentive Plan, and excludes the amount of any equity compensation received in lieu of cash noted in footnote one.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" includes $57,049 of the use of a Company vehicle and related insurance and $35,000 in matching of charitable donations.
Mr.&nbsp;Barr had 25,080 deferred stock units outstanding at December&nbsp;31, 2013.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects the use of a Company vehicle and related insurance and $35,000 in matching of charitable donations.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects the use of a Company vehicle and related insurance and $35,000 in matching of charitable donations. Mr.&nbsp;Lovejoy had
49,761 deferred stock units outstanding at December&nbsp;31, 2013.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects the use of a Company vehicle and related insurance, spousal travel and $34,000 in matching of charitable donations.
Ms.&nbsp;McWaters had 12,386 deferred stock units outstanding at December&nbsp;31, 2013.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects $29,352 of the use of a Company vehicle and related insurance and $35,000 in matching of charitable donations.
Mr.&nbsp;Noto had 29,119 deferred stock units outstanding at December&nbsp;31, 2013.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects the use of a Company vehicle and related insurance and $35,000 in matching of charitable donations.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects the use of a Company vehicle and related insurance and $35,000 in matching of charitable donations.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects the use of a Company vehicle and related insurance and $35,000 in matching of charitable donations.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>"All
Other Compensation" reflects $52,307 for use of a Company vehicle and related insurance, spousal travel and $35,000 in matching of charitable
donations.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>
<A NAME="Sec2"></A> </FONT></P>
 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
<div style="width:100%;margin-left:0pt;margin-right:0pt;">
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;;padding-bottom:2pt;border-bottom:solid #FF1100 1pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_ROWSHADECOLOR,"#FFFFFF" -->




<!-- COMMAND=STYLE_ADDED,"padding-bottom:2pt;border-bottom:solid #FF1100 1pt;" -->


</FONT> <FONT SIZE=5> Security Ownership of Certain Beneficial Owners and Management</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following table sets forth information with respect to the beneficial ownership of our common stock as of March&nbsp;7, 2014 by (1)&nbsp;each person known to us to
own more than five percent of our common stock, (2)&nbsp;each of our directors, (3)&nbsp;each of our named executive officers and (4)&nbsp;all of our directors and executive officers as a group. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>"Beneficial
ownership" is determined in accordance with the rules of the SEC and includes voting and investment power with respect to shares, including shares of restricted but unvested stock. The
percentage of ownership is based on 90,552,058 shares of our common stock outstanding on March&nbsp;7, 2014. Unless otherwise indicated in a footnote, each person identified in the table below has
sole voting </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=38,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=206752,FOLIO='31',FILE='DISK116:[14ZAF1.14ZAF17701]DI17701A.;34',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
<A NAME="page_di17701_1_32"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bg17701a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>and
dispositive power with respect to the common stock beneficially owned by that person and none of the shares are pledged as security. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;margin-left:10%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="84pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="84pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="50pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="TOP">
<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT SIZE=2><B>


<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Name of Beneficial Owner</font><BR> </B></FONT></TD>
<TD VALIGN="CENTER" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Economic<BR>
Ownership(1)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR><BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Beneficial<BR>
Ownership(2)</font><BR> </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B><BR><BR>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


 </B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


<BR></B></FONT></TD>
<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->




<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Percent<BR>
</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT SIZE=2><B>


<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Principal Stockholders</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Penske Corporation(3)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 30,763,812</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 30,763,812</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 34.0%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 2555 Telegraph Road, Bloomfield Hills, MI 48302-0954</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Mitsui(4)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>15,559,217</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>15,559,217</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2> 17.2%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-0pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>2-1, Ohtemachi 1-chome, Chiyoda-ku, Tokyo, Japan</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT SIZE=2><B>


