<SEC-DOCUMENT>0001193125-18-354273.txt : 20181220
<SEC-HEADER>0001193125-18-354273.hdr.sgml : 20181220
<ACCEPTANCE-DATETIME>20181220131636
ACCESSION NUMBER:		0001193125-18-354273
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20190130
FILED AS OF DATE:		20181220
DATE AS OF CHANGE:		20181220
EFFECTIVENESS DATE:		20181220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PRICESMART INC
		CENTRAL INDEX KEY:			0001041803
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-VARIETY STORES [5331]
		IRS NUMBER:				330628530
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22793
		FILM NUMBER:		181245649

	BUSINESS ADDRESS:	
		STREET 1:		9740 SCRANTON ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		8584048800

	MAIL ADDRESS:	
		STREET 1:		9740 SCRANTON ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d662225ddef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML><HEAD>
<TITLE>DEF 14A</TITLE>
</HEAD>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>UNITED STATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:arial" SIZE="2"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>Washington, D.C. 20549 </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><B>SCHEDULE 14A INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>Proxy Statement Pursuant to Section 14(a) of<FONT STYLE="font-family:ARIAL" SIZE="2"> </FONT> </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Filed by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Check the appropriate box: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Preliminary Proxy Statement</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Definitive Proxy Statement</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Definitive Additional Materials</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Soliciting Material Under Rule 14a-12</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>PriceSmart, Inc. </B></FONT></P>
<P STYLE="line-height:5px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(Name of Registrant as Specified In Its
Charter) </B></FONT></P> <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2">&nbsp;<B>&nbsp;</B></FONT></P>
<P STYLE="line-height:5px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(Name of Person(s) Filing Proxy
Statement, if other than the Registrant) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Payment of Filing Fee (Check the appropriate box): </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9746;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No fee required. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">1.&nbsp;&nbsp;&nbsp;&nbsp;Title of each class of securities to which transaction applies: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.&nbsp;&nbsp;&nbsp;&nbsp;Aggregate number of securities to which transaction applies: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" 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): </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">4.&nbsp;&nbsp;&nbsp;&nbsp;Proposed maximum aggregate value of transaction: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">5.&nbsp;&nbsp;&nbsp;&nbsp;Total fee paid: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Fee paid previously with preliminary materials. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#9744;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Check box if any part of the fee is offset as provided by Exchange Act Rule 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></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:ARIAL" SIZE="2">1.&nbsp;&nbsp;&nbsp;&nbsp;Amount Previously Paid: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">2.&nbsp;&nbsp;&nbsp;&nbsp;Form, Schedule or Registration Statement No.: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">3.&nbsp;&nbsp;&nbsp;&nbsp;Filing Party: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">4.&nbsp;&nbsp;&nbsp;&nbsp;Date Filed: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;margin-left:7%;border-bottom:0.5pt solid #000000; width:92%">&nbsp;</P>
</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="font-size:24px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g662225g48z54.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:72px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="6">2018 PROXY STATEMENT </FONT></P>
<P STYLE="font-size:120px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="3">ANNUAL MEETING OF SHAREHOLDERS </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">The Annual Meeting of Shareholders will be held at </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><B>PRICESMART, INC. </B></FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">9740
Scranton Road </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">San Diego, California 92121 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:1px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="5"><B>PRICESMART, INC. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="3"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT </B></FONT></P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">TO THE STOCKHOLDERS OF PRICESMART, INC.: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Notice is hereby given
that the Annual Meeting of the Stockholders of PriceSmart, Inc. (the &#147;Company&#148;), will be held at 10:00 a.m. on Wednesday, January&nbsp;30, 2019 at the Company&#146;s corporate headquarters, 9740 Scranton Road, San Diego, California, 92121
for the following purposes: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To elect directors for the ensuing year, to serve until the next Annual Meeting of Stockholders and until their successors are duly elected and
qualified. The Board of Directors of the Company has nominated and recommends for election as directors the following ten persons: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="88%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


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<TD WIDTH="32%"></TD>
