<SEC-DOCUMENT>0001047469-15-001998.txt : 20150311
<SEC-HEADER>0001047469-15-001998.hdr.sgml : 20150311
<ACCEPTANCE-DATETIME>20150311171527
ACCESSION NUMBER:		0001047469-15-001998
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20150505
FILED AS OF DATE:		20150311
DATE AS OF CHANGE:		20150311
EFFECTIVENESS DATE:		20150311

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:		15693569

	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>
</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>Soliciting Material under &sect;240.14a-12<BR></FONT>
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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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</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;<BR></FONT> <FONT COLOR="#FFFFFE" SIZE=6>2015 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;5, 2015<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;5, 2015, 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, approval of our 2015 Equity Incentive Plan, 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 approval of our 2015 Equity Incentive Plan, 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;20, 2015, we will mail to our stockholders a notice of internet availability of proxy materials containing
instructions on how to access our 2015 proxy statement and 2014 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


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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;11, 2015</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<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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Notice of 2015 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;5, 2015</FONT></TD>
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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;10, 2015. 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;text-align:left;"><p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><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;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>Approval of our 2015
Equity Incentive Plan </FONT><FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>To ratify the selection
of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2015 </FONT><FONT SIZE=2> </font> <p align=left style="font-family:arial;margin-top:12pt;margin-bottom:-12pt;margin-left:0pt;"><font size=2> &#149;</font></p> <p align=left
style="font-family:arial;margin-top:0pt;margin-left:10pt;"><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;"><font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><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;5, 2015.</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;11, 2015 </FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_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>

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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;5, 2015</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;10, 2015</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 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;44 for details.</B></FONT></TD>
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Meeting agenda  </B></FONT></P>

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<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> Approval of our 2015 Equity Incentive 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> Ratification of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2015
</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>
<BR><BR>

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Voting matters and vote recommendation  </B></FONT></P>
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<TD WIDTH="154pt" style="font-family:arial;"></TD>
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 </b></font> <font color="#ffffff" size=2>Matter</font><BR> </B></FONT></TD>
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</B></FONT></TD>
<TD ALIGN="CENTER" style="font-family:arial;border-left:solid white 1.0pt; background-color:#FF1100;"><FONT SIZE=2><B>&#8203;


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 </B></FONT></TD>
<TD style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B>&nbsp;


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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>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>
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 Approval of the 2015 Equity Incentive Plan</FONT></TD>
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 For</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="TOP" style="font-family:arial;border-left:solid white 1.0pt; background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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 Page&nbsp;13</FONT></TD>
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<TD VALIGN="TOP" style="font-family:arial;"><BR><FONT SIZE=2> Ratification of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditor for 2015</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" 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="TOP" style="font-family:arial;"><BR><FONT SIZE=2> For</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD ALIGN="CENTER" 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="TOP" style="font-family:arial;"><BR><FONT SIZE=2> Page&nbsp;19</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>
<TD style="font-family:arial;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2><BR>
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 Advisory vote on executive compensation</FONT></TD>
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 For</FONT></TD>
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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_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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 &#8203;</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;">Age</font><BR> </B></FONT></TD>
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 &#8203;</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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 &#8203;</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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 &#8203;</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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 &#8203;</B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Committee Memberships </B></FONT></TD>
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<TR VALIGN="TOP">
<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>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2002</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Chairman<BR>
Papa Murphy's Holdings,&nbsp;Inc.</FONT></TD>
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 Managing Director&nbsp;&amp; CEO<BR>
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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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&nbsp;</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">53</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;">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 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;">50</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;">Chairman and CEO, Universal Technical Institute</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT FACE="SYMBOL" SIZE=1>&middot;</FONT></TD>
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 Retired Vice Chairman<BR>
ExxonMobil Corporation</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;">Greg Penske</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;">2014</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Chairman and CEO<BR>
Penske Motor Group</FONT></TD>
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 Roger S. Penske</FONT></TD>
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 1999</FONT></TD>
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 Chairman and CEO<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;">Sandra E. Pierce</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">56</FONT></TD>
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<TD ALIGN="CENTER" style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">2012</FONT></TD>
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<TD style="font-family:arial;"><FONT  style="font-size:8pt;line-height:9pt;">Vice-Chairman<BR>
FirstMerit Corporation</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT FACE="SYMBOL" SIZE=1>&middot;</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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<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;">74</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 Banking Group<BR>
Bank One Corporation</FONT></TD>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;"><FONT FACE="SYMBOL" SIZE=1>&middot;</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>
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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>
</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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 75</FONT></TD>
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 2002</FONT></TD>
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 Executive Chairman<BR>
GTT Communications,&nbsp;Inc.</FONT></TD>
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</FONT> <FONT FACE="SYMBOL" SIZE=1>&middot;</FONT></TD>
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</FONT>
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 &#8203;</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>
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</FONT>
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 M</FONT></TD>
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</FONT>
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<TD ALIGN="CENTER" VALIGN="CENTER" style="font-family:arial;border-left:solid white 1.0pt; background-color:#ebd1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</FONT>
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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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<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="32pt" style="font-family:arial;"></TD>
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<TD WIDTH="335pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TD WIDTH="" style="font-family:arial;"></TD>
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<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 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:left;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>
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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;text-align:justify;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


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<!-- COMMAND=STYLE_ADDED,"text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;" -->


</FONT> <FONT SIZE=3><B>2015 Equity Incentive Plan</B></FONT></TD>
</TR>
</TABLE>
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 </DIV>

 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
light of the expiration of the company's existing 2012 equity incentive plan later this year, our stockholders are being asked to approve a new 2015 Equity Incentive
Plan. This plan provides up to 4.0&nbsp;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 2020. In the last three years, we have granted a gross amount of 1,337,274 incentive equity awards, which represents an average annual rate of shares issued as compared to shares
outstanding of approximately 0.5%. </FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=6,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=672176,FOLIO='blank',FILE='DISK106:[15ZAC1.15ZAC14801]BF14801A.;22',USER='MBLOUNT',CD='11-MAR-2015;09:34' -->

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_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:left;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;text-align:justify;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


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<!-- COMMAND=STYLE_ADDED,"text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;" -->


</FONT> <FONT SIZE=3><B>Auditors</B></FONT></TD>
</TR>
</TABLE>
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 </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&nbsp;LLP as our independent auditor for 2015. Set
forth below is summary information with respect to 2014 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="12pt" style="font-family:arial;"></TD>
<TD WIDTH="7pt" ALIGN="RIGHT" style="font-family:arial;"></TD>
<TD WIDTH="110pt" 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="110pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="27%" 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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 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2>&nbsp;


<!-- COMMAND=ADD_GRID,"background-color:#FF1100;" -->


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B> &#8203;


<!-- COMMAND=ADD_GRID,"background-color:#FF1100;" -->


<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>


<!-- COMMAND=ADD_GRID,"background-color:#FF1100;" -->


</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#FF1100;"><FONT SIZE=2><B>&#8203;



<!-- COMMAND=ADD_GRID,"background-color:#FF1100;" -->


 </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>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;


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



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


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


 1,320,500</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;" -->


 1,253,265</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>188,500</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>46,175</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>&#8203;


<!-- 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>&#8203;


<!-- 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>128,359</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>&#8203;



<!-- 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;" -->


 490,618</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>&#8203;


<!-- 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;" -->


 23,000</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;"><p style="font-family:arial;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>All Other 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>&#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>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 bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></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;" -->


 Total 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;" -->


 2,127,977</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;" -->


 1,332,040</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:left;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;text-align:justify;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:justify;" -->





<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->




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




<!-- COMMAND=STYLE_ADDED,"text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;" -->


</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 2014, over 99% of the votes cast by our stockholders
approved our 2013 executive compensation and there have not been significant changes to the elements of our executive compensation in 2014. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=3><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


2014 Compensation Summary  </B></FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Set forth below is the 2014 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>&#8203;


<!-- 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>&#8203;



<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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>(2)


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


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


<!-- 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;" -->


 380,298</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>(3)


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


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


<!-- 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;" -->


 5,180,298</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>
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 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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


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 128,649</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>(5)


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 1,528,649</FONT></TD>
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<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>


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


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



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 466,058</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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 235,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



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 357,175</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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 69,483</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>(6)


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



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 1,127,716</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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&nbsp;</FONT></TD>
</TR>
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<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;" -->


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<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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&nbsp;</FONT></TD>
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<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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&nbsp;</FONT></TD>
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<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



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&nbsp;</FONT></TD>
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<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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&nbsp;</FONT></TD>
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<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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&nbsp;</FONT></TD>
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</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>
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<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>


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 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>&#8203;


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


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


 459,327</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



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


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


 130,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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


 153,860</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



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


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


 64,705</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>(7)


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</FONT>
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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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


 807,892</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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



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


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</FONT></TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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


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<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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


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<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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


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


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



<!-- 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;" -->


 474,327</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>&#8203;


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


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


 235,000</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>&#8203;



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


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


 322,720</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&nbsp;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


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


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


 59,273</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>(8)


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;



<!-- 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;" -->


 1,091,320</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;


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</FONT>
</TD>
<TD style="font-family:arial;background-color:#ebd1d1;"><FONT SIZE=2>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;



<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Please
see the footnote references beginning on page&nbsp;32 for further information regarding our named executive officer compensation. </FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="BG14801A_main_toc"></A> </FONT></P>
 <div style="margin-top:12pt;margin-bottom:12pt;text-align:left;">
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</FONT> <FONT SIZE=6> Proxy statement table of contents</FONT></TD>
</TR>
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 </div>
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 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>
<A NAME="BG14801_TOC"></A> </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%" -->
<!-- COMMAND=ADD_START_LINKTABLE -->

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<TR VALIGN="BOTTOM">
<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>
<TR VALIGN="BOTTOM">
<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>
<TR VALIGN="BOTTOM">
<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>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_board_committees"><FONT SIZE=2><BR>
9</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_board_structure_and_lead_director."><FONT SIZE=2><BR>
10</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_director_independence."><FONT SIZE=2><BR>
10</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_risk_management."><FONT SIZE=2><BR>
11</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_securities_trading_policy/anti-hedging."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_stock_ownership_guidelines/pledging."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_controlled_company."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#da14801_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="#da14801_director_candidates."><FONT SIZE=2><BR>
12</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dc14801_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="#dc14801_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="#dc14801_section_16(a)_benefici__dc102001"><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="#dc14801_section_16(a)_benefici__dc102001"><FONT SIZE=2><BR>
13</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#dc14801_stockholder_nominations_and_proposals_for_2016."><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
2016</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="#dc14801_stockholder_nominations_and_proposals_for_2016."><FONT SIZE=2><BR>
13</FONT></A></TD>
</TR>
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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; Approval of our 2015 Equity Incentive Plan</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>
</TR>
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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; 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="#Prop3"><FONT SIZE=2><BR>
19</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#Prop4"><p style="font-family:arial;margin-top:12pt;margin-left:10pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>Proposal 4&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="#Prop4"><FONT SIZE=2><BR>
22</FONT></A></TD>
</TR>
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<TD VALIGN="TOP" style="font-family:arial;"><A HREF="#ExOff"><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="#ExOff"><FONT SIZE=2><BR>
23</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>
23</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>
24</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<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>
32</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<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>
35</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<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>
37</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<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>
39</FONT></A></TD>
</TR>
<TR VALIGN="BOTTOM">
<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>
44</FONT></A></TD>
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</FONT> <FONT SIZE=5> <A NAME="Ques"></A>Questions about the Meeting</FONT></TD>
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Q.&nbsp;&nbsp;&nbsp;&nbsp;What am I voting on?  </I></B></FONT></P>
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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> Approval of our 2015 Equity Incentive Plan</FONT></TD>
</TR>
<TR VALIGN="TOP">
<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> Ratification of the selection of Deloitte&nbsp;&amp; Touche&nbsp;LLP as our independent auditing firm for 2015</FONT></TD>
</TR>
<TR VALIGN="TOP">
<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 4:</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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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;10,
2015, can vote at the annual meeting. Each share of our common stock gets one vote. Votes may not be cumulated. As of March&nbsp;10, 2015, there were 90,324,351&nbsp;shares of our common stock
outstanding. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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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;20, 2015, 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;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>



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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>


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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 </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>that
organization on how to vote the shares held in your account. If you request copies of the proxy materials by mail, you will receive a voting instruction form. </FONT></P>

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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;4, 2015. </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;4, 2015. </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 Monday, May&nbsp;4, 2015. 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 Friday,
May&nbsp;1, 2015. </FONT></P>

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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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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 approval of the 2015 Equity Incentive Plan, (3)&nbsp;FOR the ratification of our independent auditors,
(4)&nbsp;FOR approval of our executive officer compensation and (5)&nbsp;in accordance with the best judgment of the named proxies on any other matters properly brought before the meeting. </FONT></P>

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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>

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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;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B><I>


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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;10, 2015 must be present in person or by proxy at the meeting (45,162,176&nbsp;shares). 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>

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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 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, 3 and 4, the measures will pass if each receives the affirmative vote of a majority of shares present and entitled to vote at the meeting. On these items, abstentions will count
as votes against the proposal and broker non-votes will not be counted. </FONT></P>

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

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</FONT> <FONT SIZE=5> <A NAME="Prop1"></A>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. Pursuant to a stockholders agreement, certain of our stockholders affiliated with Roger&nbsp;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 2016 annual meeting. Beginning in 2017, in lieu of Greg Penske, Penske
Corporation presently intends to recommend one of Mr.&nbsp;Penske's other sons, Roger Penske,&nbsp;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,&nbsp;Jr. will serve as an advisory committee member of Penske Truck Leasing (PTL) for 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="da14801_director_nominees."> </A>
<A NAME="toc_da14801_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="da14801_john_d._barr"> </A>
<A NAME="toc_da14801_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 Holdings,&nbsp;Inc. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Barr,</I></FONT><FONT SIZE=2> 67, has served as a director since December 2002. Mr.&nbsp;Barr has been the Chairman of Papa Murphy's Holdings,&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 </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>spent
25&nbsp;years with The Valvoline Company, a subsidiary of Ashland,&nbsp;Inc., where he was President and Chief Executive Officer from 1987 to 1995. </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 Holdings. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da14801_michael_r._eisenson"> </A>
<A NAME="toc_da14801_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></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Eisenson</I></FONT><FONT SIZE=2>, 59, 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. 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="da14801_robert_h._kurnick,_jr."> </A>
<A NAME="toc_da14801_4"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Robert H. Kurnick,&nbsp;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,&nbsp;Jr.</I></FONT><FONT SIZE=2>, 53, has served as our President since April 2008 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="da14801_william_j._lovejoy"> </A>
<A NAME="toc_da14801_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, 74</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="da14801_kimberly_j._mcwaters"> </A>
<A NAME="toc_da14801_6"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Kimberly J. McWaters </I></B></FONT><FONT SIZE=2>&nbsp;&#151;&nbsp;&nbsp;Chairman and 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> 50, 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. Ms.&nbsp;McWaters is also a director of Mobile
Mini,&nbsp;Inc. </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="da14801_lucio_a._noto"> </A>
<A NAME="toc_da14801_7"> </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>, 76, 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 Philip Morris
International and an Emeritus member of Temasek's International Advisory Panel. In the last five years, he has been a director of RHJ International&nbsp;SA. </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="da14801_greg_penske"> </A>
<A NAME="toc_da14801_8"> </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>, 52, 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 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="da14801_roger_s._penske"> </A>
<A NAME="toc_da14801_9"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Roger 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> 78, 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 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 style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da14801_sandra_e._pierce"> </A>
<A NAME="toc_da14801_10"> </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> 56, 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  </I></FONT></P>

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

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I> 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="da14801_kanji_sasaki"> </A>
<A NAME="toc_da14801_11"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Kanji Sasaki </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;Sasaki,</I></FONT><FONT SIZE=2> 45, has served as a director since July 2014 and our Senior Vice President&nbsp;&#151; International Business Development
since October 2014. Mr.&nbsp;Sasaki is currently an employee of Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd. (Japan) and has held several positions with Mitsui since April, 1992. Mr.&nbsp;Sasaki served
as the General Manager of Mitsui's First Motor Vehicles Division, Second Business Department from July 2013 to June 2014. From August 2011 to June 2013, he served as a General Manager in Mitsui's
Motor Vehicles Americas Division, Penske&nbsp;&amp; Logistics Business Department. From June 2007 to June 2011, Mr.&nbsp;Sasaki was on secondment to Hino Motors Sales U.S.A., serving as a Senior Vice
President, Secretary and Treasurer. Mr.&nbsp;Sasaki began his career at Mitsui in April 1992 and served in various capacities with Mitsui, including secondment to Toyota Motor Corporation and Hino
Motors&nbsp;Ltd. </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="da14801_ronald_g._steinhart"> </A>
<A NAME="toc_da14801_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>, 74, 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. In the previous five
years, Mr.&nbsp;Steinhart formerly served as a director of Texas Industries,&nbsp;Inc., Susser Holdings Corporation, 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="da14801_h._brian_thompson"> </A>
<A NAME="toc_da14801_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 GTT Communications,&nbsp;Inc. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><I>Mr.&nbsp;Thompson</I></FONT><FONT SIZE=2>, 75, has served as a director since March 2002. Mr.&nbsp;Thompson is Executive Chairman of GTT Communications,&nbsp;Inc.,
a&nbsp;leading global cloud network provider to&nbsp;multinational clients. Mr.&nbsp;Thompson continues&nbsp;to head his own private equity investment&nbsp;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>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>
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</FONT> <FONT SIZE=5> <A NAME="Ourcorp"></A>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 COLOR="#FFFFFE" SIZE=2><B>CURRENT DIRECTORS</B></FONT></TD>
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 </B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>BOD</B></FONT></TD>
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</B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Audit<BR>
Committee</B></FONT></TD>
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</B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Compensation&nbsp;&amp;<BR>
Management<BR>
Development<BR>
Committee</B></FONT></TD>
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 </B></FONT></TD>
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 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Nominating&nbsp;&amp;<BR>
Corporate<BR>
Governance<BR>
Committee</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="#FFFFFE" SIZE=2><B>Executive<BR>
Committee</B></FONT></TD>
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<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>
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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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 John D. Barr</FONT></TD>
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 M</FONT></TD>
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</FONT>
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 F</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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 &#8203;</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</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>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>
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<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,&nbsp;Jr.</FONT></TD>
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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>
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</FONT>
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<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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<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>
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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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 Kimberly J. McWaters</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>
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 M</FONT></TD>
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</FONT>
</TD>
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</FONT>
</TD>
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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>
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 &#8203;</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>Lucio A. Noto</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>M</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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 Greg Penske</FONT></TD>
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</FONT>
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 M</FONT></TD>
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</FONT></TD>
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 &#8203;</FONT></TD>
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</FONT>
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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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 &#8203;</FONT></TD>
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</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>Roger 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>
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<TD ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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<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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 Sandra E. Pierce</FONT></TD>
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 M</FONT></TD>
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 M</FONT></TD>
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 M</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>Kanji Sasaki</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>
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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>
<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>
<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>
</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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 No. of Meetings 2014</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;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><A
NAME="da14801_board_committees"> </A>
<A NAME="toc_da14801_14"> </A></FONT> <FONT SIZE=2><B>