<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Current Directors and Nominees</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 John D. Barr</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 42,184</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 17,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Michael R. Eisenson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>76,563</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>76,563</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Robert H. Kurnick, Jr.(5)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 103,299</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 103,299</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>William J. Lovejoy</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>65,968</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>16,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Kimberly J. McWaters</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 31,362</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 18,924</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Yoshimi Namba</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>0</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Lucio A. Noto</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 73,919</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 44,674</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Greg Penske(6)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>25,420</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>25,420</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Roger S. Penske(7)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 31,846,056</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 31,846,056</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 35.2%</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Richard J. Peters(8)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>66,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>66,760</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Sandra A. Pierce</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 4,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 4,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Ronald G. Steinhart</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>46,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>46,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 H. Brian Thompson</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 71,155</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 71,155</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT> <FONT SIZE=2><B>


<!-- COMMAND=ADD_RULECOLOR,"#ffffff" -->


 </b></font> <font color="#ffffff" size=2>Officers Who Are Not Directors</font></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;



<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#ff1111;" -->


&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 David K. Jones(9)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 35,950</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 35,950</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Calvin C. Sharp(10)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>32,551</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>32,551</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 Shane M. Spradlin(11)</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 49,381</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>



<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 49,381</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


</FONT>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 *&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All directors and named executive officers as a group (15 persons)(12)</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>32,494,422</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2>32,377,593</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;"><FONT SIZE=2> 35.8%</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>
<DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
 <DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Less
than 1%
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Economic
Ownership is defined as "Beneficial Ownership" (see footnote 2), plus the amount of deferred stock units held by certain non-employee directors in
connection with their director compensation.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Pursuant
to the regulations of the SEC, shares are deemed to be "beneficially owned" by a person if such person has the right to acquire such shares within
60&nbsp;days or directly or indirectly has or shares the power to vote or dispose of such shares.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Penske
Corporation is the beneficial owner of 30,426,594 shares of common stock, of which it has shared power to vote and dispose together with a wholly
owned subsidiary. Penske Corporation also has shared voting power over 337,218 shares under voting agreements. All of the shares deemed owned by Penske Corporation are pledged under a loan facility.
Penske Corporation also has the right to vote the shares owned by the Mitsui entities (see note&nbsp;4) under certain circumstances discussed under "Certain Relationships and Related Party
Transactions." If these </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=39,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=64430,FOLIO='32',FILE='DISK116:[14ZAF1.14ZAF17701]DI17701A.;34',USER='CHE105137',CD=';8-MAR-2014;05:56' -->
<A NAME="page_di17701_1_33"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
HREF="#bg17701a_main_toc">Table of Contents</A></FONT></P>
 <DIV style="padding:0pt;position:relative;text-align:left;margin-left:10%;">
<UL>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>shares
were deemed to be beneficially owned by Penske Corporation, its beneficial ownership would be 46,323,029 shares or 51.2%.  </FONT></P>

</UL>
<DL compact>
<DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Represents
3,111,444 shares held by Mitsui&nbsp;&amp;&nbsp;Co., (U.S.A.),&nbsp;Inc. and 12,447,773 shares held by Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
88,733 shares of restricted stock.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Mr.&nbsp;Penske
has shared voting power with respect to 25,380 of these shares.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
the 30,763,812 shares deemed to be beneficially owned by Penske Corporation, as to all of which shares Mr.&nbsp;Penske may be deemed to have
shared voting and dispositive power. Mr.&nbsp;Penske is the Chairman and Chief Executive Officer of Penske Corporation. Mr.&nbsp;Penske disclaims beneficial ownership of the shares beneficially
owned by Penske Corporation, except to the extent of his pecuniary interest therein. Penske Corporation also has the right to vote the shares owned by the Mitsui entities (see note&nbsp;4) under
certain circumstances discussed under "Certain Relationships and Related Party Transactions." If these shares were deemed to be beneficially owned by Mr.&nbsp;Penske, his beneficial ownership would
be 47,405,273 shares or 52.4%. These figures include 531,740 shares of restricted stock.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Mr.&nbsp;Peters
has shared voting power with respect to 50,000 of these shares. Mr.&nbsp;Peters is not standing for reelection.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
34,625 shares of restricted stock
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
15,925 shares of restricted stock.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
30,250 shares of restricted stock.
<BR><BR></FONT></DD><DT style='font-family:arial;margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD style="font-family:arial;text-align:justify"><FONT SIZE=2>Includes
701,273 shares of restricted stock.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>
<A NAME="Relate2"></A> </FONT></P>
 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
<div style="width:100%;margin-left:0pt;margin-right:0pt;">
 <DIV style="padding:0pt;position:relative;width:100%;text-align:l;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