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<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sherry S. Bahrambeygui</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Leon C. Janks</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Pierre Mignault</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gonzalo Barrutieta</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Mitchell G. Lynn</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Robert E. Price</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gordon H. Hanson</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Gary Malino</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Edgar Zurcher</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Beatriz V. Infante</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To approve, on an advisory basis, the compensation of the Company&#146;s executive officers for fiscal year 2018; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To ratify the selection of Ernst&nbsp;&amp; Young LLP as the Company&#146;s independent registered public accounting firm for the fiscal year ending
August&nbsp;31, 2019; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">To transact such other business as may be properly brought before the Annual Meeting or any adjournment thereof. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The foregoing items of business are more fully described in the Proxy Statement accompanying this Notice. The Board of Directors has fixed the close of business on
December&nbsp;7, 2018 as the record date for the determination of stockholders entitled to notice of and to vote at the Annual Meeting. A list of such stockholders shall be open to the examination of any stockholder at the Annual Meeting and for a
period of ten days prior to the date of the Annual Meeting at the Company&#146;s corporate headquarters, 9740 Scranton Road, San Diego, California 92121. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Accompanying this Notice is a Proxy. WHETHER OR NOT YOU EXPECT TO BE AT THE ANNUAL MEETING, PLEASE SIGN AND DATE THE ENCLOSED PROXY AND RETURN IT PROMPTLY, OR YOU
MAY VOTE YOUR SHARES BY TELEPHONE OR OVER THE INTERNET, AS DESCRIBED IN THE ENCLOSED PROXY. If you plan to attend the Annual Meeting and wish to vote your shares personally, you may do so at any time before the Proxy is voted. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">All stockholders are cordially invited to attend the meeting. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>BY ORDER OF THE BOARD OF DIRECTORS </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:0px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


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 </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Francisco J. Velasco </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Secretary </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">San Diego, California </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">December&nbsp;20, 2018 </FONT></P>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_1"><B>Proposal 1</B> Election of Directors</A></FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_2">Information Regarding the Board of Directors</A></FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_3">Audit Committee Report</A></FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_4">Securities Ownership of Certain Beneficial Owners and Management</A></FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_5">Executive Officers of the Company</A></FONT></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">14</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_6">Equity Compensation Plan Information</A></FONT></P></TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">37</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_7">Certain Transactions</A></FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_8"><B>Proposal 2</B> Approval of the Compensation of the Named Executive Officers</A></FONT></P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_9"><B>Proposal 3</B> Ratification of Selection of Independent Registered Public Accounting Firm </A></FONT></P></TD>

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<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2"><A HREF="#toc662225_11">General</A></FONT></P></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="4"><B>PRICESMART, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:arial" SIZE="4"><B>9740 Scranton Road </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="4"><B>San Diego, California 92121 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><B>PROXY STATEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><B>for
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="3"><B>ANNUAL MEETING OF STOCKHOLDERS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:arial" SIZE="3"><B>January&nbsp;30, 2019 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board of Directors of PriceSmart, Inc., a Delaware corporation (the
&#147;Company&#148;), is soliciting the enclosed Proxy for use at the Annual Meeting of Stockholders of the Company to be held on January&nbsp;30, 2019 (the &#147;Annual Meeting&#148;), and at any adjournments thereof. This Proxy Statement will be
first sent to stockholders on or about December&nbsp;20, 2018. You can submit your Proxy by mail or you may provide voting instructions for your shares by telephone or via the Internet. Instructions for voting by telephone, by using the Internet or
by mail are described on the enclosed Proxy. If you plan to attend the Annual Meeting and wish to vote your shares personally, you may do so. Unless contrary instructions are indicated on the Proxy, all shares represented by valid Proxies received
pursuant to this solicitation (and not revoked before they are voted) will be voted for the election of the Board of Directors&#146; nominees for directors, or for a substitute or substitutes selected by the Board of Directors in the event a nominee
or nominees are unable to serve or decline to do so; for the approval, on an advisory basis, of the compensation of the Company&#146;s executive officers for fiscal year 2018; and for the ratification of the selection of Ernst&nbsp;&amp; Young LLP
as the Company&#146;s independent registered public accounting firm for the fiscal year ending August&nbsp;31, 2019. As to any other business which may properly come before the Annual Meeting and be submitted to a vote of the stockholders, Proxies