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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 93% of our board and committee meetings in 2014, and each
director attended at least 83% of their meetings, other than Mr.&nbsp;Greg Penske who joined our Board in May 2014 and, due to business commitments prior to joining our Board, attended 60% of the
meetings including three of four regularly scheduled
meetings. All of our directors are encouraged to attend the annual meeting of stockholders and 11 of 12 directors serving at that time attended the annual meeting in 2014. </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 three of the four are "audit committee financial experts," 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></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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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_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> significant business risks or exposures and the steps taken to assess, monitor and mitigate these risks or exposures </FONT></DD></DL>

<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="da14801_board_structure_and_lead_director."> </A>
<A NAME="toc_da14801_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>
 </FONT><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="da14801_director_independence."> </A>
<A NAME="toc_da14801_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 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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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></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 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="da14801_risk_management."> </A>
<A NAME="toc_da14801_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;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


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 ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>11</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="#bg14801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


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><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;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


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>

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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="da14801_securities_trading_policy/anti-hedging."> </A>
<A NAME="toc_da14801_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, officers and employees and restricts trading in our
securities while in possession of material
nonpublic information. The policy prohibits our directors, officers, employees and their designees from engaging in hedging, short sales and other trading techniques that offset any decrease in market
value of our equity securities without the approval of our General Counsel. No such approvals were requested in 2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="da14801_stock_ownership_guidelines/pledging."> </A>
<A NAME="toc_da14801_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>

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NAME="da14801_controlled_company."> </A>
<A NAME="toc_da14801_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="da14801_director_candidates."> </A>
<A NAME="toc_da14801_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></DL>
<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>12</FONT></P>

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<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 at least 500 shares of our common stock for at least one year </FONT></DD></DL>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Recommendations
received by November&nbsp;21, 2015, will be considered for nomination at the 2016 annual meeting of stockholders. Recommendations received after November&nbsp;21, 2015 will be
considered for nomination at the 2017 annual meeting of stockholders. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dc14801_location_of_corporate_governance_documents."> </A>
<A NAME="toc_dc14801_1"> </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="dc14801_section_16(a)_benefici__dc102001"> </A>
<A NAME="toc_dc14801_2"> </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
2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dc14801_stockholder_nominations_and_proposals_for_2016."> </A>
<A NAME="toc_dc14801_3"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Stockholder Nominations and Proposals for 2016. </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 2016 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;21, 2015. 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 2016 (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;5, 2016. </FONT></P>
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</FONT> <FONT SIZE=5> <A NAME="Prop2"></A>Proposal 2&nbsp;&#151; Approval of our 2015 Equity Incentive Plan</FONT></TD>
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Summary  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In light of the expiration of our 2012 Equity Incentive Plan later this year, our stockholders are being asked to approve the 2015 Equity Incentive
Plan (the "Equity Incentive Plan") which will be used to award incentive cash and equity compensation to our management and board of directors. We are implementing a new equity incentive plan due to
the expiration of our prior equity incentive plan on November&nbsp;1, 2015. Both our Compensation and Management Development Committee and Board of Directors have approved the Equity Incentive Plan,
subject to stockholder approval at the annual meeting. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>This
plan provides up to 4.0&nbsp;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 2020. In the last three years, we have granted a gross amount of 1,337,274 incentive equity awards, which represents an average annual rate of shares issued as compared to shares
outstanding of approximately 0.5%. </FONT></P>

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General  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Upon adoption by stockholders at the annual meeting, the Equity Incentive Plan will authorize 4.0&nbsp;million shares of our common stock for
issuance as incentive awards. Incentive awards under the Equity Incentive Plan may be in the form of cash, stock options, stock appreciation rights, restricted stock, restricted stock units,
performance compensation awards or common </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>stock.
The number of shares available for incentive awards under the Equity Incentive Plan will be increased in an amount equal to incentive awards that are forfeited or terminated without issuance of
shares and shares withheld by or tendered to us in connection with satisfaction of tax withholding obligations of an award. Adjustments will be made in the aggregate number of shares that may be
issued under the Equity Incentive Plan in the event of a change affecting shares of our common stock, such as a stock dividend or split, recapitalization, reorganization, or merger. No more than
1,000,000 shares may be allocated for incentive awards to any one participant during any single calendar year and the maximum dollar amount payable to any employee in any one year for a cash incentive
award is the lesser of $10.0&nbsp;million or ten times their base salary. </FONT></P>

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Administration and Term  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our Compensation and Management Development Committee will administer the Equity Incentive Plan, including the power to determine when to grant
incentive awards; which eligible participants will receive incentive awards; whether the award will be an option, stock appreciation right, restricted stock, restricted stock unit, performance
compensation award or company common stock; whether stock appreciation rights will be attached to options; and the number of shares or units to be allocated to each incentive award. The committee may
impose conditions on the exercise of options and stock appreciation rights and upon the transfer of restricted stock or restricted stock units under the Equity Incentive Plan and may impose such other
restrictions and requirements as it may deem appropriate, including reserving the right for us to reacquire shares issued pursuant to an incentive award. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
committee has delegated limited authority to the company's CEO to grant equity awards to the company's non-executive officer employees. The committee delegated this authority in order to permit
the CEO to award limited equity grants without the specific action of the committee. Pursuant to this delegation, the CEO has had the discretion to make a maximum of 50,000 awards, which authority has
been reviewed from time to time. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
Equity Incentive Plan will terminate on May&nbsp;5, 2020, unless our Board of Directors terminates it prior to that date. Incentive awards existing after the termination date will continue to be
governed by the terms and conditions of the Equity Incentive Plan. </FONT></P>

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Eligibility  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>All present and future employees, directors and any company contributors are eligible to receive incentive awards under the Equity Incentive Plan. </FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Restricted Stock and Restricted Stock Units  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Restricted stock and restricted stock units issued pursuant to the Equity Incentive Plan are subject to the following general restrictions:
(1)&nbsp;no such shares or units may be sold, transferred, pledged, or otherwise encumbered or disposed of until the restrictions on such shares or units have lapsed or been removed under the
provisions of the Equity Incentive Plan and (2)&nbsp;if a holder of restricted stock or restricted stock units ceases to be employed by us or one of our affiliates or ceases to be a company
contributor, any shares of restricted stock, or restricted stock units, on which the restrictions have not lapsed or been otherwise removed will be forfeited. The committee is also authorized to
impose further restrictions on restricted stock or restricted stock units, including additional events of forfeiture. The committee will establish the terms and conditions upon which the restrictions
on those shares or units will lapse; provided that, unless otherwise specified in an award, the period of restriction must be at least one year from the date of grant. The terms and conditions may
include, without limitation, the lapsing of those restrictions at the end of a specified period of time as a result of the disability or death of the participant, or as a result of the occurrence of a
change-in-control. In addition, the committee may at any time, in its sole discretion, accelerate the time at which any or all restrictions will lapse or remove any and all restrictions. </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>Participants
holding shares of restricted stock may exercise full voting rights with respect to those shares and are entitled to receive all dividends and other distributions paid with respect to
those shares. Participants holding restricted stock units do not possess any voting rights with respect to those units, but are entitled to receive all dividends and other distributions paid with
respect to those units if and as so provided in the related award agreement. Restricted stock units may be settled by the company in the form of shares of company common stock, cash, or a fixed
combination of both, as determined by the committee. </FONT></P>

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Stock Options  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Options granted under the Equity Incentive Plan may be incentive stock options (qualifying for favorable income tax treatment under
Section&nbsp;422 of the Internal Revenue Code of 1986, as amended) or non-statutory stock options. The option price for any option awarded under the plan may not be less than 100% (or, in the case
of an incentive stock option granted to a 10% stockholder, 110%) of the fair market value of the our common stock on the date of the grant. The committee determines any vesting requirement for option
awards. Payment of the option exercise price may be made in cash or as otherwise provided in an option award or by separate action of the committee. The maximum term of any option granted under the
plan is ten years. To date, no stock options have been issued pursuant to the Equity Incentive Plan. </FONT></P>

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Stock Appreciation Rights  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The committee may award stock appreciation rights under the Equity Incentive Plan either with or without related options, or the committee may
subsequently award and attach stock appreciation rights to a previously awarded nonstatutory option, and impose such conditions upon their exercise as it deems appropriate. When the stock appreciation
right is exercisable, the holder may surrender to us all or a portion of the unexercised stock appreciation right and receive in exchange an amount equal to the difference between (i)&nbsp;the fair
market value on the date of exercise of the common stock covered by the surrendered portion of the stock appreciation right and (ii)&nbsp;the exercise price of the common stock under the related
option or, if the stock appreciation right is not related to an option, the fair market value of the common stock on the date the stock appreciation right was awarded. The committee may limit the
amount that can be received when a stock appreciation right is exercised. When a stock appreciation right related to an option is exercised, the underlying option, to the extent of the stock
appreciation right's surrender, will no longer be exercisable. Similarly, when an option is exercised, any stock appreciation rights attached to the option will no longer be exercisable. Our
obligation arising upon exercise of a stock appreciation right may be paid in the company's common stock or in cash, or in any combination of the two, as the committee may determine. Stock
appreciation rights may only be exercised when the underlying option is exercisable or, if there is no underlying option, at the times specified by the committee. </FONT></P>

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Performance Compensation Awards  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>At the time of grant, the committee may designate any incentive award (other than stock options and stock appreciation rights) as a performance
compensation award as part of its intention to qualify the award as performance-based compensation under Section&nbsp;162(m) of the Internal Revenue Code. For incentive awards designated as
performance compensation awards, the committee shall determine, among other items, the performance goals and performance period applicable to the awards. After the end of the performance period, the
committee will certify in writing the level of performance goal that was attained for the performance period. The maximum performance award for a participant for a calendar year is 1,000,000 shares of
company stock and the maximum dollar amount payable to any employee in any one year for a cash incentive award is the lesser of $10.0&nbsp;million or ten times their base salary. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
committee may develop applicable performance goals using the following measurements: specified levels of or increases or decreases in revenue, return on equity, </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>15</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>earnings
per share, total earnings, earnings growth, earnings from continuing operations, EBITDA, EBITDAR, return on capital/equity, return on assets, gross profit, earnings before interest and taxes,
sales, sales growth, gross or operating margin, cost reduction goals, fixed cost coverage measurements (including the ratio of service and parts revenues to operating costs), return on investment,
increase in the fair market value of our common stock, share price (including growth measures and total stockholder return), market capitalization, operating profit, profit margin, net income, cash
flow (including operating cash flow and free cash flow), financial return ratios, expense ratios, total return to stockholders, market share, earnings measures/ratios, balance sheet measurements
(including debt to equity ratios, maintenance of specified credit availability levels, compliance with credit covenants, inventory measurements and receivables/payables metrics), human resources
measurements (including measurements of employee turnover, workers' compensation costs and employee satisfaction), internal rate of return, unit sales, same store sales, specified levels of
acquisitions/acquired revenue, customer satisfaction and productivity and compliance objectives (including lack of material weakness in internal controls, each as determined in accordance with the
relevant AICPA or PCAOB principles), or where applicable, as adjusted to the extent permitted under Section&nbsp;162(m) of the Code, to omit the effects of extraordinary items, acquisitions or
dispositions, the gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions, accruals for incentive awards under the Equity Incentive Plan and/or
cumulative effects of changes in accounting principles. These criteria may relate to the Company, one or more of its subsidiaries or one or more of its or their divisions or units, or any combination
of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices, or any combination thereof, all as the committee shall determine. </FONT></P>

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Change-in-Control  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The committee may, in its discretion, include provisions in award agreements that will make the incentive awards vested and/or fully exercisable upon
a change in control of our Company. A change of control will be deemed to have taken place if any individual, entity or group other than the specified holders of common stock affiliated with Penske
Corporation become the beneficial owner of Company securities that constitute more than 50% of the combined voting power of the then outstanding securities of the Company that may be cast for the
election of directors to the Board of the Company (other than as a result of an issuance of securities initiated by the Company in the ordinary course of business). </FONT></P>

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Transferability of Incentive Awards  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>No options or stock appreciation rights granted under the Equity Incentive Plan, and, during the applicable period of restriction, no shares of
restricted stock, may be sold, transferred, pledged, or otherwise disposed of, other than by will or by the laws of descent and distribution. Restricted stock units are not transferable by means of
sale, assignment, exchange, pledge or otherwise. All rights granted to a participant under the plan will be exercisable during the participant's lifetime only by such participant or, if permissible
under applicable law, by the participant's guardians or legal representatives. Upon the death of a participant, the participant's personal representative or beneficiary may exercise the participant's
rights under the plan. No incentive awards may be transferred for value or consideration without the prior approval of our stockholders. </FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Re-pricing Prior Awards  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Except in connection with certain corporate transactions, the terms of outstanding incentive awards may not be amended to reduce the exercise price
of outstanding options or stock appreciation rights or cancel outstanding options or stock appreciation rights in exchange for cash, other incentive awards or options or stock appreciation rights with
an exercise price that is less than the exercise price of the original </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>options
or stock appreciation rights without stockholder approval. </FONT></P>

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Federal Income Tax Information  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The following is a general summary of the current federal income tax treatment of incentive awards that would be authorized to be granted under the
Equity Incentive Plan, based upon the current provisions of the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder. As the rules governing the tax treatment of such
awards are technical in nature, the following discussion of tax consequences is necessarily general in nature and does not purport to be complete. In addition, statutory provisions are subject to
change, as are their interpretations, and their application may vary in individual circumstances. This discussion does not address the tax consequences under applicable state and local law. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Incentive Stock Options.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally will not recognize income on the grant or exercise of an incentive stock option. However, the difference between
the exercise price and the fair market value of the stock on the date of exercise is an adjustment item for purposes of the alternative minimum tax. If a participant disposes of the stock received
upon the exercise of an incentive stock option within certain specified periods (a "disqualifying disposition"), the participant will recognize ordinary income on the exercise of such incentive stock
option in the same manner as on the exercise of a nonqualified stock option, as described below. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Non-qualified Stock Options and Stock Appreciation Rights.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally is not required to recognize income on the grant of a nonqualified stock option
or a stock appreciation right. Instead, ordinary income generally is required to be recognized on the date the nonqualified stock option or stock appreciation right is exercised. In general, the
amount of ordinary income required to be recognized is (i)&nbsp;in the case of a nonqualified stock option an amount equal to the excess, if any, of the fair market value of the shares on the
exercise date over the exercise price and (ii)&nbsp;in the case of a stock appreciation right, the amount of cash and/or the fair market value of any shares received upon exercise. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Restricted Stock.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless a participant who receives an award of restricted stock makes an election under Section&nbsp;83(b) of the Internal Revenue Code of 1986,
as amended, as described below, the participant generally is not required to recognize ordinary income on the award of restricted stock. Instead, on the date the restrictions lapse and the shares vest
(that is, become transferable and no longer subject to forfeiture), the participant will be required to recognize ordinary income in an amount equal to the excess, if any, of the fair market value of
the shares on that date over the amount paid, if any for those shares. If a participant makes a Section&nbsp;83(b) election to recognize ordinary income on the date the shares are awarded, the
amount of ordinary income required to be recognized is an amount equal to the excess, if any, of the fair market value of the shares on the date of award over the amount paid, if any for those shares.
In that case, the participant will not be required to recognize additional ordinary income when the restrictions lapse and the shares vest. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Restricted Stock Units.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally is not required to recognize income on the grant of a restricted stock unit. In general, on the date the units are
paid, the participant will be required to recognize ordinary income in an amount equal to the fair market value of the units on that date. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Company Common Stock.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant generally is required to recognize income on the date of grant of company common stock in the amount of the fair market value
of the stock received. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Gain or Loss on Sale or Exchange of Shares.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In general, gain or loss from the sale or exchange of shares granted under the Equity Incentive Plan will be treated as
capital gain or loss, provided that the shares are held as capital assets at the time of the sale or exchange. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Deductibility by Us.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We generally are not allowed a deduction in connection with the grant </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>17</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>or
exercise of an incentive stock option. However, if a participant is required to recognize income as a result of a disqualifying disposition, we will be entitled to a deduction equal to the amount
of ordinary income so recognized. In the case of a nonqualified stock option (including an incentive stock option that is treated as a nonqualified stock option, as described above), a stock
appreciation right, or restricted stock or restricted stock unit, in general, we will be allowed a deduction in an
amount equal to the amount of ordinary income recognized by a participant, provided that certain income tax reporting requirements are satisfied. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B> Performance-Based Compensation.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain exceptions, Section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended, disallows federal income tax
deductions for compensation paid by a publicly-held corporation to certain executives to the extent the amount paid to an executive exceeds $1&nbsp;million for the taxable year. The Equity Incentive
Plan has been designed to allow the committee to grant cash awards, stock options, stock appreciation rights and performance compensation awards that are intended to qualify under an exception to the
deduction limit of Section&nbsp;162(m) for "performance-based compensation." </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Modification of Equity Incentive Plan  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our board of directors may amend, alter, or terminate the Equity Incentive Plan as it deems advisable, provided that our stockholders must approve
any amendment that would (i)&nbsp;materially increase the benefits accruing to participants under the Equity Incentive Plan, (ii)&nbsp;materially increase the number of shares of our common stock
that may be issued under the Equity Incentive Plan or (iii)&nbsp;materially modify the requirements of eligibility for participation in the Equity Incentive Plan. Incentive awards granted under the
Equity Incentive Plan may be amended with the consent of the participant so long as the amended award is consistent with the terms of the plan. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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New Plan Benefits  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Because awards under the Equity Incentive Plan are subject to the discretion of the Compensation and Management Development Committee, the benefits
and amounts that will be received or allocated in the future under the Equity Incentive Plan, as well as amounts that would have been received in the last fiscal year had the Equity Incentive Plan
been in effect, are not determinable. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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Vote Required  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In order to be adopted, the Equity Incentive Plan must be approved by the affirmative vote of a majority of shares present and entitled to vote at
the meeting. Abstentions will have the same effect as votes cast against the proposal. If our stockholders do not approve the Equity Incentive Plan, we will be unable to make any incentive awards to
our management team or board of directors upon the expiration of our 2012 Equity Incentive Plan later this year. </FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" PROPOSAL&nbsp;2</B></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><A HREF="#bG14801A_main_toc">Table of Contents</A> </FONT></P>