<!-- COMMAND=ADD_TABLEWIDTH,"100%" -->

<!-- User-specified TAGGED TABLE -->
<TABLE width="100%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Board of Directors has adopted a written policy with respect to the approval of related party transactions. Under the policy, related party transactions valued over $5,000 must be approved by a
majority of either the members of our Audit Committee or our disinterested Board members. Our Audit Committee approves all individual related party transactions valued below $1&nbsp;million, all
multiple-payment transactions valued below $5&nbsp;million (such as a lease), and any transaction substantially similar to a prior year's transaction (regardless of amount). Our Board, by a vote of
the disinterested directors, reviews and approves all other related party transactions. At each regularly scheduled meeting, our Audit Committee reviews any proposed new related party transactions for
approval and reviews the status of previously approved transactions. Each of the transactions noted below was approved by our Board of Directors or Audit Committee pursuant to this policy. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B><I>    Stockholders Agreement and Stock Purchase Agreement. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Entities affiliated with Roger S. Penske, our Chairman of the Board and Chief Executive Officer, are parties to
a stockholders agreement described below.
Mr.&nbsp;Penske is also Chairman of the Board and Chief Executive Officer of Penske Corporation, and, through entities affiliated with Penske Corporation, our largest stockholder. The parties to the
stockholders agreement are Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd., Mitsui&nbsp;&amp; Co, (USA),&nbsp;Inc. (collectively, "Mitsui"), Penske Corporation and </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>33</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Penske
Automotive Holdings Corp. (collectively the "Penske companies"). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Pursuant
to the stockholders agreement, the Penske companies agreed to vote their shares for up to two directors who are representatives of Mitsui and Mitsui agreed to vote its shares for up to
fourteen directors voted for by the Penske companies. In addition, the Penske companies agreed that if they transfer any of our shares of common stock, Mitsui would be entitled to "tag along" by
transferring a pro rata amount of its shares upon similar terms and conditions, subject to certain limitations. This agreement terminates in 2024, or, if earlier, upon the mutual consent of the
parties or when either party no longer owns any of our common stock. </FONT></P>

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<BR></FONT><FONT SIZE=2><B><I>    Registration Rights Agreements. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Both the Penske companies and Mitsui possess registration rights pursuant to which they are able on two remaining occasions each to
register all or part of our
common stock held by them, subject to specified limitations. They are also entitled to request inclusion of all or any part of their common stock in any registration of securities by us on
Forms&nbsp;S-1 or S-3 under the Securities Act of 1933, as amended. </FONT></P>

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NAME="di17701_other_related_party_interests."> </A>
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<BR></FONT><FONT SIZE=2><B><I>    Other Related Party Interests. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Several of our directors and officers are affiliated with Penske Corporation or related entities. Mr.&nbsp;Penske is a managing
member of Transportation
Resource Partners, a Penske affiliated organization that undertakes investments in transportation-related industries. Richard J. Peters, one of our directors, is a director of Penske Corporation and a
managing director of Transportation Resource Partners. Robert H. Kurnick, Jr., our President and a director, is also the President and a director of Penske Corporation. In 2013, we were reimbursed
approximately six percent of the base salary of Shane Spradlin, our General Counsel, by Penske Corporation to reflect his efforts on behalf of Penske Corporation affiliates. These employees or
directors may receive salary, bonus or other compensation from Penske Corporation or its affiliates unrelated to their service at Penske Automotive. Our director Lucio A. Noto is an investor in
Transportation Resources Partners. </FONT></P>