received by the Board of Directors will be voted in accordance with the best judgment of the holders thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">A Proxy may be revoked by written notice
to the Secretary of the Company at any time prior to the Annual Meeting by executing a later Proxy or by attending the Annual Meeting and voting in person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company will bear the cost of solicitation of Proxies. In addition to the use of mails, Proxies may be solicited by personal interview, telephone, facsimile or <FONT STYLE="white-space:nowrap">e-mail,</FONT> by
officers, directors and other employees of the Company. The Company also will request persons, firms and corporations holding shares in their names, or in the names of their nominees, which are beneficially owned by others, to send, or cause to be
sent, Proxy material to, and obtain Proxies from, such beneficial owners and will reimburse such holders for their reasonable expenses in so doing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The
Company&#146;s mailing address is 9740 Scranton Road, San Diego, California 92121. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Voting </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Stockholders of record at the close of business on December&nbsp;7, 2018 (the &#147;Record Date&#148;) will be entitled to notice of, and to vote at, the Annual
Meeting or any adjournments thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As of December&nbsp;7, 2018, 30,489,396 shares of the Company&#146;s common stock, $0.0001 par value per share
(&#147;Common Stock&#148;), were outstanding, representing the only voting securities of the Company. Each share of Common Stock is entitled to one vote. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Votes cast by Proxy or in person at the Annual Meeting will be counted by the person appointed by the Company to act as Inspector of Election for the Annual
Meeting. The Inspector of Election will treat shares represented by Proxies that reflect abstentions or include &#147;broker <FONT STYLE="white-space:nowrap">non-votes&#148;</FONT> as shares that are present and entitled to vote for purposes of
determining the presence of a quorum. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Because directors are elected by a plurality of the votes of the shares present in person or represented by Proxy
at the Annual Meeting and entitled to vote on the election of directors, the ten director nominees who receive the greatest number of votes cast will be elected directors. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The <FONT STYLE="white-space:nowrap">non-binding</FONT> advisory vote on executive compensation and the
ratification of the selection of Ernst&nbsp;&amp; Young LLP as the Company&#146;s independent registered public accounting firm for the fiscal year ending August&nbsp;31, 2019 require the affirmative vote of a majority of the aggregate votes
present, in person or by proxy, and entitled to vote at the Annual Meeting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Abstentions and broker <FONT STYLE="white-space:nowrap">non-votes</FONT>
are not included as votes cast and will not affect the outcome of any of the proposals. Broker <FONT STYLE="white-space:nowrap">non-votes</FONT> occur when a person holding shares in street name, such as through a brokerage firm, does not provide
instructions as to how to vote those shares and the broker does not then vote those shares on the stockholder&#146;s behalf. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>CEO Transition
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">On October&nbsp;25, 2018, the Company announced the resignation by mutual agreement of its Chief Executive Officer, President and director Jose Luis
Laparte, effective November&nbsp;16, 2018. The Company appointed Sherry S. Bahrambeygui, a member of our Board of Directors, as Interim Chief Executive Officer effective November&nbsp;16, 2018 while the Company conducts a search for a permanent
Chief Executive Officer. Mr.&nbsp;Laparte agreed to support the interim CEO and make himself available at her request through the end of the current calendar year. Robert E. Price, Company Founder and our Chairman, became Executive Chairman in
October 2018. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 1&nbsp;&nbsp;</B> Election of <A NAME="toc662225_1"></A>Directors </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Based on the recommendation of the Nominating/Corporate Governance Committee, the Board of Directors of the
Company has nominated and recommends for election as directors the ten persons named herein to serve until the next Annual Meeting of Stockholders and until their respective successors shall have been duly elected and qualified. All of the nominees
are presently directors of the Company, and following the Annual Meeting, there will be no vacancies on the Board of Directors. Each of the nominees has consented to serving as a nominee and being named as a nominee in this Proxy Statement and to
serving as a director if elected. Directors are elected by a plurality of the votes of the shares present in person or represented by Proxy at the Annual Meeting and entitled to vote on the election of directors. The enclosed Proxy will be voted in
favor of the persons nominated unless otherwise indicated. If any of the nominees should be unable to serve or should decline to do so, the discretionary authority provided in the Proxy will be exercised by the proxy holders to vote the shares
represented by the Proxies for one or more substitute nominees selected by the present Board of Directors. The Board of Directors does not believe at this time that any substitute nominee or nominees will be required. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Nominations Process </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Identification and Evaluation of
Nominees for Directors </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Nominating/Corporate Governance Committee identifies nominees for director by first evaluating the current members of