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Securities Authorized for Issuance Under Equity Compensation Plans  </B></FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The following table provides details regarding the shares of common stock issuable upon the exercise of outstanding options, warrants and rights
granted under our equity compensation plans (including individual equity compensation arrangements) as of December&nbsp;31, 2014. </FONT></P>
 <DIV style="padding:0pt;position:relative;width:57%;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="124pt" 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="110pt" 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="158pt" 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>


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


</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;">Plan Category</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>&#8203;


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<BR><BR><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;" -->




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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Number of securities to<BR>
be issued upon exercise<BR>
of outstanding options,<BR>
warrants and rights<BR>
(A)</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><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>&#8203;


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


<BR><BR><BR><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;" -->




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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Weighted-average<BR>
exercise price of<BR>
outstanding<BR>
options, warrants<BR>
and rights<BR>
(B)</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><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>&#8203;


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<BR><BR><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>


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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Number of securities remaining<BR>
available for future issuance<BR>
under equity compensation<BR>
plans (excluding securities<BR>
reflected in column (A))<BR>
(C)</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;"><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>
</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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 Equity compensation plans approved by security holders</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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


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


 &#151;</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>$


<!-- 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;" -->


 &#151;</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>&#8203;


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


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


 1,379,587</FONT></TD>
<TD 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>Equity compensation plans not approved by security holders</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>&#151;</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>&#151;</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>&#151; </FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="TOP">
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;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>


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


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;



<!-- 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>
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 1,379,587</FONT></TD>
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</FONT> <FONT SIZE=5> <A NAME="Prop3"></A>Proposal 3&nbsp;&#151; Ratification of the Selection of our Independent Auditors</FONT></TD>
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</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
Audit Committee has selected Deloitte&nbsp;&amp; Touche&nbsp;LLP, the member firm of Deloitte Touche Tohmatsu Limited, and their respective affiliates (collectively referred to as "Deloitte") as
our principal independent auditing firm for 2015. In performing its services for 2015, 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 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 2015 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&nbsp;LLP AS OUR INDEPENDENT AUDITORS</B></FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>19</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 2014 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 2014 annual report on Form&nbsp;10-K as filed with the SEC on February&nbsp;26, 2015. </FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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The Audit Committee of the Board of Directors</B></FONT><FONT SIZE=2><BR>
Michael R. Eisenson (Chairman)<BR>
John D. Barr<BR>
Kimberly J. McWaters<BR>
Ronald G. Steinhart </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>20</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


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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 2014 and 2013, 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 registration statements filed with the Securities and Exchange Commission </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> consents and comfort letters </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, including in connection
with acquisitions. </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>
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 Deloitte</B></FONT></TD>
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</B></FONT></TD>
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 KPMG</B></FONT></TD>
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 </B></FONT></TD>
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&nbsp;</B></FONT></TD>
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<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>


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 &#8203;</B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2><B>&nbsp;


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</B></FONT></TD>
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 2014</B></FONT></TD>
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 2013</B></FONT></TD>
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</B></FONT></TD>
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 2014</B></FONT></TD>
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 2013</B></FONT></TD>
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 </B></FONT></TD>
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&nbsp;&nbsp;</B></FONT></TD>
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<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>
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<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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 Audit Fees</FONT></TD>
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 1,320,500</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;" -->


 1,250,000</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;" -->


 1,253,265</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 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>188,500</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>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>46,175</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 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>&#8203;



<!-- 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>&#8203;


<!-- 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>&#8203;



<!-- 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>&#8203;


<!-- 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>128,359</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 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>&#8203;



<!-- 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;" -->


 490,618</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>&#8203;


<!-- 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>&#8203;



<!-- 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;" -->


 23,000</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>&#8203;


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


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




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;



<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 </TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <font></FONT></TD>
<TD VALIGN="BOTTOM" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;<font>


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


</FONT></TD>
<TD style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"border-bottom:solid #000000 1.0pt;" -->


 <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;" -->


 Total 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>$


<!-- 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;" -->


 2,127,977</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;" -->


 1,852,250</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;" -->


 1,332,040</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;" -->


 1,025,000</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 style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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


&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>21</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=28,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=485945,FOLIO='21',FILE='DISK106:[15ZAC1.15ZAC14801]DE14801A.;13',USER='JMCGUAN',CD=';9-MAR-2015;21:14' -->
<A NAME="page_de14801_1_22"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_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:left;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<!-- 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;text-align:justify;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:justify;" -->





<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->





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




<!-- COMMAND=STYLE_ADDED,"text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;" -->


</FONT> <FONT SIZE=5> <A NAME="Prop4"></A>Proposal 4&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 99% 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 2014. 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 and we prohibit our directors, officers and employees from engaging in hedging with respect to our equity securities (as discussed above under "&#151;&nbsp;Our
Corporate Governance") </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>22</FONT></P>

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</FONT> <FONT SIZE=5> <A NAME="ExOff"></A>Executive Officers</FONT></TD>
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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>, 45, 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>, 63, 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>, 45, 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>, 45, 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>
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</FONT> <FONT SIZE=5> <A NAME="Committ"></A>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>

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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>23</FONT></P>

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</FONT> <FONT SIZE=5> <A NAME="Discuss"></A>Compensation Discussion and Analysis</FONT></TD>
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<A NAME="toc_dg14801_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 and we prohibit our directors, officers and employees from engaging in hedging with respect to our equity securities (as discussed above under "&#151;&nbsp;Our
Corporate Governance") </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 2014, Mr.&nbsp;Penske was eligible to attain up to 150% of his target
performance based award. As detailed below, Mr.&nbsp;Penske achieved 92% of the performance targets listed below, entitling him to approximately $3.3&nbsp;million in shares of restricted stock
granted in February 2015. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2014, over 99% of the votes cast by our stockholders approved our 2013 executive compensation and there have not been any significant changes to the elements of our executive compensation in 2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dg14801_compensation_philosophy."> </A>
<A NAME="toc_dg14801_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="dg14801_outside_advisors_and_consultants."> </A>
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<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 </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>24</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>of
our employees and has the authority to hire outside consultants and advisors at its discretion, though it did not do so in 2014. Notwithstanding management's participation in the executive
compensation process, all executive officer compensation determinations are made by the committee, using its independent judgment and analysis. </FONT></P>

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<A NAME="toc_dg14801_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="dg14801_addressing_risk."> </A>
<A NAME="toc_dg14801_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 field 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="dg14801_compensation_recovery_policy."> </A>
<A NAME="toc_dg14801_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="dg14801_equity_award_approval_policy."> </A>
<A NAME="toc_dg14801_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 10,082 shares under that
authority in 2014, which awards were ratified by the committee. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>25</FONT></P>

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<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 levels of common stock, expressed as a multiple of base salary. </FONT></P>
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Base Salary</font></B></FONT></TD>
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</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>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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



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</FONT>
</TD>
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</TD>
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 8x</FONT></TD>
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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><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>4x</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
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 Executive Vice Presidents</FONT></TD>
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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


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</FONT>
</TD>
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 2x</FONT></TD>
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</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>Principal Accounting Officer</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>1x</FONT></TD>
<TD VALIGN="BOTTOM" 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="dg14801_determination_of_amounts."> </A>
<A NAME="toc_dg14801_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="dg14801_deductibility_of_executive_compensation."> </A>
<A NAME="toc_dg14801_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 2015 Equity 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="dg14801_base_salary."> </A>
<A NAME="toc_dg14801_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 </FONT></P>

<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>
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<A NAME="page_dg14801_1_27"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>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 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 "2014 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="dg14801_annual_bonus_payments."> </A>
<A NAME="toc_dg14801_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 "2014 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 "2014 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="dg14801_incentive_equity_awards."> </A>
<A NAME="toc_dg14801_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 on November&nbsp;1, 2015. We have granted 910,723 incentive equity awards under
this plan since 2012, leaving availability for 1,089,277 awards (giving effect to certain forfeitures and shares withheld). </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 do not include voting rights but 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 </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>
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<A NAME="page_dg14801_1_28"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>detailed
below under "2014 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 2014, the committee approved the grant of approximately 285,013 incentive equity awards to employees (representing approximately
0.3% of our current outstanding equity), including the awards relating to the 2014 management incentive awards for our Chief Executive Officer and President and excluding awards to our non-employee
directors. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dg14801_other_compensation."> </A>
<A NAME="toc_dg14801_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. 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="dg14801_no_employment_agreements_or_pr__no_02527"> </A>
<A NAME="toc_dg14801_15"> </A>
<BR></FONT><FONT SIZE=2><B><I>    No Employment Agreements or 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;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


2014 Compensation  </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dg14801_chief_executive_officer_compensation."> </A>
<A NAME="toc_dg14801_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 2014 performance targets for a performance based award for
Mr.&nbsp;Penske in February 2014. 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 2015. Mr.&nbsp;Penske achieved 92% of the performance metrics noted below, which entitled him to approximately $3.3&nbsp;million in shares of restricted
stock granted in February 2015. 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>28</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_dg14801_1_29"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
specific 2014 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="" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="81pt" 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>
<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>% 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;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><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.(1)(2)
</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;" -->


 $568.8</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;" -->


 22%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>compliance with the covenants in our U.S. 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>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>5%</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>5%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>ROE (return on equity) of 17.8% to 18.5% (100%
attainment). ROE below 17.8% results in no attainment, ROE above 18.5% yields 150% attainment.(1)(2)(3)</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;" -->


 18.46%</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;" -->


 20%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><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(2)</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>4% vs 11%</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>0%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>maintain quarter-end availability under our
U.S. 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;" -->


 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;" -->


 5%</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;" -->


 5%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>customer satisfaction scores exceed
manufacturer objectives at 85% of our U.S. franchises</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>Exceeds</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;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>no material weaknesses in our internal
controls</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;" -->


 None</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;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>reduce selling, general and administrative
expense as a percentage of gross profit by 100 basis points (100% attainment). Reduction below 50 basis points results in no attainment, and reduction of 150 basis points yields 150% attainment.(1)(2)</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>Not Achieved</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>0%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><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.(2)</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;" -->


 11.7%</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;" -->


 20% </FONT></TD>
</TR>
<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>


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




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;


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


 <font></FONT></TD>
<TD VALIGN="TOP" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>&nbsp;


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


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;


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


 <font></FONT></TD>
<TD VALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>&nbsp;


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


</FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
<TD VALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2></font>&#8203;<font>&nbsp;


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


</FONT>
</TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;border-bottom:solid #000000 1.0pt;" -->

 <font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;"><p style="font-family:arial;margin-left:10pt;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>&nbsp;</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>100%</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>92%</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. credit agreement and, for return on equity only, if disclosed in our quarterly earnings press release.
<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>Performance
between these amounts yields pro rata attainment.
<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>ROE
is calculated as income from continuing operations divided by the average of beginning and ending stockholder's equity.  </FONT></DD></DL>
 </DIV>
 <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.=7,SEQ=36,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=475761,FOLIO='29',FILE='DISK106:[15ZAC1.15ZAC14801]DG14801A.;11',USER='EYOUNG',CD='11-MAR-2015;09:44' -->
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NAME="page_di14801_1_30"> </A>


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<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_main_toc">Table of Contents</A> </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In February 2015, the committee established a similar performance based award for Mr.&nbsp;Penske with respect to 2015, with a threshold payout of $2.5&nbsp;million (50% of
target), a target payout of $5.0&nbsp;million (100% of target) and a maximum potential payout of $7.5&nbsp;million (150% of target) to be paid in shares of restricted stock to be granted in 2016.
The performance objectives for 2015 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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<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="74pt" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<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>


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


 </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>


<!-- COMMAND=ADD_GRID,"background-color:#FF1100;" -->


</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;" -->




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


 </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;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>EBITDA (earnings before interest, taxes,
depreciation and amortization) of $664&nbsp;million (100% attainment). EBITDA below $569&nbsp;million results in no attainment, EBITDA of $569&nbsp;million results in 50% attainment, and EBITDA of $700&nbsp;million yields 200% attainment.(1)(2)
</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;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>compliance with the financial covenants in our
U.S. 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;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>ROE (return on equity) of 17.8% to 18.5% (100%
attainment). ROE below 17.8% results in no attainment, ROE above 18.5% yields 150% attainment(1)(2)(3)</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;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>common stock price performance exceeds the
S&amp;P&nbsp;500 Index during 2015 (100% attainment) Performance below the S&amp;P&nbsp;500 results in no attainment and outperformance by 15% yields 150% attainment.(2)</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;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>customer satisfaction scores exceed
manufacturer objectives at 85% of our U.S. 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;" -->


 12.5%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><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>12.5%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;text-align:left;"><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;text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>reduce selling, general and administrative
expense as a percentage of gross profit by 100 basis points (100% attainment). Reduction below 50 basis points results in no attainment, reduction of 50 basis points yields 50% attainment, and reduction of 150 basis points yields 150% attainment.(1)
(2)</FONT></TD>
<TD VALIGN="TOP" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&nbsp;


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


 10%</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD VALIGN="TOP" style="font-family:arial;text-align:left;"><p align=left style="font-family:arial;margin-top:0pt;margin-bottom:-12pt;margin-left:0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:left;" -->


</FONT> <FONT SIZE=2> </font> <font size=2> &#149;</font></p> <p align=left style="font-family:arial;margin-top:0pt;margin-left:10pt;"><font size=2>same-store revenue growth of 5% (100%
attainment). Growth of 10% yields 200% attainment and growth below 5% results in no attainment.(2)</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 bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD VALIGN="TOP" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2>


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




<!-- COMMAND=ADD_GUTTERGRID,"line-height:0pt;font-size:1.5pt;" -->


 </font>&#8203;<font></FONT></TD>
<TD VALIGN="TOP" style="line-height:0pt;font-size:1.5pt;font-family:arial;"><FONT SIZE=2></font>&#8203;<font></FONT></TD>
<TD ALIGN="CENTER" VALIGN="CENTER" style="line-height:0pt;font-size:1.5pt;font-family:arial;border-bottom:solid #000000 1.0pt;"><FONT SIZE=2></font>&#8203;


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 <font></FONT></TD>
</TR>

<TR VALIGN="BOTTOM">
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 Total</FONT></TD>
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</FONT>
</TD>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 100%</FONT></TD>
</TR>
</TABLE></DIV>
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 </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. credit agreement and, for return on equity only, if disclosed in our quarterly earnings press release.
<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>Performance
between these amounts yields pro rata attainment.
<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>ROE
is calculated as income from continuing operations divided by the average of beginning and ending stockholder's equity.  </FONT></DD></DL>
 </DIV>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="di14801_president_compensation."> </A>
<A NAME="toc_di14801_1"> </A></FONT> <FONT SIZE=2><B><I>    President Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;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 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 2015.
The performance objectives and component percentages are the same as those set forth above with respect to the 2014 award for Mr.&nbsp;Penske. Mr.&nbsp;Kurnick achieved 92% of the performance
metrics noted below, which entitled him to approximately $645,200 in shares of restricted stock granted in February 2015. 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>In
February 2015, the committee established a similar performance based award for Mr.&nbsp;Kurnick with respect to 2015, with a threshold payout of $500,000 (50% of target), a target payout of
$1.0&nbsp;million (100% of target) </FONT></P>