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NAME="di17701_penske_truck_leasing."> </A>
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<BR></FONT><FONT SIZE=2><B><I>    Penske Truck Leasing. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We own a 9% interest in Penske Truck Leasing&nbsp;Co.,&nbsp;L.P. ("PTL"), a leading provider of transportation services and supply chain
management. PTL operates and maintains approximately 205,000 vehicles and serves customers in North America, South America, Europe and Asia. Product lines include full-service leasing, contract
maintenance, commercial and consumer truck rental used truck sales, transportation and warehousing management and supply chain management. PTL is owned 41.1% by Penske Corporation, 9.0% by us and the
remaining 49.9% of PTL is owned by General Electric Capital Corporation ("GECC"). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Historically
GECC provided PTL with a majority of its financing and in 2012 PTL refinanced all of its GECC indebtedness. As part of that refinancing, we and the other PTL partners created a new
company ("Holdings"), which, together with GECC, co-issued $700.0&nbsp;million of 3.8% senior unsecured notes due 2019 (the "Holdings Bonds"). GECC agreed to be a co-obligor of the Holdings Bonds in
order to achieve lower interest rates. Additional capital contributions from the members may be required to fund interest and principal payments on the Holdings Bonds. We have agreed to indemnify GECC
for 9.0% of any principal or interest that GECC is required to pay as co-obligor, and pay GECC an annual fee of approximately $950,000 for acting as co-obligor. The maximum amount of our potential
obligations to GECC under this agreement are 9.0% of the required principal repayment due in 2019 (which is expected to be $63.1&nbsp;million) and 9.0% of interest payments under the Holdings Bonds,
plus fees and default interest, if any. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>As
part of the refinancing transactions, we entered into a limited liability company agreement of Holdings which extends through 2023. We have governance rights in Holdings typical of a minority
investor and, in light of our indemnification requirements related to the Holdings Bonds noted above, we have the right to approve certain additional debt obligations before incurrence by Holdings to
the extent such incurrence would affect our indemnification requirements, any change in Holdings' business activities and changes to the maturity, interest </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>34</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>rate
and principal amount of the Holdings Bonds. The agreement contains restrictions on our ability to transfer our interests similar to those in the existing and revised PTL partnership agreement
discussed below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
PTL partnership agreement provides us with specified distribution and governance rights and restricts our ability to transfer our interests. As a limited partner, we are entitled only to a limited
number of rights, including the right to act as an observer at all meetings of PTL's Advisory Committee and a right to pro rata quarterly distributions equal to 50% of its consolidated
net income. Further, we may only transfer our interests with the unanimous consent of the other partners or if we and Penske Corporation provide the remaining partners with a right of first refusal to
acquire our interests at fair market value. We and Penske Corporation have also agreed that (1)&nbsp;in the event of any transfer by Penske Corporation of their partnership interests to a third
party, we shall be entitled to "tag-along" by transferring a pro rata amount of our partnership interests on similar terms and conditions, and (2)&nbsp;Penske Corporation is entitled to a right of
first refusal in the event of any transfer of our partnership interests. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
agreement, extends through 2023, and also allows GECC or Penske Corporation, beginning December&nbsp;31, 2017, to give notice to require PTL to begin to effect an initial public offering of
equity securities, subject to certain limitations, as soon as practicable after the first anniversary of the initial notice. The party that is not exercising this right may seek to find a third party
to purchase all of the partnership interests from the exercising party or to propose another alternative to such equity offers.
In connection with the right to cause PTL to conduct an initial public offering, the PTL partners have agreed to customary demand and piggyback registration rights. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2013, we received $11.2&nbsp;million from PTL in pro rata cash distributions and license payments. During 2013, we were also party to an agreement expiring in 2047 (assuming exercise of all
optional extension periods) pursuant to which PTL subleases a portion of a dealership location in New Jersey for $60,000 per year plus its pro rata share of certain property expenses. Aggregate