our Board of Directors willing to continue in service. Current members with qualifications and skills that are consistent with the Nominating/Corporate Governance Committee&#146;s criteria for board service, as set forth in the section below
entitled &#147;Director Qualifications,&#148; and who are willing to continue in service are considered for <FONT STYLE="white-space:nowrap">re-nomination,</FONT> balancing the value of continuity of service by existing members of our Board of
Directors with that of obtaining a new perspective. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If any member of the Board of Directors does not wish to continue in service or if the Board of
Directors decides not to <FONT STYLE="white-space:nowrap">re-nominate</FONT> a member for <FONT STYLE="white-space:nowrap">re-election,</FONT> the Nominating/Corporate Governance Committee identifies the desired skills and experience of a new
nominee in light of the criteria set forth below in &#147;Director Qualifications.&#148; The Nominating/Corporate Governance Committee generally consults with other members of the Board of Directors and may seek input from management, independent
counsel, industry experts or advisors that the Nominating/Corporate Governance Committee believes to be desirable and appropriate. The Nominating/Corporate Governance Committee reviews the qualifications, experience and background of any candidates
who are identified. Final candidates are interviewed by the members of the Nominating/Corporate Governance Committee. In making its determinations, the Nominating/Corporate Governance Committee evaluates each individual in the context of the Board
of Directors as a whole, with the objective of assembling a group that can best perpetuate the success of the Company and represent stockholder interests through the exercise of sound judgment. After review and deliberation of all feedback and data,
the Nominating/Corporate Governance Committee makes its recommendation to the Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Pursuant to the Nominating/Corporate Governance
Committee Charter, stockholders of the Company who have held shares of the Company&#146;s Common Stock for at least one year and who hold a minimum of 1% of the Company&#146;s outstanding shares of Common Stock may suggest a candidate for director
by writing to the Secretary of the Company. In order to be considered, the recommendation for a candidate must include the following written information: (1)&nbsp;a detailed resume of the recommended candidate; (2)&nbsp;an explanation of the reasons
why the stockholder believes the recommended candidate is qualified for service on the Board of Directors; (3)&nbsp;such other information that would be required by the rules of the SEC to be included in a proxy statement; (4)&nbsp;the written
consent of the recommended candidate; (5)&nbsp;a description of any arrangements or undertakings between the stockholder and the recommended candidate regarding the nomination; and (6)&nbsp;proof of the recommending stockholder&#146;s stock holdings
in the Company. In addition, we may require any candidate to furnish such other information as may reasonably be required by the Company to determine the eligibility of such candidate to serve as an independent director in accordance with the
Company&#146;s corporate governance guidelines or that could be material to a reasonable stockholder&#146;s understanding of the independence or lack of independence of such candidate. In order to give the Nominating/Corporate Governance Committee
sufficient time to evaluate a recommended candidate and/or include the candidate in the Company&#146;s </FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3</B></FONT></TD></TR></TABLE>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 1&nbsp;&nbsp;</B> Election of Directors (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">
proxy statement for the annual meeting to be held in 2020, the recommendation should be received by the Secretary of the Company at the Company&#146;s principal executive offices no later than
August&nbsp;22, 2019. In the event that the Company receives director candidate recommendations from stockholders, those recommendations are evaluated in the same manner that potential nominees suggested by Board members, management or other parties
are evaluated. The Company does not intend to treat stockholder recommendations in any manner different from other recommendations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>Director
Qualifications </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In evaluating director nominees, the Nominating/Corporate Governance Committee considers, among other things, the following
factors: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">personal and professional integrity, ethics and values; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">experience in corporate management, such as serving as an officer or former officer of a publicly held company, and a general understanding of marketing, finance
and other elements relevant to the success of a publicly traded company in today&#146;s business environment; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">experience in the Company&#146;s industry and with relevant social policy concerns; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">experience as a board member of another publicly held company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">academic or professional expertise in one or more aspects of the Company&#146;s current or planned operations; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">practical and mature business judgment, including ability to make independent analytical inquiries. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">While the Company does not have a specific policy regarding board diversity, in connection with its evaluation of director nominees, the Nominating/Corporate
Governance Committee also considers diversity of expertise and experience in substantive matters pertaining to our business relative to other members of the Board of Directors. The Nominating/Corporate Governance Committee also considers diversity
of background (including diversity of gender, race and ethnicity) and life experience. The Nominating/Corporate Governance Committee&#146;s objective is to assemble a group that can best perpetuate the success of the business and represent