<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.=1,SEQ=37,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=562287,FOLIO='30',FILE='DISK106:[15ZAC1.15ZAC14801]DI14801A.;12',USER='JMCGUAN',CD=';9-MAR-2015;21:16' -->
<A NAME="page_di14801_1_31"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_main_toc">Table of Contents</A></FONT></P>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2>and
a maximum potential payout of $1.5&nbsp;million (150% of target) to be paid in shares of restricted stock to be granted in 2016. The performance objectives and component percentages are the same
as those set forth above with respect to the 2015 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="di14801_other_executive_officer_compensation."> </A>
<A NAME="toc_di14801_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>    Other Executive Officer Compensation. </I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Effective May&nbsp;1, 2014, Mr.&nbsp;Jones's salary was increased from $450,000 to $475,000. Our compensation committee
approved this increase in recognition
of the Company's performance in 2013 and 2014 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 2015, Messrs.&nbsp;Jones, Sharp and Spradlin received 8,625, 3,750, and 7,500 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 2014, we were reimbursed approximately five 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>31</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=38,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=370991,FOLIO='31',FILE='DISK106:[15ZAC1.15ZAC14801]DI14801A.;12',USER='JMCGUAN',CD=';9-MAR-2015;21:16' -->
<A NAME="page_di14801_1_32"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_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:left;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;text-align:justify;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


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</FONT> <FONT SIZE=5> <A NAME="Exec2"></A>Executive Compensation</FONT></TD>
</TR>
</TABLE>
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 </div>
</div>
 <P style="font-family:arial;text-align:justify"><FONT SIZE=2>The
following table contains information concerning 2014 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><B> 2014 Summary Compensation Table  </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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<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><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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</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:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR>


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</B></FONT></TD>
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<BR></B></FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><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;">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>&#8203;


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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>&#8203;


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<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>


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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Bonus<BR>
($)</font><BR> </B></FONT></TD>
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 </B></FONT></TD>
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<BR><BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Stock Awards<BR>
($)(1)</font><BR> </B></FONT></TD>
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</B></FONT></TD>
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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>
($)</font><BR> </B></FONT></TD>
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</B></FONT></TD>
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<BR></B></FONT></TD>
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 </b></font> <font color="#ffffff" style="font-size:8pt;line-height:9pt;">Total<BR>
($)</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>
<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>
</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;" -->


 Roger S. Penske</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;">&#8203;


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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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 2014</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>
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<!-- COMMAND=ADD_GRID,"background-color:#e5d1d1;" -->


 1,200,000</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;">&#8203;


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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>
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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>
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 3,600,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(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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 380,298</FONT></TD>
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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">$


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 5,180,298</FONT></TD>
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</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>
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</FONT>
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 2013</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>
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</FONT></TD>
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 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;">&#8203;



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</FONT>
</TD>
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 &#151;</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;">&#8203;


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</FONT></TD>
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 3,600,000</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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 305,569</FONT></TD>
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</FONT>
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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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 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">
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 &#8203;</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>
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</FONT>
</TD>
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 2012</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>
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</FONT></TD>
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 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>
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</FONT>
</TD>
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 &#151;</FONT></TD>
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</FONT></TD>
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</FONT></TD>
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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>
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</FONT>
</TD>
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 209,336</FONT></TD>
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</FONT></TD>
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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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 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;"><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;">


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 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;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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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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 2014</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;">&#8203;


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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;" -->


 700,000</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;">&#8203;


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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;



<!-- 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;">&#8203;


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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;" -->


 700,000</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(4)


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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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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 128,649</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(5)


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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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;" -->


 1,528,649</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;">&#8203;



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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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 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;">&#8203;


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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;" -->


 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;">&#8203;



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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;">&#8203;


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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;" -->


 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;">&#8203;



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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;" -->


 96,580</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;">&#8203;


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</FONT></TD>
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<!-- 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: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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 &#8203;</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;">&#8203;


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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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 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;">&#8203;


<!-- 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>
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</FONT>
</TD>
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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;">&#8203;


<!-- 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>
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<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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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;" -->


 71,576</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;">&#8203;


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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;" -->


 1,371,576</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;"><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;">&#8203;


<!-- 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;" -->


 2014</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;">&#8203;


<!-- 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;" -->


 466,058</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;">&#8203;


<!-- 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;" -->


 235,000</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;">&#8203;


<!-- 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;" -->


 357,175</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;">&#8203;


<!-- 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;" -->


 69,483</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(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;">&#8203;


<!-- 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;" -->


 1,127,716</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;">&#8203;


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</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;" -->


 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;">&#8203;


<!-- 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;" -->


 427,884</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;">&#8203;


<!-- 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;" -->


 210,000</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;">&#8203;


<!-- 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;" -->


 316,168</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;">&#8203;


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</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;" -->


 62,487</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;">&#8203;


<!-- 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;" -->


 1,016,539</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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;" -->


 241,100</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;">&#8203;


<!-- 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;" -->


 72,597</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;">&#8203;


<!-- 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;" -->


 893,697</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;">&#8203;



<!-- 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;" -->


 2014</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;">&#8203;


<!-- 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;" -->


 459,327</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;">&#8203;



<!-- 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;" -->


 130,000</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;">&#8203;


<!-- 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;" -->


 153,860</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;">&#8203;



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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;" -->


 64,705</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(7)


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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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;" -->


 807,892</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;">&#8203;


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</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;" -->


 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;">&#8203;


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</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;" -->


 435,000</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;">&#8203;


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</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;" -->


 115,000</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;">&#8203;


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</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;" -->


 136,338</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;">&#8203;



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</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;" -->


 56,834</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;">&#8203;


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</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;" -->


 743,172</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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;" -->


 416,827</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;">&#8203;


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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;" -->


 100,000</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;">&#8203;


<!-- 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;" -->


 108,495</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;">&#8203;


<!-- 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;" -->


 50,280</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;">&#8203;


<!-- 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;" -->


 675,602</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;">&#8203;


<!-- 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;" -->


 2014</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;">&#8203;


<!-- 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;" -->


 474,327</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;">&#8203;


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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;" -->


 235,000</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;">&#8203;


<!-- 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;" -->


 322,720</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;">&#8203;


<!-- 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;" -->


 59,273</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">(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;">&#8203;


<!-- 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;" -->


 1,091,320</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;">&#8203;



<!-- 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;">&#8203;


<!-- 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;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- 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;


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</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


<!-- 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;


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</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;



<!-- 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;">&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;">&#8203;


<!-- 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;" -->


 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;" -->


 863,876</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 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 2014, Mr.&nbsp;Penske received an equity incentive plan-based award payable upon achievement of 2014 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 2015. Mr.&nbsp;Penske achieved 92% of the performance metrics relating to this award, which entitled him to approximately
$3.3&nbsp;million in shares of restricted stock granted in February 2015. 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 $50,000 in matching charitable donations pursuant to our director charitable matching program (see below "Director
Compensation&nbsp;&#151; Charitable Donation Matching Program") and $330,298 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 2014, Mr.&nbsp;Kurnick received an equity incentive plan-based award payable upon achievement of 2014 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 2015. Mr.&nbsp;Kurnick achieved 92% of the performance metrics relating to this award, which entitled him to approximately $645,200 in shares of restricted stock
granted in February 2015. 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, $50,000 in charitable donations pursuant to our director charitable matching program and $56,662 in dividends on
unvested restricted stock awards. </FONT></DD></DL>
</UL>
 </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.=3,SEQ=39,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=17948,FOLIO='32',FILE='DISK106:[15ZAC1.15ZAC14801]DI14801A.;12',USER='JMCGUAN',CD=';9-MAR-2015;21:16' -->
<A NAME="page_di14801_1_33"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_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 $5,365.
<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 $7,352.
<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
$2,321. </FONT></DD></DL>
</UL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><B> Grants of Plan-Based Awards in 2014  </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>
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<TD WIDTH="12pt" style="font-family:arial;"></TD>
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<TD WIDTH="82pt" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="4pt" ALIGN="RIGHT" 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;"><B>


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 </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>&#8203;


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<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>


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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>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT  style="font-size:8pt;line-height:9pt;"><B><BR><BR>


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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>&#8203;


<!-- 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>


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 </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>


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<!-- 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>&#8203;


<!-- 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;">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>&#8203;


<!-- 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;">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>&#8203;


<!-- 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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 </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>&#8203;



<!-- 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>&#8203;


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<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;">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;" -->


 2/27/2014</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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;">&#8203;


<!-- 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;" -->


 &#8203;</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;" -->


 2/27/2014</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;">&#8203;


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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 &#8203;</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;">&#8203;



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</FONT>
</TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 &#8203;</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;">&#8203;


<!-- 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;" -->


 &#8203;</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;">&#8203;


<!-- 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;" -->


 105,259</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;">&#8203;


<!-- 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;" -->


 4,627,200</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;" -->


 2/27/2014</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;">&#8203;


<!-- 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;">&#8203;


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</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;">$


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</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>
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</FONT></TD>
<TD ALIGN="RIGHT" style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">


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 &#8203;</FONT></TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&nbsp;



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</FONT>
</TD>
<TD style="font-family:arial;background-color:#e5d1d1;"><FONT  style="font-size:8pt;line-height:9pt;">&#8203;


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</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;" -->


 2/27/2014</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;">&#8203;


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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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 &#8203;</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;">&#8203;



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


</FONT>
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 Shane M. Spradlin</FONT></TD>
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 7,000</FONT></TD>
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 307,720</FONT></TD>
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 Executive Vice President,</FONT></TD>
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 12/16/2014</FONT></TD>
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 321</FONT></TD>
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 15,000</FONT></TD>
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 General Counsel&nbsp;&amp; Secretary</FONT></TD>
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</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
 </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 2013 awards attained that were paid in the form of restricted stock in 2014, and the awards relating to 2014 that
were paid in 2015. </FONT></P>

<P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


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 2014 performance targets for a performance based award for Mr.&nbsp;Penske in
February 2014. 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 2015. Mr.&nbsp;Penske achieved 92% of the performance metrics noted above relating to this award,
which entitled him to approximately $3.3&nbsp;million in shares of restricted stock granted in February 2015, 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 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% </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>33</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
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<A NAME="page_di14801_1_34"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bG14801A_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 2015.
Mr.&nbsp;Kurnick achieved 92% of the performance metrics noted above relating to this award, which entitled him to approximately $645,200 in shares of restricted stock granted in February 2015, 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 2014 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 December award to Mr.&nbsp;Spradlin was in recognition of achievement by that officer in regards to performance in
2014.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><B> Outstanding Equity Awards at 2014 Year-End  </B></FONT></P>
 <DIV style="padding:0pt;position:relative;width:80%;text-align:left;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<!-- 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>
<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>&#8203;



<!-- 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>&#8203;



<!-- 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>&#8203;


<!-- 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;" -->


 440,726</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(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;" -->


 $21,626,425</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>&#8203;


<!-- 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>81,586</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>4,003,425</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>&#8203;



<!-- 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;" -->


 28,720</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(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;" -->


 1,409,290</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>&#8203;


<!-- 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>12,353</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>606,162</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>&#8203;


<!-- 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;" -->


 24,421</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(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;" -->


 1,198,338</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>&#8203;


<!-- 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>&#8203;


<!-- 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>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 <DIV style="padding:0pt;position:relative;width:80%;text-align:left;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="228pt" style="font-family:arial;"></TD>
<TD WIDTH="66pt" style="font-family:arial;"></TD>
<TD WIDTH="35%" style="font-family:arial;"></TD>
<TD WIDTH="12pt" style="font-family:arial;"></TD>
<TD WIDTH="11%" style="font-family:arial;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TD COLSPAN=5 style="font-family:arial;"><p style="font-family:arial;margin-top:12pt;margin-left:19pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (1)&nbsp;&nbsp;&nbsp;&nbsp;Market value is based upon the closing price of our common stock on December&nbsp;31, 2014
($49.07).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:19pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (2)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><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; 66,384</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 115,306</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, 2019&nbsp;&#150; 34,386</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2017&nbsp;&#150; 91,054</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:19pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (3)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><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; 14,066</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 20,724</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, 2019&nbsp;&#150; 6,739</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2017&nbsp;&#150; 16,802</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:19pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (4)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2015&nbsp;&#150; 9,323</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; 6,975</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 8,359</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; 4,063</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:19pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (5)&nbsp;&nbsp;&nbsp;&nbsp;These restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2015&nbsp;&#150; 3,873</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; 3,025</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 3,705</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; 1,750</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:19pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2> (6)&nbsp;&nbsp;&nbsp;&nbsp;The restricted shares vest as follows:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2015&nbsp;&#150; 7,198</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; 6,464</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD VALIGN="BOTTOM" style="font-family:arial;"><p style="font-family:arial;margin-left:79pt;text-indent:-10pt;"><FONT SIZE=2> </FONT><FONT SIZE=2>June&nbsp;1, 2016&nbsp;&#150; 7,099</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; 3,660</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>
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 <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><A HREF="#bg14801a_main_toc">Table of Contents</A> </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2><A
NAME="dk14801_option_exercises_and_stock_vested_during_2014"> </A>
<A NAME="toc_dk14801_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Option Exercises and Stock Vested During 2014    <BR>    </B></FONT></P>
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<P style="font-family:arial;text-align:justify"></FONT></P>

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<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>
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<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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Stock Awards</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;" -->


 </B></FONT><FONT COLOR="#FFFFFE" SIZE=2><B>Name</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Number of Shares<BR>
acquired on Vesting (#)</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Value Realized<BR>
On&nbsp;Vesting&nbsp;($)</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>&#8203;


<!-- 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;" -->


 159,786</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>&#8203;


<!-- 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;" -->


 7,433,245</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>&#8203;



<!-- 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>&#8203;


<!-- 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>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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>959,475</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>&#8203;



<!-- 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;" -->


 5,905</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>&#8203;


<!-- 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;" -->


 274,701</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>&#8203;


<!-- 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>&#8203;


<!-- 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>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>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:arial;"><FONT SIZE=2>166,169</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;&#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 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>&#8203;



<!-- 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;" -->


 6,150</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>&#8203;


<!-- 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;" -->


 286,098</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>&#8203;


<!-- 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>&#8203;


<!-- 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>
</TABLE></DIV>
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 <P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


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;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2><B>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->


"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 $50.56 on March&nbsp;2, 2015, the following number of shares would vest assuming a change of control occurred
on that date: Roger Penske 275,498 shares ($13,929,179), Robert Kurnick 53,612 shares ($2,710,623) David Jones 25,845 shares ($1,306,723), Calvin Sharp 11,203 shares ($566,424), Shane Spradlin 23,321
shares ($1,179,110). </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:left;margin-left:0%;">
<P style="font-family:arial;text-align:justify"></FONT></P>

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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;text-align:justify;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


<!-- COMMAND=ADD_GRID,"text-align:justify;" -->





<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->




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</FONT> <FONT SIZE=5> <A NAME="Dir2"></A>Director Compensation</FONT></TD>
</TR>
</TABLE>
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 </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="dk14801_annual_fee_and_stock_award."> </A>
<A NAME="toc_dk14801_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 ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>35</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=42,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=534847,FOLIO='35',FILE='DISK106:[15ZAC1.15ZAC14801]DK14801A.;10',USER='MBLOUNT',CD='11-MAR-2015;09:35' -->
<A NAME="page_dk14801_1_36"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dk14801_option_to_defer_receip__dk102401"> </A>
<A NAME="toc_dk14801_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 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="dk14801_charitable_donation_matching_program."> </A>
<A NAME="toc_dk14801_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 2014 we matched up to
$50,000 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. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dk14801_other_amounts."> </A>
<A NAME="toc_dk14801_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="dk14801_2014_director_compensation_table"> </A>
<A NAME="toc_dk14801_6"> </A>
<BR></FONT><FONT SIZE=2><B>  2014 Director Compensation Table    <BR>    </B></FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our directors serving in 2014 who are also our employees (Messrs.&nbsp;Kurnick, Namba, Penske and Sasaki) 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>

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<DIV ALIGN="CENTER"><TABLE width="120%"  BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<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 COLOR="#FFFFFE" SIZE=2><B>Name</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Fees Earned or Paid in Cash(1)</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Stock Awards(2)</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 All Other Compensation</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Total</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;" -->


 191,640</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;" -->


 67,138</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(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;" -->


 303,778</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>191,640</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>75,968</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>317,608</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>&#8203;


<!-- 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>&#8203;


<!-- 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;" -->


 191,640</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>&#8203;


<!-- 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;" -->


 74,411</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(5)


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


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- 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;" -->


 306,051</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>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>191,640</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>65,436</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>307,076</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>&#8203;


<!-- 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>&#8203;


<!-- 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;" -->


 191,640</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>&#8203;


<!-- 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;" -->


 74,987</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(7)


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


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- 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;" -->


 306,627</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</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>26,740</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>191,640</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>218,380</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>&#8203;


<!-- 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>&#8203;


<!-- 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;" -->


 191,640</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>&#8203;


<!-- 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;" -->


 57,805</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(9)


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


</FONT>
</TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- 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;" -->


 289,445</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>191,640</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>68,361</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>305,001</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>&#8203;


<!-- 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>&#8203;



<!-- 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;" -->


 191,640</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>&#8203;


<!-- 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;" -->


 106,364</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>(11)


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


</FONT></TD>
<TD VALIGN="BOTTOM" style="font-family:arial;background-color:#e5d1d1;"><FONT SIZE=2>&#8203;