payments are expected to be $2.0&nbsp;million over the term of the remaining sublease, including all optional extension periods, but not including any potential increases in rent resulting from
changes in the consumer price index. Our Chairman and Chief Executive Officer also serves as chairman of PTL, for which he is compensated by PTL. As a limited partner, we do not influence or control
the amount of that compensation. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> Other Transactions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;From time to time, we pay and/or receive fees from Penske Corporation and its affiliates for services rendered in the normal course of
business, including payments to third parties by Penske Corporation on our behalf which we then reimburse to them, payments to third parties made by us on behalf of Penske Corporation which they then
reimburse to us, shared office expenses, shared employee expenses and payments relating to the use of aircraft from Penske Aviation, a subsidiary of Penske Corporation. These transactions are reviewed
periodically by our Audit Committee and reflect the provider's cost or an amount mutually agreed upon by both parties. Aggregate payments relating to such transactions amounted to $6.3&nbsp;million
paid by us, excluding the payments to AGR discussed below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
June 2008, RP Automotive, an affiliate of Mr.&nbsp;Penske, Jr., the son of our Chairman and Chief Executive Officer, purchased two of our subsidiaries operating six franchises in California. In
connection with these transactions, the former subsidiaries continue to lease certain fixed assets from us. One of the leases has a term expiring in December 2037 with annual rent of $289,000 per year
(or $6.9&nbsp;million over the remaining period), and the second lease has a term expiring in February 2027 with annual rent of $219,000 per year (or $2.9&nbsp;million over the remaining period). </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
and Penske Corporation and certain of its affiliates have entered into a joint insurance agreement which provides that, with respect to any joint insurance policies (such as our commercial crime
insurance policies), any </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>35</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>available
coverage with respect to a loss shall be paid to each party as stipulated in the policies. In the event of losses that exceed the limit of liability for any policy or policy period, the
total policy proceeds will be allocated based on the ratio of premiums paid. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We
have entered into a license agreement with an affiliate of Penske Corporation for a license of the "Penske Automotive" name. This agreement provides us with a perpetual license of the name "Penske
Automotive" and related trade names so long as Penske Corporation and its affiliates own in excess of 20% of our outstanding stock and we adhere to the other terms of the license agreement. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>From
time to time, we enter into arrangements with Penske Truck Leasing and/or other Penske Corporation affiliates and third party vendors in order to achieve the benefits of scale or synergy
opportunities as between the companies. These arrangements are reviewed by the Board in accordance with our policy noted above. For example, we aggregate several Penske entities in connection with
sourcing certain telecommunications services to achieve the benefits of scale. In addition, we have a preferred arrangement with Shell Oil whereby we purchase targeted amounts of lubricants, fuel and
other products on competitive terms to the Company. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2012, we acquired a 70% interest in a group of BMW/MINI franchises in Northern Italy. In February, 2013, we sold 50% of our joint venture interest to Mitsui&nbsp;&amp;&nbsp;Co. The purchase price
was approximately $8.4&nbsp;million which reflected our acquisition costs and subsequent profits/losses of those franchises since acquisition. We entered into a joint venture agreement with Mitsui
that required us and Mitsui to agree to all significant actions by that joint venture, and allowed the transfer of membership interests only after complying with standard tag-along and right of first
refusal provisions. In September 2013, we purchased the joint venture interest back from Mitsui&nbsp;&amp;&nbsp;Co. The purchase price was approximately $9.4&nbsp;million which reflected the same
purchase price calculation of acquisition costs and subsequent profits/losses of those franchises since acquisition. The joint venture agreement discussed above was terminated. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2013, we had continuing investments in three companies controlled by Transportation Resource Partners ("TRP"), an organization discussed above: a mobile vehicle washing company, an auctioneer of
powersport vehicles and a provider of outsourced vehicle management solutions ("QEK"). In November 2013, TRP sold its interest in QEK to third party investors. In connection with that recapitalization
transaction, we invested an additional $2.0&nbsp;million in QEK, bringing our total ownership to 31%. Penske Corporation and Penske Truck Leasing also invested an additional $1.0&nbsp;million and
$2.0&nbsp;million, respectively on the same financial terms as our investment, bringing their respective total ownership levels to 15% and 17%. We and the other investors entered into a stockholders
agreement relating to this investment which, among other things, provides us with specified management rights and rights to purchase additional shares, and restricts our ability to transfer shares. We
also entered into a management agreement which provides that we and other investors are to be provided ongoing pro rata management fees. In 2013, we incurred $295,000 of
compensation expense for the chief executive officer of QEK, who also provides consulting services to us. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
June 2013, we acquired a 27% interest in Around-The Clock Freightliner ("ATC"), a retailer of Daimler branded medium, heavy and light-duty trucks in Texas and Oklahoma for $15.9&nbsp;million. TRP
simultaneously acquired a controlling interest in this company on the same financial terms as our investment. We and several other investors, including TRP entered into a limited liability company
agreement relating to this investment which, among other things, provides us with specified management rights, including the right to appoint one of seven directors, and rights to purchase additional
shares, and restricts our ability to transfer shares. We guaranteed $1.5&nbsp;million of ATC's indebtedness (along with the other investors) and are also entitled to a management fee with respect to
our ongoing advisory services provided to ATC. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>36</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2013, we purchased $560,000 in vehicle window solar film for sale at our dealerships from Commonwealth Laminating&nbsp;&amp; Coating,&nbsp;Inc., d/b/a SunTek, a company controlled by Transportation
Resource Partners. In 2013, we purchased $700,000 in vehicle transportation services from United Road Services, a national auto transport company ("URS"). URS is indirectly majority owned by
Charlesbank Capital Partners, an affiliate of Michael Eisenson, one of our directors. Transportation Resource Partners and Roger Penske collectively own approximately 8% of URS. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
officers, directors and their affiliates periodically purchase, lease or sell vehicles from our dealerships at fair market value. Additionally, we hire automotive technicians who have graduated
from Universal Technical Institute ("UTI"), a provider of technical education, whose Chief Executive Officer is one of our directors. We make no payments to UTI relating to the hiring of these
graduates and hire them on the same terms as other employers. In 2013, Mr.&nbsp;Namba, one of our board members, received $335,000 in total compensation relating to his service as Senior Vice
President&nbsp;&#151; International Business Development, including a tax allowance of $12,800 relating to $21,600 of non-cash compensation. Mr.&nbsp;Namba is also an employee of
Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd. (Japan). To the extent Mr.&nbsp;Namba's salary exceeds or is less than an amount set annually by Mitsui, he makes or receives payments to/from Mitsui intended
to mitigate the effect of exchange rate changes. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>An
entity (the "Investor") controlled by one of our directors, Lucio A. Noto, owns a 16.4% interest in one of our subsidiaries, UAG Connecticut I,&nbsp;LLC, pursuant to an agreement which entitles
the Investor to 20% of the operating profits of UAG Connecticut I. This agreement also provides the Investor with the right to appoint one of three directors, as well as "tag-along rights" in the
event we intend to sell our interest in UAG Connecticut I. We have a right of first refusal with respect to any potential sale by the Investor of its interest. From time to time, we provide UAG
Connecticut I with working capital and other debt financing. The Investor also paid $378,000 to us in 2013 pursuant to
its option to purchase up to a 20% interest in UAG Connecticut I. In addition, UAG Connecticut I makes periodic pro rata distributions, pursuant to which the Investor was paid $1.4&nbsp;million
during 2013. In November 2013, a separate entity controlled by Mr.&nbsp;Noto (the "Additional Investor"), paid approximately $3.7&nbsp;million for a 20% interest in our subsidiary that owns
Mercedes-Benz of Greenwich. From time to time, we provide Mercedes-Benz of Greenwich with working capital and other debt financing and expect to make periodic pro rata distributions from Mercedes-Benz
of Greenwich to the Investor. We have entered into an operating agreement that provides rights and obligations similar as those described above with respect to UAG Connecticut I. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>37</FONT></P>