<!-- 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;" -->


 343,004</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 2014. Mr.&nbsp;Thompson elected to receive 50% of his
retainer in equity in 2014. </FONT></DD></DL>
 </DIV>
 <P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=43,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=653251,FOLIO='36',FILE='DISK106:[15ZAC1.15ZAC14801]DK14801A.;10',USER='MBLOUNT',CD='11-MAR-2015;09:35' -->
<A NAME="page_dk14801_1_37"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_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" reflects $42,138 for use of a Company vehicle and related insurance and $25,000 in matching of charitable donations.
Mr.&nbsp;Barr had 29,508 deferred stock units outstanding at December&nbsp;31, 2014.
<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 $25,968 for use of a Company vehicle and related insurance and $50,000 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 $50,000 in matching of charitable donations. Mr.&nbsp;Lovejoy had
55,446 deferred stock units outstanding at December&nbsp;31, 2014.
<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 and $42,500 in matching of charitable donations. Ms.&nbsp;McWaters
had 16,598 deferred stock units outstanding at December&nbsp;31, 2014.
<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 the use of a Company vehicle and related insurance and $50,000 in matching of charitable donations. Mr.&nbsp;Noto had
34,451 deferred stock units outstanding at December&nbsp;31, 2014.
<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>"Reflects
payment for a partial year of service as Mr.&nbsp;Penske joined our Board in May 2014.
<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 $50,000 in matching of charitable donations. Ms.&nbsp;Pierce had
4,000 deferred stock units outstanding at December&nbsp;31, 2014.
<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 $50,000 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 $56,364 for use of a Company vehicle and related insurance and $50,000 in matching of charitable donations. </FONT></DD></DL>
 </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:left;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;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->




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




<!-- COMMAND=STYLE_ADDED,"text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;" -->


</FONT> <FONT SIZE=5> <A NAME="Sec2"></A>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;10, 2015 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 90,324,351&nbsp;shares of our common stock outstanding on March&nbsp;10, 2015. 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>37</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=44,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=965319,FOLIO='37',FILE='DISK106:[15ZAC1.15ZAC14801]DK14801A.;10',USER='MBLOUNT',CD='11-MAR-2015;09:35' -->
<A NAME="page_dk14801_1_38"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_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>

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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="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="89pt" 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>
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<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 COLOR="#FFFFFE" SIZE=2><B>Name of Beneficial Owner</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 VALIGN="BOTTOM" style="font-family:arial;background-color:#ff1111;"><FONT COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Economic Ownership(1)</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


 Beneficial Ownership(2)</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 COLOR="#FFFFFE" SIZE=2><B> &#8203;


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


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


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


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


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


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


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


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


</FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


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


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


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


&nbsp;</FONT></TD>
<TD 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>


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


 Penske Corporation(3)</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>&#8203;


<!-- 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;" -->


 30,604,460</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>&#8203;


<!-- 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;" -->


 30,604,460</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>&#8203;


<!-- 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;" -->


 33.9%</FONT></TD>
<TD 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>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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="BOTTOM">
<TD 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 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>15,559,217</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>15,559,217</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> 17.2%</FONT></TD>
<TD 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>1-3, Marunouchi, 1-Chome, Chiyoda-ku, Tokyo, Japan 100-8631</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="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>


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


 &#8203;</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>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD 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 COLOR="#FFFFFE" SIZE=2><B>Current Directors and Nominees</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;


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


</FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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



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


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


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


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


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


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


</FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


&nbsp;</FONT></TD>
<TD 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>


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


 John D. Barr</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>&#8203;


<!-- 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;" -->


 36,637</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>&#8203;


<!-- 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;" -->


 7,000</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>Michael R. Eisenson</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>81,607</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>81,607</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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>


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


 Robert H. Kurnick, Jr.(5)</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>&#8203;


<!-- 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;" -->


 96,152</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>&#8203;


<!-- 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;" -->


 96,152</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>William J. Lovejoy</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>71,688</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>16,000</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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>


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


 Kimberly J. McWaters</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>&#8203;


<!-- 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;" -->


 35,594</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>&#8203;


<!-- 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;" -->


 18,924</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>Lucio A. Noto</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>79,275</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>44,674</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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>


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


 Greg Penske(6)</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>&#8203;


<!-- 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;" -->


 29,420</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>&#8203;


<!-- 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;" -->


 29,420</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>Roger S. Penske(7)</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>31,487,613</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>31,487,613</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> 34.9%</FONT></TD>
<TD 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>


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


 Sandra A. Pierce</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>&#8203;


<!-- 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;" -->


 11,867</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>&#8203;


<!-- 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;" -->


 7,850</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>Kanji Sasaki</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>0</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>0</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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>


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


 Ronald G. Steinhart</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>&#8203;


<!-- 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;" -->


 47,900</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>&#8203;


<!-- 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;" -->


 47,900</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>H. Brian Thompson</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>75,625</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>75,625</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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>


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


 &#8203;</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>&#8203;


<!-- 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>&#8203;


<!-- 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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD style="font-family:arial;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD 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 COLOR="#FFFFFE" SIZE=2><B>Officers Who Are Not Directors</B></FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&nbsp;



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


</FONT>
</TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


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


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


</FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


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


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


</FONT></TD>
<TD style="font-family:arial;background-color:#ff1111;"><FONT SIZE=2>&#8203;


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


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


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


&nbsp;</FONT></TD>
<TD 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>


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


 David K. Jones(8)</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>&#8203;


<!-- 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;" -->


 38,118</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>&#8203;


<!-- 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;" -->


 38,118</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>Calvin C. Sharp(9)</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>34,815</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>34,815</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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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>


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


 Shane M. Spradlin(10)</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>&#8203;


<!-- 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;" -->


 52,693</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>&#8203;


<!-- 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;" -->


 52,693</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>&#8203;


<!-- 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;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD 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&nbsp;persons)(11)</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>32,153,624</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>32,013,011</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> 35.4%</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 177,866 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>38</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=45,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=747307,FOLIO='38',FILE='DISK106:[15ZAC1.15ZAC14801]DK14801A.;10',USER='MBLOUNT',CD='11-MAR-2015;09:35' -->
<A NAME="page_dk14801_1_39"> </A>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_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 46,163,677 shares or 51.1%.  </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
81,586 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 30,604,460 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 47,046,830 shares or 52.1%. These figures include 440,726 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>Includes
37,345 shares of restricted stock
<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
16,103 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
31,921 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
607,681 shares of restricted stock.  </FONT></DD></DL>
 </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:left;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>
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<TR bgcolor="#FFFFFF" VALIGN="BOTTOM">
<TD style="font-family:arial;;text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;"><P style="font-family:arial;text-align:justify;margin-left:0pt;text-indent:-0pt;"><FONT SIZE=2>


<!-- COMMAND=STYLE_ADDED,"margin-left:0pt;text-indent:-0pt;" -->




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




<!-- COMMAND=STYLE_ADDED,"text-align:left;padding-bottom:2pt;border-bottom:solid #FF1100 1.0pt;" -->


</FONT> <FONT SIZE=5> <A NAME="Relate2"></A>Related Party Transactions</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
 </DIV>

 </div>
</div>
 <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
NAME="dk14801_stockholders_agreement_and_stock_purchase_agreement."> </A>
<A NAME="toc_dk14801_7"> </A>
<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 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='font-family:arial;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=46,EFW="2223513",CP="PENSKE AUTOMOTIVE GROUP",DN="1",CHK=442682,FOLIO='39',FILE='DISK106:[15ZAC1.15ZAC14801]DK14801A.;10',USER='MBLOUNT',CD='11-MAR-2015;09:35' -->
<A NAME="page_dk14801_1_40"> </A>


<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>

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

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dk14801_registration_rights_agreements."> </A>
<A NAME="toc_dk14801_8"> </A>
<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>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><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. Greg Penske, Roger Penske's son, is one of our directors. Robert&nbsp;H.
Kurnick,&nbsp;Jr., our President and a director, is also the President and a director of Penske Corporation. In 2014, we were reimbursed approximately five 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&nbsp;A. Noto is an investor in Transportation Resources Partners. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2><A
NAME="dk14801_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 in 2012, 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 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 in 2012, 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 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 ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>40</FONT></P>

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<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
2014, we received $11.6&nbsp;million from PTL in pro rata cash distributions. 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. In April, 2014, our Australian subsidiary Penske Transportation Group International contributed $2.3&nbsp;million for
a 45%
interest in a joint venture with a PTL subsidiary to lease trucks in Australia and New Zealand. The joint venture combines our sales expertise in Australia with PTL's truck leasing
experience. We entered into a shareholder's agreement that provides us with specified distribution and governance rights and restricts our ability to transfer our interests. </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 $7.3&nbsp;million
paid by us. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
June 2008, RP Automotive, an affiliate of Mr.&nbsp;Penske,&nbsp;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 $6.6&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 $2.7&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 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 </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>41</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>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>We
own 31% of a provider of outsourced vehicle management solutions ("PVS"). Penske Corporation and Penske Truck Leasing also own 15% and 17% interests in that company, respectively. 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 paid ongoing pro rata management fees. In 2014, we incurred
$212,034 of compensation expense for the chief executive officer of PVS, who also provides consulting services to us. </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
2014, we had investments in two companies controlled by Transportation Resource Partners ("TRP"), an organization discussed above: Fleetwash, a mobile vehicle washing company and NPA, an auctioneer
of powersport vehicles. In 2014, we paid $180,660 to NPA for hosting services in connection with our used vehicle auctions. In April 2014, we and the other investors sold our interests in Fleetwash on
the same financial terms as TRP, generating $4.2&nbsp;million in net proceeds. We have a continuing 7% ownership interest in NPA which is also owned 7% by Mitsui with TRP having a controlling
interest. </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, which we have renamed Penske Commercial Vehicles US ("PCV US"), a retailer of Daimler branded medium, heavy and light-duty
trucks in Texas, Oklahoma, New Mexico and Tennessee. TRP simultaneously (in 2013) 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, provided us with specified management rights, including the right to
appoint one of seven directors, and rights to purchase additional shares, and restricted our ability to transfer shares. We guaranteed $1.5&nbsp;million of PCV US's indebtedness (along with the
other investors) and were also entitled to a management fee with respect to our ongoing advisory services provided to PCV US, which totaled $175,310 in 2014. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
November 2014, we purchased all of the PCV US ownership interests held by TRP for $58.8&nbsp;million, as well as the ownership interests of other existing investors which resulted in our owning
91% of the total PCV US interests. As part of those transactions, we entered into a revised limited liability company agreement with the remaining management investors and terminated the prior
agreement, including the right to management fees, and guaranteed substantially all of PCV US's indebtedness. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2014, we purchased $671,759 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 TRP, until its
sale by TRP in December 2014. In 2014, we purchased $1.1&nbsp;million 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. TRP and Roger Penske collectively own approximately 8% of URS. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>42</FONT></P>

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<P style="font-family:arial;text-align:justify"><FONT SIZE=2>Our
officers, directors and their affiliates periodically purchase, lease or sell vehicles and parts or purchase graphic automotive services from us at fair market value. This includes purchases and
sales of trucks, logistics and other services and parts as between our subsidiaries and those of PTL, as well as purchases by our commercial vehicle businesses of $1.2&nbsp;million of truck lighting
products from Truck Lite Company, a subsidiary of Penske Corporation. Additionally, we hire automotive technicians who have graduated from Universal Technical Institute ("UTI"), a provider of
technical education, whose Chief Executive Officer, Kimberly McWaters, 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. </FONT></P>

<P style="font-family:arial;text-align:justify"><FONT SIZE=2>In
2014, Mr.&nbsp;Namba, one of our former board members through July 2014, received $200,201 in total compensation relating to his service as Senior Vice President&nbsp;&#151;
International Business Development, including a tax allowance of $9,492 relating to $19,940 of non-cash compensation. Additionally, Mr.&nbsp;Sasaki, one of our board members since July 2014,
received $64,424 in total compensation relating to his service as Senior Vice President&nbsp;&#151; International Business Development, including a tax allowance of $1,740 relating to $7,299
of non-cash compensation. Messrs.&nbsp;Namba and Sasaki are employees of Mitsui&nbsp;&amp;&nbsp;Co.,&nbsp;Ltd. (Japan). To the extent their salaries exceed or is less than an amount set annually
by Mitsui, they make or receive 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&nbsp;A. Noto, owns a 17.8% interest in one of our subsidiaries, UAG Connecticut&nbsp;I,&nbsp;LLC, pursuant to an agreement
which entitles the Investor to 20% of the operating profits of UAG Connecticut&nbsp;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&nbsp;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&nbsp;I with working capital and other debt financing. The Investor also paid $379,000 to us in 2014 pursuant to its option to purchase up to a 20% interest
in UAG Connecticut&nbsp;I. In addition, UAG Connecticut&nbsp;I makes periodic pro rata distributions, pursuant to which the Investor was paid $1.2&nbsp;million during 2014. A separate entity
controlled by Mr.&nbsp;Noto (the "Additional Investor"), owns 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 which totaled $492,000 in 2014. We have entered into an
operating agreement that provides rights and obligations similar as those described above with
respect to UAG Connecticut&nbsp;I. Mr.&nbsp;Noto also has an indirect ownership interest in Putnam Leasing Company, which is a provider of leasing for premium vehicles. In 2014, Putnam Leasing
purchased $11.7&nbsp;million in automotive contracts from us, representing 61 vehicles, to offer leasing to our customers. </FONT></P>

<P ALIGN="CENTER" style="font-family:arial;"><FONT SIZE=2>43</FONT></P>

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PAG 2015 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;5, 2015<BR>
Penske Automotive Group<BR>
2555 Telegraph Road<BR>
Bloomfield Hills, Michigan 48302 </FONT></P>


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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>

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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,
2014 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;11, 2015 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Appendix&nbsp;A&nbsp;&#151; 2015 Equity Incentive Plan  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>PENSKE AUTOMOTIVE GROUP,&nbsp;INC.<BR>
2015 EQUITY INCENTIVE PLAN  </B></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Purpose.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this 2015 Equity Incentive Plan (the "Plan") is to further the long term
stability and financial success of Penske Automotive Group,&nbsp;Inc. (the "Company") by (a)&nbsp;attracting and retaining key employees, members of the Board of Directors and other contributors
to the Company through the use of equity and cash incentives and (b)&nbsp;encouraging equity ownership in the Company by members of the Company's Board of Directors and management. It is believed
that ownership of Company Stock will stimulate the efforts of those Participants upon whose judgment and interest the Company is and will be dependent for the successful conduct of its business. It is
also believed that awards granted under this Plan will strengthen their desire to remain with the Company and will further align those Participants' interests with those of the Company's shareholders. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Definitions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As used in the Plan, the following terms have the meanings indicated:  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Act"
means the Securities Exchange Act of 1934, as amended.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Applicable
Withholding Taxes" means the minimum aggregate amount of federal, state and local income and payroll taxes that the Company is required by
applicable law to withhold in connection with any Award.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Award"
means individually or collectively, the award of an Option, Stock Appreciation Right, Company Stock Award, Incentive Award, Restricted Award or any
of the foregoing that is designated as a Performance Compensation Award under the Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Award
Agreement" means the written or electronic document that sets forth the terms of a Participant's Award and may include a separate written or
electronic employment agreement between the Company or a Subsidiary and a Participant, to the extent such agreement provides for any type of Award permitted to be granted under the Plan and is granted
in accordance with the terms of the Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Board"
means the Board of Directors of the Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Change
of Control" means the occurrence of the following event: any individual, entity or group (as defined in Section&nbsp;13(d)(3) of the Act) other
than the Permitted Holders becomes the beneficial owner (as defined in Rule&nbsp;13(d)(3) under the Act) of Company securities that constitute more than 50% of the combined voting power of the then
outstanding securities of the Company that may be cast for the election of directors to the Board of the Company (other than as a result of an issuance of securities initiated by the Company in the
ordinary course of business).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Code"
means the Internal Revenue Code of 1986, as amended. A reference to any provision of the Code shall include reference to any successor or replacement
provision of the Code.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Committee"
means the Plan administrator, as described under Section&nbsp;15.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Company"
means Penske Automotive Group,&nbsp;Inc., a Delaware corporation. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Company
Contributor" means a consultant, advisor or other individual (except a member of the Board or an employee of the Company, a Parent or a Subsidiary
of the Company), who renders bona fide services that are not in connection with the offer and sale of the Company's securities in a capital-raising transaction; and (ii)&nbsp;does not promote or
maintain a market for the Company's securities.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(k)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Company
Stock" means the common stock of the Company. In the event of a change in the capital structure of the Company, the shares resulting from such a
change shall be deemed to be Company Stock within the meaning of the Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(l)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Company
Stock Award" means an award of Company Stock made without any restrictions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(m)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Date
of Grant" means the date on which the Committee (or its delegate pursuant to authority granted in Section&nbsp;15(c)) authorizes an Award, or such
later date as shall be designated by the Committee.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(n)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Disability"
or "Disabled" means, as to an Incentive Stock Option, a disability within the meaning of Code Section&nbsp;22(e)(3), and, as to a Restricted
Stock Unit and any Award determined to be subject to Code Section&nbsp;409A, a disability within the meaning of Code Section&nbsp;409A(a)(2)(C). As to all other forms of Awards, the Committee
shall determine whether a disability exists and such determination shall be conclusive.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(o)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Fair
Market Value" means, for purposes of determining the value of Company Stock on the Date of Grant, the Stock Exchange closing price of Company Stock on
the Date of Grant. If there are no Company Stock transactions on such date, Fair Market Value shall be determined as of the immediately preceding date on which there were Company Stock transactions.
Unless otherwise specified in the Plan, Fair Market Value for purposes of valuing Company Stock on the date of exercise means the Stock Exchange closing price of Company Stock on the last day
immediately preceding the exercise date on which there were Company Stock transactions. If Company Stock is not listed on a national or regional Stock Exchange or market system, Fair Market Value
shall be determined by the Committee in good faith, subject to compliance with Code Section&nbsp;409A.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(p)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Incentive
Award" means a long or short-term incentive award with payment in the form of cash, Company Stock or a combination of both, as designated by the
Committee and conditioned on the attainment of specified performance objectives.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(q)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Incentive
Stock Option" means an Option intended to meet the requirements of, and qualify for favorable federal income tax treatment under, Code
Section&nbsp;422.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(r)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Maturity
Date" means, with respect to a Restricted Stock Unit, the date upon which all restrictions set forth in Section&nbsp;6(b) with respect to such
Restricted Stock Unit have lapsed or been removed pursuant to Section&nbsp;6(g) or Section&nbsp;6(h).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(s)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Negative
Discretion" means the discretion authorized by the Plan to be applied by the Committee to eliminate or reduce the size of a Performance
Compensation Award in accordance with Section&nbsp;10(d)(iv) of the Plan; provided that the exercise of such discretion would not cause the Performance Compensation Award to fail to qualify as
"performance-based compensation" under Section&nbsp;162(m) of the Code.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(t)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Nonstatutory
Stock Option" means an Option that does not meet the requirements of Code Section&nbsp;422 or, even if meeting the requirements of Code
Section&nbsp;422, is not intended to be an Incentive Stock Option and is so designated. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-2</FONT></P>