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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> PAG 2014 Annual Meeting of Stockholders  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>8:00&nbsp;a.m.
Eastern Daylight Time, May&nbsp;2, 2014<BR>
Penske Automotive Group<BR>
2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302 </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Voting in Person at the Meeting  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>We encourage you to submit proxies in advance by telephone, by Internet or by mail. You may also vote in person at the annual meeting instead, or may
execute a proxy designating a representative to vote for you at the meeting. If your PAG shares are held for you in a brokerage, bank or other institutional account, you must obtain a proxy from that
entity and bring it with you to hand in with your ballot in order to be able to vote your shares at the meeting. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Admission  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>You will be asked to verify proof of ownership of PAG stock before being admitted to our annual meeting. If you hold shares indirectly through a bank
or brokerage firm, please bring a recent statement to verify your ownership. We reserve the right to deny admission to anyone who cannot verify he or she is one of our stockholders. Cameras and
recording devices will not be permitted. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Proxies
are solicited by or on behalf of our Board of Directors. We will bear the cost of this solicitation. In addition to the solicitation of the proxies by mail, some of our officers and regular
employees, without extra remuneration, may solicit proxies personally, or by telephone or otherwise. In addition, we will make arrangements with brokerage houses and other custodians, nominees and
fiduciaries to forward proxies and proxy material to their principals, and we will reimburse them for their expenses in forwarding soliciting materials, which are not expected to exceed an aggregate
of $10,000. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>We will provide without charge to each of our stockholders, on the written request of such stockholder, a copy of our Form&nbsp;10-K for the year ended December&nbsp;31,
2013 and any of the other documents referenced herein. Copies can be obtained from Penske Automotive Group,&nbsp;Inc., Investor Relations, 2555 Telegraph Road, Bloomfield Hills, Michigan 48302-0954
(248-648-2500) or (866-715-5289).</B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Dated:
March&nbsp;10, 2014<BR></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>38</FONT></P>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;of Proxy Card &#151; Penske Automotive Group,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IF YOU HAVE NOT VOTED VIA THE INTERNET <u>OR</u> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy &#151; Penske Automotive Group,&nbsp;Inc.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby revokes all prior proxies and appoints Robert H. Kurnick,&nbsp;Jr. and Shane M. Spradlin and each of them, as proxies with full power of substitution, to vote on behalf of the undersigned the same number of shares of Common Stock, par value $0.0001 per share, of Penske Automotive Group,&nbsp;Inc. which the undersigned is entitled to vote, at the Annual Meeting of Stockholders to be held on May&nbsp;2, 2014 at 8:00&nbsp;a.m., Eastern Daylight Time, at our corporate headquarters, 2555 Telegraph Road, Bloomfield Hills, Michigan 48302, and at any postponements or adjournments thereof, on any matter properly coming before the meeting, and specifically the matters described on the reverse side hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS MADE,&nbsp;IT WILL BE VOTED FOR THE ELECTION OF THE NOMINEES NAMED HEREIN, FOR RATIFICATION OF OUR AUDITORS, FOR APPROVAL OF OUR EXECUTIVE COMPENSATION, AND ACCORDING TO THE DISCRETION OF THE PROXY HOLDERS ON ANY OTHER MATTERS THAT MAY&nbsp;PROPERLY COME BEFORE THE MEETING OR ANY POSTPONEMENTS OR ADJOURNMENTS THEREOF. THE PROPOSALS HEREIN ARE PROPOSED BY THE BOARD OF DIRECTORS.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTINUED AND TO BE SIGNED ON REVERSE SIDE</font></b></p>
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<p style="margin:0in 0in .0001pt 27.5pt;text-indent:-27.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C&nbsp; Non-Voting Items</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change   of Address &#151; </font></b><font size="2" style="font-size:10.0pt;">Please print your new address below.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comments</font></b><font size="2" style="font-size:10.0pt;"> &#151; Please   print your comments below.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Meeting   Attendance</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp; Mark the   box to the right&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp; if you   plan to attend the</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp; Annual Meeting</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IF VOTING BY MAIL, YOU <u>MUST</u> COMPLETE SECTIONS A &#151; C ON BOTH SIDES OF THIS CARD.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<!-- ZEQ.=1,SEQ=46,EFW="2218824",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=594994,FOLIO='',FILE="DISK121:[14ZAF2.14ZAF17702]2577-2-BC_ZAF17702.CHC",USER="MRATH",CD='Mar  7 11:28 2014' -->

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Electronic Voting Instructions Available 24 hours a day, 7 days a week!</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Instead of mailing your proxy, you may choose one of the voting methods outlined below to vote your proxy.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxies submitted by the Internet or telephone must be received by1:00&nbsp;a.m., Central Time, on May&nbsp;2, 2014.</font></b></p>
<p style="margin:0in 0in .0001pt 1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt 1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Vote by Internet</font></b></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Go to <b>www.envisionreports.com/pag</b></font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Or scan the QR code with your smartphone</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Follow the steps outlined on the secured website</font></p>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Vote by telephone</font></b></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Call toll free 1-800-652-VOTE (8683) within the USA, US territories&nbsp;&amp; Canada on a touch tone telephone</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Follow the instructions provided by the recorded message</font></p>
<p style="margin:0in 0in .0001pt 3.75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Using a <b><u style="font-weight:bold;">black ink</u></b> pen, mark your votes with an <b>X</b> as shown in this example.&#160; Please do not write outside the designated areas.&#160;&#160; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annual Meeting Proxy Card</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IF YOU HAVE NOT VOTED VIA THE INTERNET OR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 44.0pt;text-indent:-44.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A&nbsp; Proposals &#151; The Board of Directors recommends that you vote <u>FOR</u> the following proposals:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Election of Directors:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">For</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Withhold</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">01 &#151; John D. Barr</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">02 &#151; Michael R. Eisenson</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">03 &#151; Robert H.   Kurnick,&nbsp;Jr.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">04 &#151; William J. Lovejoy</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">05 &#151; Kimberly J. McWaters</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">06 &#151; Yoshimi Namba</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">07 &#151; Lucio A. Noto</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">08 &#151; Roger S. Penske</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">09 &#151; Greg Penske</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10 &#151; Sandra E. Pierce</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11 &#151; Ronald G. Steinhart</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12 &#151; H. Brian Thompson</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">For</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Against</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Abstain</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratification   of the selection of Deloitte&nbsp;&amp; Touche LLP as the Company&#146;s   independent auditing firm for the year ending December&nbsp;31, 2014.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Approval,   by non-binding vote, of executive compensation.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:5.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="55%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:55.64%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transaction   of such other business as may properly come before the annual meeting and any   postponement or adjournment thereof.</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.5pt;text-indent:-27.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">B&nbsp; Authorized Signatures &#151; This section must be completed for your vote to be counted. &#151; Date and Sign Below</font></b></p>
<p style="margin:0in 0in .0001pt 27.5pt;text-indent:-27.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please sign exactly as name(s)&nbsp;appears hereon. Joint owners should each sign.&nbsp; When signing as attorney, executor, administrator, corporate officer, trustee, guardian, or custodian, please give full title.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="29%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date   (mm/dd/yyyy) &#151; Please print date below.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature   1 &#151; Please keep signature within the box.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature   2 &#151; Please keep signature within the box.</font></p>    </td>   </tr>
<tr>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/</font></p>    </td>
<td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="31%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="75" style="border:none;"></td>
<td width="77" style="border:none;"></td>
<td width="70" style="border:none;"></td>
<td width="18" style="border:none;"></td>
<td width="238" style="border:none;"></td>
<td width="17" style="border:none;"></td>
<td width="254" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IF VOTING BY MAIL, YOU <u>MUST</u> COMPLETE SECTIONS A &#151; C ON BOTH SIDES OF THIS CARD.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