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<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(u)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Officer"
means a person who is an officer of the Company within the meaning of Section&nbsp;16 of the Act.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(v)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Option"
means a right to purchase Company Stock granted under Section&nbsp;7 of the Plan, at a price determined in accordance with the Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(w)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Parent"
means, with respect to any corporation, a parent of that corporation within the meaning of Code Section&nbsp;424(e).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Participant"
means any employee, director or other Company Contributor who receives an Award under the Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Performance
Compensation Award" means any Award designated by the Committee as a Performance Compensation Award pursuant to Section&nbsp;10 of the Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(z)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Performance
Criteria" means the criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a
Performance Period with respect to any Performance Compensation Award under the Plan. The Performance Criteria that will be used to establish the Performance Goal(s) shall be based on the attainment
of specific levels of performance and shall be limited to the following: specified levels of or increases or decreases in revenue, return on equity, earnings per share, total earnings, earnings
growth, earnings from continuing operations, EBITDA, EBITDAR, return on capital/equity, return on assets, gross profit, earnings before interest and taxes, sales, sales growth, gross or operating
margin, cost reduction goals, fixed cost coverage measurements (including the ratio of service and parts revenues to operating costs), return on investment, increase in the fair market value of the
Common Stock, share price (including growth measures and total stockholder return), market capitalization, operating profit, profit margin, net income, cash flow (including operating cash flow and
free cash flow), financial return ratios, expense ratios, total return to shareholders, market share, earnings measures/ratios, balance sheet measurements (including debt to equity ratios, maintenance
of specified credit availability levels, compliance with credit covenants, inventory measurements and receivables/payables metrics), human resources measurements (including measurements of employee
turnover, workers' compensation costs and employee satisfaction), internal rate of return, unit sales, same store sales, specified levels of acquisitions/acquired revenue, customer satisfaction and
productivity and compliance objectives (including lack of material weakness in internal controls, each as determined in accordance with the relevant AICPA or PCAOB principles), or where applicable, as
adjusted to the extent permitted under Section&nbsp;162(m) of the Code, to omit the effects of extraordinary items, acquisitions or dispositions, the gain or loss on the disposal of a business
segment, unusual or infrequently occurring events and transactions, accruals for Awards under the Plan and/or cumulative effects of changes in accounting principles. The foregoing criteria may relate
to the Company, one or more of its Subsidiaries or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to
one or more peer group companies or indices, or any combination thereof, all as the Committee shall determine.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(aa)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Performance
Formula" means, for a Performance Period, the one or more objective formulas applied against the relevant Performance Goal to determine, with
regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than all, or none of the Performance Compensation Award has been earned for the Performance
Period.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(bb)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Performance
Goals" means, for a Performance Period, the one or more goals established by the Committee for the Performance Period based upon the
Performance Criteria. The Committee is authorized at any time during the first 90&nbsp;days of a Performance Period (or, if longer or shorter, </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>within
the maximum period allowed under Section&nbsp;162(m) of the Code), or at any time thereafter (but only to the extent the exercise of such authority after such period would not cause the
Performance Compensation Awards granted to any Participant for the Performance Period to fail to qualify as "performance-based compensation" under Section&nbsp;162(m) of the Code), in its sole
discretion, to adjust or modify the calculation of a Performance Goal for such Performance Period to the extent permitted under Section&nbsp;162(m) of the Code.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(cc)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Performance
Period" means the one or more periods of time, as the Committee may select, over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant's right to and the payment of a Performance Compensation Award.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(dd)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Permitted
Holder" means (i)&nbsp;Mr.&nbsp;Roger S. Penske, his estate, guardians, conservators, administrators, committees or personal
representatives; (ii)&nbsp;immediate family members and lineal descendants of Mr.&nbsp;Roger S. Penske and their respective guardians, conservators, administrators, committees or personal
representatives; (iii)&nbsp;trusts or other entities created for the benefit of any of the Persons listed in (i)&nbsp;or (ii)&nbsp;above or for the benefit of a trust covered by this
clause&nbsp;(iii); and (iv)&nbsp;any of Penske Capital Partners&nbsp;LLC, International Motor Car Group I&nbsp;LLC, International Motor Car Group II&nbsp;LLC, Penske Corporation, Penske
Automotive Holdings Corp., Transportation Resource Partners,&nbsp;LP, Transportation Resource Partners III,&nbsp;LP, Penske Truck Leasing&nbsp;Co.,&nbsp;L.P., LJ VP Holdings&nbsp;LLC and
their respective Subsidiaries, in each case so long as the Persons or entities covered by clauses&nbsp;(i), (ii)&nbsp;or (iii), directly or indirectly, control such entities; For purposes of this
definition, "control" when used with respect to any entity means the power to direct the management and policies of such entity, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms "controlling" and "controlled" have meanings correlative to the foregoing.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ee)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Restricted
Award" means, collectively, the award of Restricted Stock or Restricted Stock Units.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ff)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Restricted
Stock" means Company Stock awarded upon the terms and subject to the restrictions set forth in Section&nbsp;6.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(gg)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Restricted
Stock Unit" means an award granted upon the terms and subject to the restrictions and limitations set forth in Section&nbsp;6 that entitles
the holder to receive a payment equal to the Fair Market Value of a share of Company Stock on the Maturity Date.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(hh)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Rule&nbsp;16b-3"
means Rule&nbsp;16b-3 adopted pursuant to Section&nbsp;16(b) of the Act. A reference in the Plan to Rule&nbsp;16b-3 shall include
a reference to any corresponding rule (or number redesignation) of any amendments to Rule&nbsp;16b-3 adopted after the effective date of the Plan's adoption.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Stock
Appreciation Right" means a right to receive amounts from the Company awarded upon the terms and subject to the restrictions set forth in
Section&nbsp;8.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(jj)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Stock
Exchange" means the principal national securities exchange on which Company Stock is listed for trading, or, if Company Stock is not listed for
trading on a national securities exchange, such other recognized trading market or quotation system upon which the largest number of shares of Company Stock has been traded in the aggregate during the
last 20&nbsp;days before a Date of Grant, or date on which an Option is exercised, whichever is applicable.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(kk)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Subsidiary"
means any business entity (including, but not limited to, a corporation, partnership or limited liability company) of which a company directly
or indirectly owns 50% of the voting interests of the entity unless the Committee determines that the entity should not be considered a Subsidiary for purposes of the Plan. If a company owns less than
50% of the voting interests of the entity, the </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

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<UL>
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<P style="font-family:times;text-align:justify"><FONT SIZE=2>entity
will be considered a Subsidiary for purposes of the Plan only if the Committee determines that the entity should be so considered. For purposes of Incentive Stock Options, Subsidiary shall be
limited to a subsidiary within the meaning of Code Section&nbsp;424(f).  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(ll)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"Substitute
Awards" means Awards granted or shares of Company Stock issued by the Company in assumption of, or in substitution or exchange for, awards
previously granted, or the right or obligation to make future awards, in each case, by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(mm)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>"10%
Shareholder" means a person who owns, directly or indirectly, stock possessing more than 10% of the total combined voting power of all classes of
stock of the Company or any Parent or Subsidiary of the Company. Indirect ownership of stock shall be determined in accordance with Code Section&nbsp;424(d). </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Awards may be granted under the Plan in the form of Options, Stock Appreciation Rights, Company Stock Awards,
Incentive Awards and Restricted Awards, with any of the foregoing being designated as Performance Compensation Awards. Options granted under the Plan may be Incentive Stock Options or Nonstatutory
Stock Options. The provisions of the Plan referring to Rule&nbsp;16b-3 shall apply only to Participants who are subject to Section&nbsp;16 of the Act. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Number of Shares of Company Stock and Cash Compensation Cap.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Subject
to Section&nbsp;14 of the Plan, there shall be reserved for issuance under the Plan an aggregate of 4,000,000 shares of Company Stock, which shall
be authorized, but unissued shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Subject
to Section&nbsp;14 of the Plan, no more than 1,000,000 shares of Company Stock may be allocated to the Awards that are granted to any one
Participant during any single calendar year, of which no more than 1,000,000 shares of Company Common Stock may be awarded to any one Participant in the form of Incentive Stock Options during any
single calendar year.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Shares
of Company Stock that have not been issued under the Plan and that are allocable to Awards or portions thereof that expire or otherwise terminate
unexercised may again be subjected to an Award under the Plan. Similarly, if any shares of Restricted Stock issued pursuant to the Plan are reacquired by the Company as a result of a forfeiture of
such shares pursuant to the Plan, such shares may again be subjected to an Award under the Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>For
purposes of determining the number of shares of Company Stock that are available for Awards under the Plan, such number shall include the number of
shares of Company Stock under an Award tendered by a Participant (either by actual delivery or attestation) or retained by the Company in payment of the exercise price of an Option or SAR, or
Applicable Withholding Taxes.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Awards
shall reduce the number of shares of Company Stock available for Awards under the Plan only to the extent such Awards are paid in shares of Company
Stock, as opposed to payment in cash or other consideration.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Substitute
Awards shall not reduce the shares of Company Stock authorized for grant under the Plan or the applicable limitations for grant to a Participant
under Section&nbsp;4(b). Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a
pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as
adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>combination
to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce
the shares of Company Stock authorized for grant under the Plan; provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms
of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Participants prior to such acquisition or combination.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
maximum dollar amount payable to any Employee Participant in any one calendar year pursuant to a cash Incentive Award that is designated as a
Performance Compensation Award shall not exceed the lesser of $10.0&nbsp;million or (x)&nbsp;ten times the Participant's base salary for the calendar year. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>All
present and future employees, directors and other Company Contributors (or any Parent or Subsidiary of the Company, whether now existing or hereafter
created or acquired) shall be eligible to receive Awards under the Plan. The Committee shall have the power and discretion, as provided in Section&nbsp;15, to select which employees, directors and
Company Contributors shall receive Awards and to determine for each such Participant the terms and conditions, the nature of the award and the number of shares or units to be allocated to each
Participant as part of each Award.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
grant of an Award shall not obligate the Company or any Parent or Subsidiary of the Company to pay a Participant any particular amount of remuneration,
to continue the employment of the Participant after the grant or to make further grants to the Participant at any time thereafter. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Company Stock Awards, Incentive Awards and Restricted Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Whenever
the Committee deems it appropriate to grant a Company Stock Award, notice shall be given to the Participant stating the number of shares of Company
Stock for which the Company Stock Award is granted. This notice may be given in writing or in electronic form and shall constitute the Award Agreement between the Company and the Participant. A
Company Stock Award may be made by the Committee in its discretion without cash consideration.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Whenever
the Company deems it appropriate to grant an Incentive Award based on the attainment of specified levels of Company or Subsidiary performance over
a designated period of one or more years, payable in the form of cash or Company Stock, or a combination of both, notice shall be given to the Participant stating the terms and conditions on which the
Inventive Award is granted. This notice may be given in writing or in electronic form and shall constitute the Award Agreement between the Company and the Participant. An Incentive Award may be made
by the Committee in its discretion with or without cash consideration. Whenever the Committee deems it appropriate to grant a Restricted Award, notice shall be given to the Participant stating the
number of shares of Restricted Stock or number of Restricted Stock Units for which the Restricted Award is granted and the terms and conditions to which the Restricted Award is subject. This notice
may be given in writing or in electronic form and shall constitute the Award Agreement between the Company and the Participant. A Restricted Award may be made by the Committee in its discretion
without cash consideration.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
Restricted Award issued pursuant to the Plan shall be subject to the following restrictions: </FONT>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(i)None
of such shares or units may be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered or disposed of until the restrictions on such shares or units shall have lapsed or
shall have been removed pursuant to paragraph&nbsp;(h) or (i)&nbsp;below. </FONT></P>

</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

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<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(ii)Unless
specified otherwise in a Participant's Restricted Award Agreement, the restrictions on such shares or units must remain in effect for a period of no less than one year from the Date of
Grant, except as provided under paragraph&nbsp;(h) or (i)&nbsp;in the case of Disability, death or a Change in Control.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(iii)Unless
specified otherwise in a Participant's Restricted Award Agreement, if a Participant ceases to be employed by the Company or a Parent or Subsidiary of the Company, or otherwise ceases
employment with or otherwise ceases to be a Company Contributor, as applicable, the Participant shall forfeit to the Company any Restricted Awards, the restrictions on which shall not have lapsed or
shall not have been removed pursuant to paragraph&nbsp;(h) or (i)&nbsp;below, on the date such Participant shall cease to be so employed, etc.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(iv)The
Committee may establish such other restrictions on such shares or units that the Committee deems appropriate, including, without limitation, events of forfeiture and performance requirements
for the vesting of awards.  </FONT></P>

</UL>
</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Upon
the acceptance by a Participant of an award of Restricted Stock, such Participant shall, subject to the restrictions set forth in paragraph&nbsp;(c)
above, have all the rights of a shareholder with respect to the shares of Restricted Stock subject to such award of Restricted Stock, including, but not limited to, the right to vote such shares of
Restricted Stock and the right to receive all dividends and other distributions paid thereon. Certificates, if any, representing Restricted Stock shall bear a legend referring to the restrictions set
forth in the Plan and the Participant's Award Agreement. If shares of Restricted Stock are issued without certificates, notice of the restrictions set forth in the Plan and the Participant's Award
Agreement must be given to the shareholder in the manner required by law.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Each
Restricted Stock Unit shall entitle the Participant, on the Maturity Date, to receive from the Company an amount equal to the Fair Market Value on the
Maturity Date of one share of Company Stock subject to any limitations or enhancements on such value as the Committee may set forth in the notice of the Restricted Stock Unit Award.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
manner in which the Company's obligation arising on the Maturity Date of a Restricted Stock Unit shall be paid and date of payment shall be determined
by the Committee and shall be set forth in the Participant's Restricted Stock Unit Award Agreement. The Committee may provide for payment in Company Stock or cash or a fixed combination of Company
Stock and cash, or the Committee may reserve the right to determine the manner of payment at the time the payment is made. Shares of Company Stock issued as payment for a Restricted Stock Unit shall
be valued at Fair Market Value on the Maturity Date subject to any limitations or enhancements on such value as the Committee may set forth in the notice of the Restricted Stock Unit award.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
Participant receiving an award of Restricted Stock Units shall not possess any rights of a shareholder with respect to the Restricted Stock Units and
shall be entitled to receive payments equivalent to dividends and other distributions paid on shares of Company Stock only to the extent set forth in the Restricted Stock Unit Award Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(h)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Committee shall establish as to each Restricted Award the terms and conditions upon which the restrictions set forth in paragraph&nbsp;(c) above shall
lapse. Such terms and conditions may include, without limitation, the lapsing of such restrictions as a result of the Disability, or death of the Participant or the occurrence of a Change of Control. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-7</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A> </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding
the forfeiture provisions of paragraph&nbsp;(c)(iii) above, and subject to Code Section&nbsp;162(m) if applicable, the Committee may at
any time, in its sole discretion, accelerate the time at which any or all restrictions will lapse or remove any and all such restrictions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(j)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Each
Participant shall agree at the time his Company Stock Award, Incentive Award and/or Restricted Award is granted, and as a condition thereof, to pay to
the Company or make arrangements satisfactory to the Company regarding the payment to the Company of, Applicable Withholding Taxes. Until such amount has been paid or arrangements satisfactory to the
Company have been made, no stock certificates free of a legend reflecting the restrictions set forth in paragraph&nbsp;(c) above shall be issued to such Participant for Restricted Stock. If
Restricted Stock is being issued to a Participant without the use of a stock certificate, the restrictions set forth in paragraph&nbsp;(c) shall be communicated to the shareholder in the manner
required by law. As an alternative to making a cash payment to the Company to satisfy Applicable Withholding Taxes for an Award of Company Stock or Restricted Stock, if the grant so provides, or the
Committee by separate action so permits, the Participant may elect to (i)&nbsp;deliver shares of Company Stock or (ii)&nbsp;have the Company retain that number of shares of Company Stock that
would satisfy all or a specified portion of the Applicable Withholding Taxes. Any such election shall be made only in accordance with procedures established by the Committee. The Committee has the
express authority to change any election procedure it establishes at any time. Applicable Withholding Taxes attributable to Restricted Stock Units may be withheld from the payment by the Company to
the Participant for such Restricted Stock Units. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Whenever
the Committee deems it appropriate to grant Options, notice shall be given to the Participant stating the number of shares for which Options are
granted, the exercise price per share, whether the Options are Incentive Stock Options or Nonstatutory Stock Options, the extent, if any, to which Stock Appreciation Rights are granted, and the
conditions to which the grant and exercise of the Options are subject, including any performance-based vesting conditions, as the Committee acting in its complete discretion deems consistent with the
terms of the Plan. This notice may be given in writing or in electronic form and shall constitute the stock option Award Agreement between the Company and the Participant. Incentive Stock options only
may be granted to employees of the Company, the Parent or a Subsidiary of the Company.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
exercise price of shares of Company Stock covered by an Incentive Stock Option shall be not less than 100% of the Fair Market Value of such shares on
the Date of Grant; provided that if an Incentive Stock Option is granted to an employee who, at the time of the grant, is a 10% Shareholder, then the exercise price of the shares covered by the
Incentive Stock Option shall be not less than 110% of the Fair Market Value of such shares on the Date of Grant.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
exercise price of shares of Company Stock covered by a Nonstatutory Stock Option shall be not less than 100% of the Fair Market Value of such shares on
the Date of Grant. No Nonstatutory Stock Option may be exercised after ten years from the Date of Grant.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Options
may be exercised in whole or in part at such times as may be specified by the Committee in the Participant's stock option Award Agreement; provided
that the exercise provisions for Incentive Stock Options shall in all events not be more liberal than the following provisions: </FONT>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(i)No
Incentive Stock Option may be exercised after the first to occur of: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(x)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Ten
years (or, in the case of an Incentive Stock Option granted to a 10% Shareholder, five years) from the Date of Grant, </FONT></DD></DL>
</UL>
</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-8</FONT></P>

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<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(y)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Three
months after the date of the Participant's termination of employment with the Company and any Parent or Subsidiary of the Company for reasons other
than death or Disability; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(z)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>One
year following the date of the Participant's termination of employment by reason of death or Disability.  </FONT>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(ii)Except
as otherwise provided in this Section, no Incentive Stock Option may be exercised unless the Participant is employed by the Company or a Parent or Subsidiary of the Company at the time of
the exercise and has been so employed at all times since the Date of Grant. If a Participant's employment is terminated other than by reason of death or Disability at a time when the Participant holds
an Incentive Stock Option that is exercisable (in whole or in part), the Participant may exercise any or all of the then exercisable portion of the Incentive Stock Option (to the extent exercisable on
the date of termination) within three months after the Participant's employment. If a Participant's employment is terminated by reason of Disability at a time when the Participant holds an Incentive
Stock Option that is exercisable (in whole or in part), the Participant may exercise any or all of the then exercisable portion of the Incentive Stock Option (to the extent exercisable on the date of
Disability) within one year after the Participant's termination of employment. If a Participant's employment is terminated by reason of death at a time when the Participant holds an Incentive Stock
Option that is exercisable (in whole or in part), the then exercisable portion of the Incentive Stock Option may be exercised (to the extent exercisable on the date of death) within one year after the
Participant's death by the person to
whom the Participant's rights under the Incentive Stock Option shall have passed by will or by the laws of descent and distribution.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(iii)An
Incentive Stock Option, by its terms, shall be exercisable in any calendar year only to the extent that the aggregate Fair Market Value (determined at the Date of Grant) of the Company Stock
with respect to which Incentive Stock Options are exercisable for the first time during the calendar year does not exceed $100,000 (the "Limitation Amount"). Incentive Stock Options granted under the
Plan and all other plans of the Company and any Parent or Subsidiary of the Company shall be aggregated for purposes of determining whether the Limitation Amount has been exceeded. The Committee may
impose such conditions as it deems appropriate on an Incentive Stock Option to ensure that the foregoing requirement is met. If Incentive Stock Options that first become exercisable in a calendar year
exceed the Limitation Amount, the excess Options will be treated as Nonstatutory Stock Options to the extent permitted by law.  </FONT></P>

</DD></DL>
</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Unless
otherwise specified in a Participant's Option Award Agreement, the same exercise terms as set forth in Section&nbsp;7(d)(i) through 7(d)(ii) for
Incentive Stock Options shall apply to Nonstatutory Options, except that (i)&nbsp;separation from services shall replace employment termination for directors and Company Contributors, and
(ii)&nbsp;the five-year exercise restriction on 10% Shareholders shall not apply.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Committee may, in its discretion, grant Options that by their terms become fully exercisable upon a Change of Control notwithstanding other conditions
on exercisability in the stock option Award Agreement.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding
the foregoing, an Option Award Agreement may provide that if on the last day of the term of an Option the Fair Market Value of one share of
Company Stock exceeds the exercise price of the Option, the Participant has not exercised the Option and the Option has not expired, the Option shall be deemed to have been exercised by the
Participant on such day with payment made by withholding shares of Company Stock otherwise issuable in connection with the exercise of the Option. In such event, the Company shall deliver to the
Participant the number of shares of Company Stock for which the Option was deemed exercised, less the number of shares of Company Stock required to be withheld for the payment of the total purchase
price and Applicable Withholding Taxes; any fractional share of Company Stock shall be settled in cash. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-9</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Appreciation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Whenever
the Committee deems it appropriate, Stock Appreciation Rights may be granted in connection with all or any part of an Option, either concurrently
with the grant of the Option or, if the Option is a Nonstatutory Stock Option, by an amendment to the Option at any time thereafter during the term of the Option. Stock Appreciation Rights may be
exercised in whole or in part at such times and under such conditions as may be specified by the Committee in the Participant's stock option Award Agreement. The following provisions apply to all
Stock Appreciation Rights that are granted in connection with Options: </FONT>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(i)Stock
Appreciation Rights shall entitle the Participant, upon exercise of all or any part of the Stock Appreciation Rights, to surrender to the Company unexercised that portion of the underlying
Option relating to the same number of shares of Company Stock as is covered by the Stock Appreciation Rights (or the portion of the Stock Appreciation Rights so exercised) and to receive in exchange
from the Company an amount equal to the excess of (x)&nbsp;the Fair Market Value on the date of exercise of the Company Stock covered by the surrendered portion of the underlying Option over
(y)&nbsp;the exercise price of the Company Stock covered by the surrendered portion of the underlying Option, which shall be no less than 100% of Fair Market Value of the covered Company Stock on
the Date of Grant. The Committee may limit the amount that the Participant will be entitled to receive upon exercise of the Stock Appreciation Right.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(ii)Upon
the exercise of a Stock Appreciation Right and surrender of the related portion of the underlying Option, the Option, to the extent surrendered, shall not thereafter be exercisable. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(iii)The
Committee may, in its discretion, grant Stock Appreciation Rights in connection with Options which by their terms become fully exercisable upon a Change of Control, which Stock Appreciation
Rights shall only be exercisable following a Change of Control. The underlying Option may provide that such Stock Appreciation Rights shall be payable solely in cash. The terms of the underlying
Option shall provide that the value of the Company Stock shall be calculated based on the Fair Market Value of the Company Stock on the day of exercise.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(iv)Subject
to any further conditions upon exercise imposed by the Committee, a Stock Appreciation Right shall be exercisable only to the extent that the related Option is exercisable, and shall
expire no later than the date on which the related Option expires.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(v)A
Stock Appreciation Right may only be exercised at a time when the Fair Market Value of the Company Stock covered by the Stock Appreciation Right exceeds the exercise price of the Company Stock
covered by the underlying Option.  </FONT></P>

</DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Whenever
the Committee deems it appropriate, Stock Appreciation Rights may be granted without related Options. The terms and conditions of the award shall
be set forth in a Stock Appreciation Rights Award Agreement between the Company and the Participant in written or electronic form and may include performance-based vesting conditions, as the Committee
deems appropriate. The following provisions apply to all Stock Appreciation Rights that are granted without related Options: </FONT>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(i)Stock
Appreciation Rights shall entitle the Participant, upon the exercise of all or any part of the Stock Appreciation Rights, to receive from the Company an amount equal to the excess of
(x)&nbsp;the Fair Market Value on the date of exercise of the Company Stock covered by the surrendered Stock Appreciation Rights over (y)&nbsp;the Fair Market Value on the Date of Grant of the
Company Stock covered by the Stock Appreciation Rights. The Committee may limit the </FONT></P>

</DD></DL>
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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>amount
that the Participant may be entitled to receive upon exercise of the Stock Appreciation Right.  </FONT></P>

<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(ii)Stock
Appreciation Rights shall be exercisable, in whole or in part, at such times as the Committee shall specify in the Participant's Stock Appreciation Rights Award Agreement. </FONT></P>

</UL>
</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
manner in which the Company's obligation arising upon the exercise of a Stock Appreciation Right shall be paid shall be determined by the Committee and
shall be set forth in the Participant's stock option Award Agreement (if the Stock Appreciation Rights are related to an Option) or Stock Appreciation Rights Award Agreement. The Committee may provide
for payment in Company Stock or cash, or a fixed combination of Company Stock or cash, or the Committee may reserve the right to determine the manner of payment at the time the Stock Appreciation
Right is exercised. Shares of Company Stock issued upon the exercise of a Stock Appreciation Right shall be valued at their Fair Market Value on the date of exercise. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Method of Exercise of Options and Stock Appreciation Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Options
and Stock Appreciation Rights may be exercised by the Participant by giving notice of the exercise to the Company, stating the number of shares the
Participant has elected to purchase under the Option or the number of Stock Appreciation Rights he has elected to exercise. In the case of a purchase of shares under an Option, such notice shall be
effective only if accompanied by the exercise price in full paid in cash; provided that, if the terms of an Option so permit, or the Committee by separate action so permits, the Participant may
(i)&nbsp;deliver shares of Company Stock (valued at their Fair Market Value on the date of exercise) in satisfaction of all or any part of the exercise price (either by actual delivery or
attestation), (ii)&nbsp;to the extent permitted under applicable laws and regulations, deliver a properly executed exercise notice together with irrevocable instructions to a broker to exercise all
or part of the Option, sell a sufficient number of shares of Company Stock to cover the exercise price, Applicable Withholding Taxes (if required by the Committee) and other costs and expenses
associated with such sale and deliver promptly the amount necessary to pay the exercise price and any Applicable Withholding Taxes or (iii)&nbsp;request that the Company reduce the number of shares
of Company Stock issued by the number of shares having an aggregate Fair Market Value equal to the aggregate exercise price. The Participant shall not be entitled to make payment of the exercise price
other than in cash unless provisions for an alternative payment method are included in the Participant's stock option Award Agreement or are agreed to in writing by the Company with the approval of
the Committee prior to exercise of the Option.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Company may place on any certificate representing Company Stock issued upon the exercise of an Option or a Stock Appreciation Right any legend deemed
desirable by the Company's counsel to comply with federal or state securities laws, and the Company may require of the participant a customary written indication of his investment intent. Until the
Participant has made any required payment, including any Applicable Withholding Taxes, and has had issued to him a certificate for the shares of Company Stock acquired, he shall possess no shareholder
rights with respect to the shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Each
Participant shall agree as a condition of the exercise of an Option or a Stock Appreciation Right to pay to the Company Applicable Withholding Taxes,
or make arrangements satisfactory to the Company regarding the payment to the Company of such amounts. Until Applicable Withholding Taxes have been paid or arrangements satisfactory to the Company
have been made, no stock certificate shall be issued upon the exercise of an Option or a Stock Appreciation Right.<BR></FONT>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>As
an alternative to making a cash payment to the Company to satisfy Applicable Withholding </FONT></P>

</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-11</FONT></P>

<HR NOSHADE>
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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>Taxes
if the Option or Stock Appreciation Rights Award Agreement so provides, or the Committee by separate action so provides, a Participant may elect to (i)&nbsp;deliver shares of Company Stock or
(ii)&nbsp;have the Company retain that number of shares of Company Stock that would satisfy all or a specified portion of the Applicable Withholding Taxes. Any such election shall be made only in
accordance with procedures established by the Committee.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding
anything herein to the contrary, if the Company is subject to Section&nbsp;16 of the Act, Options and Stock Appreciation Rights shall
always be granted and exercised in such a manner as to conform to the provisions of Rule&nbsp;16b-3. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Performance Compensation Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Committee shall have the authority, at the time of grant of any Award described in this Plan to designate such Award as a Performance Compensation Award
in order to qualify such Award as "performance-based compensation" under Section&nbsp;162(m) of the Code. Unless otherwise provided in a Participant's Option or Stock Appreciation Rights Award
Agreement, Options and Stock Appreciation Rights granted under the Plan are intended to automatically satisfy the requirements of the exemption for performance-based compensation under Code
Section&nbsp;162(m), to the extent applicable, and to the extent intended to satisfy such exemption, Options and Stock Appreciation Rights are subject to the limit set forth in Section&nbsp;4(b)
of the Plan but are not otherwise considered Code Section&nbsp;162(m) Awards subject to Article&nbsp;10.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Committee will, in its sole discretion, designate within the first 90&nbsp;days of a Performance Period (or, if longer or shorter, within the maximum
period allowed under Section&nbsp;162(m) of the Code) which Participants will be eligible to receive Performance Compensation Awards for such Performance Period. However, the designation of
Participant eligibility to receive an Award for a Performance Period shall not in any manner entitle the Participant to receive payment for any Performance Compensation Award for such Performance
Period. The determination as to whether or not such Participant becomes entitled to payment for any Performance Compensation Award shall be decided solely in accordance with the provisions of this
Section&nbsp;10. Designation of Participant eligibility to receive an Award for a particular Performance Period shall not require designation of Participant eligibility to receive an Award in any
subsequent Performance Period and designation of one person as a Participant eligible to receive an Award shall not require designation of any other person as a Participant eligible to receive an
Award in such period or in any other period.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>With
regard to a particular Performance Period, the Committee shall have sole discretion to select the length of such Performance Period, the type(s) of
Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goal(s) that is (are) to
apply and the Performance Formula. Within the first 90&nbsp;days of a Performance Period (or, if longer or shorter, within the maximum period allowed under Section&nbsp;162(m) of the Code), the
Committee shall, with regard to the Performance Compensation Awards to be issued for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately
preceding sentence of this Section&nbsp;10(c) and record the same in writing.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2><I>Payment of Performance Compensation Awards</I></FONT>
<BR>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(i)<U>Condition
to Receipt of Payment</U>. Unless otherwise provided in the applicable Award Agreement, a Participant must be employed by the Company or Parent, or remain an
employee of or otherwise be a Company Contributor, as applicable, on the last day of a Performance Period to be eligible for payment related to a Performance Compensation Award for such Performance
Period. </FONT></P>

</DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-12</FONT></P>

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<UL>
<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(ii)<U>Limitation</U>.
A Participant shall be eligible to receive payment related to a Performance Compensation Award only to the extent that: (A)&nbsp;the Performance Goals
for such period are achieved;
and (B)&nbsp;the Performance Formula as applied against such Performance Goals determines that all or some portion of such Participant's Performance Compensation Award has been earned for the
Performance Period.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(iii)<U>Certification</U>.
Following the completion of a Performance Period, the Committee shall review and approve whether, and to what extent, the Performance Goals for the
Performance Period have been achieved and, if so, calculate and approve the amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall
then determine the actual size of each Participant's Performance Compensation Award for the Performance Period and, in so doing, may apply Negative Discretion in accordance with
Section&nbsp;10(d)(iv) hereof, if and when it deems appropriate.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(iv)<U>Use
of Discretion</U>. In determining the actual size of an individual Performance Compensation Award for a Performance Period, the Committee may reduce or eliminate the
amount of the Performance Compensation Award earned under the Performance Formula in the Performance Period through the use of Negative Discretion if, in its sole discretion, such reduction or
elimination is appropriate. The Committee shall not have the discretion to (A)&nbsp;grant or provide payment related to a Performance Compensation Award for a Performance Period if the Performance
Goals for such Performance Period have not been attained or (B)&nbsp;increase a Performance Compensation Award above the maximum amount payable under Section&nbsp;10(d)(vi) of the Plan. </FONT></P>


<P style="font-family:times;text-align:justify"><FONT SIZE=2>(v)<U>Timing
of Award Payments</U>. Unless otherwise provided in a Performance Compensation Award Agreement or pursuant to an irrevocable deferral election made in compliance
with Code Section&nbsp;409A, Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the
approvals required by this Section&nbsp;10 but in no event later than the fifteenth day of the third month following the last day of the applicable Performance Period.  </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>(vi)<U>Maximum
Award Payable</U>. Notwithstanding any provision contained in this Plan to the contrary, the maximum Performance Compensation Award payable to any one Participant
under the Plan for a single calendar year is subject to the limits in Sections&nbsp;4(b) and 4(g). </FONT></P>

</UL>
</UL>
</UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Nontransferability of Awards.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as described below or as otherwise determined by the Committee in a Participant's
Award agreement, no Award shall be transferable by a Participant except by will or the laws of descent and distribution, and an Option or Stock Appreciation Right shall be exercised only by a
Participant during the lifetime of the Participant. Notwithstanding the foregoing, a Participant may assign or transfer an Award that is not an Incentive Stock Option with the consent of the Committee
to a family member (or trust or other entity for the benefit of the Participant or the Participant's family members), without consideration (each transferee thereof, a "Permitted Assignee"); provided
that any such Permitted Assignee shall be bound by and subject to all of the terms and conditions of the Plan and transferred Award and shall execute an Award Agreement satisfactory to the Company
evidencing such obligations. Notwithstanding the foregoing, a Participant who transfers an Award also shall remain bound by the terms and conditions of the Plan. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>12.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Effective Date of the Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Plan shall become effective as of May&nbsp;5<SUP>th</SUP>, 2015, subject to the
approval of the holders of a majority of the shares present or represented by proxy at a duly held meeting of shareholders of the Company. </FONT></P>

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

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>13.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Termination, Modification, Change.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If not sooner terminated by the Board, this Plan shall terminate at the close of
business on May&nbsp;5th, 2020. No Awards shall be granted under the Plan after its termination. The Board may terminate the Plan or may amend the Plan in such respects as it shall deem advisable;
provided that, if and to the extent required by the Code or Rule&nbsp;16b-3, no change shall be made that increases the total number of shares of Company Stock reserved for issuance pursuant to
Awards granted under the Plan (except pursuant to Section&nbsp;14), expands the class of persons eligible to receive Awards, or materially increases the benefits accruing to Participants under the
Plan unless such change is authorized by the shareholders of the Company. Notwithstanding the foregoing, the Board may unilaterally amend the Plan and Awards as it deems appropriate to ensure
compliance with Rule&nbsp;16b-3 and to cause Awards to meet the requirements of the Code, including Code Sections&nbsp;162(m), 422, 409A and regulations thereunder. Except as provided in the
preceding sentence, a termination or amendment of the Plan shall not, without the consent of the Participant, adversely affect a Participant's rights under an Award previously granted to such
Participant. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>14.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Change in Capital Structure.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>In
the event of a stock dividend, stock split or combination of shares, recapitalization, merger in which the Company is the surviving corporation,
reorganization, reincorporation, consolidation, special dividend, spin-off or other change in the Company's capital stock without the receipt of consideration by the Company (including, but not
limited to, the creation or issuance to shareholders generally of rights, options or warrants for the purchase of common stock or preferred stock of the Company), the number and kind of shares of
stock or securities of the Company to be subject to the Plan and to Awards then outstanding or to be granted thereunder, the aggregate and individual maximum number of shares or securities which may
be delivered under the Plan pursuant to Section&nbsp;4, and the exercise price and other terms and relevant provisions of Awards shall be appropriately adjusted by the Committee, whose determination
shall be binding on all persons; provided, however, that no adjustment of an outstanding Option or Stock Appreciation Right may be made that would create a deferral of income or a modification,
extension or renewal of such Option or Stock Appreciation Right under Code Section&nbsp;409A except as may be permitted in applicable Treasury Regulations. If the adjustment would produce fractional
shares with respect to any Incentive Award, Restricted Award or unexercised Option or Stock Appreciation Right, the Committee may adjust appropriately the number of shares covered by the Award so as
to eliminate the fractional shares.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
the Company is a party to a consolidation or merger in which the Company is not the surviving corporation, a transaction that results in the acquisition
of substantially all of the Company's outstanding stock by a single person or entity, or a sale or transfer of substantially all of the Company's assets, the Committee may take such actions with
respect to outstanding Awards as the Committee deems appropriate, including, without limitation, approving the assumption of some or all outstanding Awards by the Company's successor, the full vesting
or lapse of all restrictions on some or all outstanding Awards, or the cash-out of some or all outstanding Awards, subject to any specific provisions in outstanding Award Agreements and applicable
requirements under Code Section&nbsp;409A.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Any
determination made or action taken under this Section&nbsp;14 by the Committee shall be final and conclusive and may be made or taken without the
consent of any Participant. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>15.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Administration of the Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be administered by the Committee, which shall be the full Board or a committee
appointed by the Board, consisting of not less than two members of the Board. Subject to paragraph&nbsp;(f) below, a committee appointed by the Board shall be the Compensation and Management
Development Committee of the Board unless the Board shall appoint another committee to administer the Plan. The Committee shall have general authority to impose any limitation or condition </FONT></P>

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

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<P style="font-family:times;text-align:justify"><FONT SIZE=2>upon
an Award that the Committee deems appropriate to achieve the objectives of the Award and the Plan and, without limitation and in addition to powers set forth elsewhere in the Plan, shall have the
following specific authority:  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Committee shall have the power and complete discretion to determine (i)&nbsp;which eligible employees, directors and other Company Contributors shall
receive an Award and the nature of the Award, (ii)&nbsp;the number of shares of Company Stock to be covered by each Award, (iii)&nbsp;whether Options shall be Incentive Stock Options or
Nonstatutory Stock Options, (iv)&nbsp;when, whether and to what extent Stock Appreciation Rights shall be granted in connection with Options, (v)&nbsp;the Fair Market Value of Company Stock,
subject to Section&nbsp;2(m), (vi)&nbsp;the time or times when an Award shall be granted, (vii)&nbsp;whether an Award shall become vested over a period of time, upon the achievement of a
performance-based vesting condition, and when it shall be fully vested, (viii)&nbsp;when Options or Stock Appreciation Rights may be exercised, (ix)&nbsp;whether a Disability exists, subject to
Section&nbsp;2.2(l), (x)&nbsp;the manner in which payment will be made upon the exercise of Options or Stock Appreciation Rights, (xi)&nbsp;conditions relating to the length of time before
disposition of Company Stock received upon the exercise of Options or Stock Appreciation Rights is permitted, (xii)&nbsp;whether to approve a Participant's election (A)&nbsp;to deliver Company
Stock to satisfy Applicable Withholding Taxes or (B)&nbsp;to have the Company withhold from the shares to be issued upon the exercise of a Nonstatutory Stock Option or a Stock Appreciation Right the
number of shares necessary to satisfy Applicable Withholding Taxes, (xiii)&nbsp;the terms and conditions applicable to Restricted Awards, (xiv)&nbsp;the terms and conditions on which restrictions
upon Restricted Awards shall lapse, (xv)&nbsp;whether an Award shall be deemed to be a Performance Compensation Award; (xvi)&nbsp;the Performance Criteria that will be used to establish
Performance Goals; (xvii)&nbsp;whether to accelerate the time at which any or all restrictions with respect to Restricted Awards will lapse or be removed, (xviii)&nbsp;notice provisions relating
to the sale of Company Stock acquired under the Plan, and (xix)&nbsp;any additional requirements relating to Awards that the Committee deems appropriate. Notwithstanding the foregoing, no "tandem
stock options" (where two stock options are issued together and the exercise of one option affects the right to exercise the other option) may be issued in connection with Incentive Stock Options. The
Committee shall have the power to amend the terms of previously granted Awards so long as the terms as amended are consistent with the terms of the Plan and provided that the consent of the
Participant is obtained with respect to any amendment that would be detrimental to the Participant, except that such consent will not be required if such amendment is for the purpose of complying with
Rule&nbsp;16b-3 or any requirement of Code Sections&nbsp;422 or 409A applicable to the Award.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Committee may adopt rules and regulations for carrying out the Plan. The interpretation and construction of any provision of the Plan by the Committee
shall be final and conclusive. The Committee may consult with counsel, who may be counsel to the Company, and shall not incur any liability for any action taken in good faith in reliance upon the
advice of counsel.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>A
majority of the members of the Committee shall constitute a quorum although at least two members must be present for a quorum), and all actions of the
Committee shall be taken by a majority of the members present (or in the event of two members, a unanimous decision). Any action may be taken by a written instrument signed by all of the members, and
any action so taken shall be fully effective as if it had been taken at a meeting.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>The
Board from time to time may appoint members previously appointed and may fill vacancies, however caused, in the Committee. If a Committee of the Board
is appointed to serve as the Committee, such Committee shall have, in connection with the administration of the Plan, the powers possessed by the Board, including the power to delegate a subcommittee
of the administrative powers the Committee is authorized to exercise, subject, however, to such </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-15</FONT></P>

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<UL>
<UL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>resolutions,
not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.  </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>To
the extent permitted by applicable law, the Committee may delegate to one or more Officers the authority to do one or both of the following:
(i)&nbsp;designate Participants who are not Officers to be recipients of Awards, and (ii)&nbsp;determine the number of shares of Company Stock or units to be subject to such Awards granted to such
Participants; provided, however, that the Committee's delegation of this authority shall specify the total number of shares of Company Stock or units subject to such delegation, and that, in no event,
shall such Officer grant an Award to himself or herself. All other terms and conditions of any Award made pursuant to this delegation of authority shall be determined by the Committee.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Each
member of the Committee with respect to the grant of Awards that are intended to constitute Performance Compensation Awards shall be "outside
directors" as described in Code Section&nbsp;162(m); provided, however, that the failure to satisfy such requirement shall not affect the validity of any Award otherwise validly granted. As to
Awards that that are authorized by the Committee and intended to be exempt under Rule&nbsp;16b-3 of the Exchange Act, the requirements of Rule&nbsp;16b-3(d)(1) under the Exchange Act with respect
to committee action also are intended to be satisfied. With respect to Awards granted pursuant to Section&nbsp;15(e), the designated Officer(s) granting Awards shall be deemed to constitute the
Committee. To the extent applicable, Committee members shall meet the requirements of the rules and regulations of the Stock Exchange.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(g)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Except
in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash
dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), the terms of outstanding Awards may not be amended to reduce the exercise
price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash, other Awards or Options or SARs with an exercise price that is less than the exercise price of the
original Options or SARs. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>16.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Notice.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All notices and other communications required or permitted to be given under this Plan shall be in writing and
shall be deemed to have been duly given if delivered personally or mailed first class, postage prepaid, as follows:  </FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
to the Company&nbsp;&#151; at its principal business address to the attention of the Secretary;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>If
to any Participant&nbsp;&#151; at the last address of the Participant known to the sender at the time the notice or other communication is sent.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>In
either event, notice may also be delivered via email as long as the email account is one used in the regular course of business of the Participant or
Company representative. </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>17.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Participant shall be deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Company Stock subject to an Award unless otherwise stated herein or until such Participation has satisfied all requirements under the terms of the Award. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>18.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;No Employment or Other Service Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Nothing in the Plan or any instrument executed or Award granted under the Plan
shall confer upon any Participant any right to continue to serve the Company (or a Parent or Subsidiary of the Company) in the capacity in effect at the time the Award was granted or shall affect the
right of the Company (or a Parent or Subsidiary of the Company) to terminate the employment or services of a Participant with or without notice and with or without cause. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-16</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>19.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Interpretation.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The terms of the Plan shall be governed by the laws of the State of Delaware, without regard to conflict
of law provisions at any jurisdiction. The terms of this Plan are subject to all present and future regulations and rulings of the Secretary of the Treasury or his or her delegate relating to the
qualification of Incentive Stock Options under the Code. If any provision of the Plan conflicts with any such regulation or ruling, then that provision of the Plan shall be void and of no effect. As
to all Incentive Stock Options and all Nonstatutory Stock Options with an exercise price of at least 100% of Fair Market Value of the Company Stock on the Date of Grant, this Plan shall be interpreted
for such Options to be excluded from applicable employee remuneration for purposes of Code Section&nbsp;162(m). </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>20.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Section&nbsp;409A.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>To
the extent that amounts payable under this Plan are subject to Code Section&nbsp;409A, the Plan and Awards are intended to comply with such Code
Section&nbsp;409A and official guidance issued thereunder. Otherwise, the Plan and Awards are intended to be exempt from Code Section&nbsp;409A. Notwithstanding anything to the contrary, the Plan
and Awards shall be interpreted, operated and administered in a manner consistent with these intentions.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>For
purposes of the Plan, all references to "employment termination," "termination from employment," "termination from service," "separation from service"
or like phrases are intended to constitute a "separation from service" as defined by Code Section&nbsp;409A and regulations thereunder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD style="font-family:times;text-align:justify"><FONT SIZE=2>Notwithstanding
anything in the Plan to the contrary, if a Participant is a specified employee (within the meaning of the default provisions for determining
specified employees under Section&nbsp;409A of the Code) with respect to the Company at the time of his or her employment termination or separation from service, all payments that are not then
exempt from Code Section&nbsp;409A and would have been due during the six-month period following the Participant's employment termination or separation from service shall be aggregated and paid on
the date that is six months and one day after the Participant's employment termination or separation from service (or, if earlier, as soon as practicable after the date of the Participant's death). </FONT></DD></DL>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>21.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Compliance with Code Section&nbsp;162(m).</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the extent the Committee issues any Award that is intended to be exempt
from the deduction limitation of Section&nbsp;162(m) of the Code, the Committee may, without shareholder or grantee approval, amend the Plan or the relevant Award Agreement retroactively or
prospectively to the extent it determines necessary in order to comply with any subsequent clarification of Section&nbsp;162(m) of the Code required to preserve the Company's federal income tax
deduction for compensation paid pursuant to any such Award. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>22.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Clawback.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Plan, any Award that is subject to recovery under any law,
government regulation or Stock Exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange
listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or Stock Exchange listing requirement) and in compliance with Code Section&nbsp;409A. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>23.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Indemnification.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In addition to such other rights of indemnification as they may have, the members of the Committee shall
be indemnified by the Company against the reasonable expenses, including attorneys' fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted hereunder, and
against all amounts paid by them in settlement thereof (provided such settlement is approved by the Board) or paid by the Board in satisfaction of a judgment in any such action, suit or proceeding,
except in relation to matters as to which it shall be determined in such action, suit or </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-17</FONT></P>

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<P style="font-family:times;text-align:justify"><FONT SIZE=2><A HREF="#bg14801a_main_toc">Table of Contents</A></FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>proceeding
that such Committee member has acted in bad faith; provided, however, that within sixty (60)&nbsp;days after receipt of notice of institution of any such action, suit or proceeding, a
Committee member shall offer the Company in writing the opportunity, at its own cost, to handle and defend the same. </FONT></P>

<P style="font-family:times;text-align:justify"><FONT SIZE=2>IN
WITNESS HEREOF, this instrument has been executed as of the 5th&nbsp;day of May 2015. </FONT></P>
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<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>PENSKE AUTOMOTIVE GROUP, INC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><BR><FONT SIZE=2> By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2><BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT> <FONT SIZE=2> Executive Vice President&nbsp;&#151; Human Resources</FONT></TD>
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 <P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-18</FONT></P>

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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="white" face="Times New Roman" style="color:white;"><img width="680" height="962" src="g16482bci001.gif"></font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 5.4pt 0in 5.4pt;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">Form of Proxy
  Card &#151; Penske Automotive Group, Inc. IF YOU HAVE NOT VOTED VIA THE INTERNET
  OR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM
  PORTION IN THE ENCLOSED ENVELOPE. Proxy &#151; Penske Automotive Group, Inc. PROXY
  SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS The undersigned hereby revokes
  all prior proxies and appoints Robert H. Kurnick, 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, Inc. which the
  undersigned is entitled to vote, at the Annual Meeting of Stockholders to be
  held on May 5, 2015 at 8:00 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. THE PROXY WILL BE VOTED AS SPECIFIED. IF NO SPECIFICATION IS
  MADE, IT WILL BE VOTED FOR THE ELECTION OF THE NOMINEES NAMED HEREIN, FOR
  APPROVAL OF OUR 2015 EQUITY INCENTIVE PLAN, 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 PROPERLY COME BEFORE THE
  MEETING OR ANY POSTPONEMENTS OR ADJOURNMENTS THEREOF. THE PROPOSALS HEREIN
  ARE PROPOSED BY THE BOARD OF DIRECTORS. CONTINUED AND TO BE SIGNED ON REVERSE
  SIDE C Non-Voting Items Change of Address &#150; Please print your new address
  below. Comments &#150; Please print your comments below. Meeting Attendance Mark
  the box to the right if you plan to attend the Annual Meeting IF VOTING BY
  MAIL, YOU MUST COMPLETE SECTIONS A &#150; C ON BOTH SIDES OF THIS CARD. </font></p>
  </td>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="white" face="Times New Roman" style="color:white;"><img width="680" height="844" src="g16482bci002.jpg"></font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="1" color="white" face="Times New Roman" style="color:white;font-size:1.0pt;">Electronic
  Voting Instructions Available 24 hours a day, 7 days a week! Instead of
  mailing your proxy, you may choose one of the voting methods outlined below
  to vote your proxy. VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.
  Proxies submitted by the Internet or telephone must be received by 1:00 a.m.,
  Central Time, on May 5, 2015. Vote by Internet &#149; Go to
  www.envisionreports.com/pag &#149; Or scan the QR code with your smartphone &#149;
  Follow the steps outlined on the secured website Vote by telephone &#149; Call
  toll free 1-800-652-VOTE (8683) within the USA, US territories &amp; Canada
  on a touch tone telephone &#149; Follow the instructions provided by the recorded
  message Using a black ink pen, mark your votes with an X as shown in this
  example. Please do not write outside the designated areas. Annual Meeting
  Proxy Card IF YOU HAVE NOT VOTED VIA THE INTERNET OR TELEPHONE, FOLD ALONG
  THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED
  ENVELOPE. A Proposals &#150; The Board of Directors recommends that you vote FOR
  the following proposals: 1. Election of Directors: For Withhold 01 &#151; John D.
  Barr 02 &#151; Michael R. Eisenson 03 &#151; Robert H. Kurnick, Jr. 04 &#151; William J.
  Lovejoy 05 &#151; Kimberly J. McWaters 06 &#151; Lucio A. Noto 07 &#151; Roger S. Penske 08
  &#151; Greg Penske 09 &#151; Sandra E. Pierce 10 &#151; Kanji Sasaki 11 &#151; Ronald G.
  Steinhart 12 &#151; H. Brian Thompson For Against Abstain 2. Approval of our 2015
  Equity Incentive Plan. 3. Ratification of the selection of Deloitte &amp;
  Touche LLP as the Company&#146;s independent auditing firm for the year ending
  December 31, 2015. 4. Approval, by non-binding vote, of executive
  compensation. 5. Transaction of such other business as may properly come
  before the annual meeting and any postponement or adjournment thereof. B
  Authorized Signatures &#150; This section must be completed for your vote to be
  counted. &#150; Date and Sign Below Please sign exactly as name(s) appears hereon.
  Joint owners should each sign. When signing as attorney, executor,
  administrator, corporate officer, trustee, guardian, or custodian, please
  give full title. Date (mm/dd/yyyy) &#150; Please print date below. Signature 1 &#150;
  Please keep signature within the box. Signature 2 &#150; Please keep signature
  within the box. / / IF VOTING BY MAIL, YOU MUST COMPLETE SECTIONS A &#150; C ON BOTH
  SIDES OF THIS CARD. </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

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