stockholder interests through the exercise of sound judgment using its diversity of experience. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Other than the foregoing, there are no stated minimum
criteria for director nominees, although the Nominating/Corporate Governance Committee may also consider such other facts as it may deem are in the best interests of the Company and its stockholders. The Nominating/Corporate Governance Committee
also believes it is appropriate for at least one, and, preferably, several, members of the Board of Directors to meet the criteria for an &#147;audit committee financial expert&#148; as defined by SEC rules, and that a majority of the members of the
Board of Directors be independent as required under the Nasdaq Stock Market listing standards applicable to the Company. The Nominating/Corporate Governance Committee also believes it is appropriate for the Company&#146;s chief executive officer to
serve as a member of the Board of Directors. Directors&#146; performance and qualifications are reviewed annually by the Nominating/Corporate Governance Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">A copy of the Nominating/Corporate Governance Committee Charter is available on the Company&#146;s website at <I>www.pricesmart.com</I>. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B>Independent Directors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s Board of Directors has determined that the following nominees for
director are &#147;independent&#148; under the Nasdaq Stock Market listing standards applicable to the Company: Gonzalo Barrutieta, Gordon Hanson, Beatriz Infante, Leon Janks, Mitchell Lynn, Pierre Mignault, Gary Malino and Edgar Zurcher. The Board
of Directors also determined that Sherry Bahrambeygui was independent until becoming the Company&#146;s interim Chief Executive Officer but that she would not be considered independent for so long as she is serving in that role. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 1&nbsp;&nbsp;</B> Election of Directors (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Information Regarding Nominees </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The table below indicates the name, current position with the Company and age as of November&nbsp;30, 2018 of each nominee for director. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD></TD>
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<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"> <P STYLE="margin-left:0.40em"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Name</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff">
<P STYLE="margin-left:0.40em"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Position</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Age</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Robert E. Price</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Chairman</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">76</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Leon C. Janks</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Lead Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">69</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sherry S. Bahrambeygui</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interim Chief Executive Officer and Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gonzalo Barrutieta</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gordon H. Hanson</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Beatriz V. Infante</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Mitchell G. Lynn</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">70</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gary Malino</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">61</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Pierre Mignault</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">70</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Edgar Zurcher</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">67</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Robert E. Price</B> has been Executive Chairman of the Board of Directors of the Company since October 2018. He previously
served as Chairman since the Company&#146;s <FONT STYLE="white-space:nowrap">spin-off</FONT> from Price Enterprises, Inc. in 1997. Mr.&nbsp;Price served as Chief Executive Officer and President of the Company at various times during the
Company&#146;s history, most recently as Chief Executive Officer from April 2006 until July 2010. Mr.&nbsp;Price was a founder of The Price Company, which operated the Price Club, and served as its Chief Executive Officer and a member of its board
of directors from the time of The Price Company&#146;s founding in 1976 until The Price Company&#146;s merger with Costco Wholesale Corp. in 1993. Mr.&nbsp;Price was Chairman of the Board of Price/Costco, Inc. from October 1993 until December 1994
and Chairman of Price Enterprises from July 1994 until September 1997. Mr.&nbsp;Price currently serves as a Manager of The Price Group, LLC and as President of Price Philanthropies Foundation and Price Charities. Price Philanthropies is a private
family foundation that supports charitable activities in the Company&#146;s markets and San Diego, California. Mr.&nbsp;Price&#146;s 40 year experience in the warehouse club merchandising business as well as his extensive knowledge of the
Company&#146;s business, history and culture, support the Board of Directors&#146; conclusion that he should serve as a director of the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Leon C. Janks</B> has been Lead Director of the Company since October 2018 and has served as a director of the Company since July 1997. He served as Vice Chair
of the Board from October 2017 to October 2018. Mr.&nbsp;Janks served as a director of Price Enterprises from March 1995 until July 1997. He has been a partner in the accounting firm of Green, Hasson&nbsp;&amp; Janks LLP in Los Angeles, California
since 1980 and serves as its Managing Partner Emeritus. Mr.&nbsp;Janks has extensive experience in domestic and international business, serving a wide variety of clients in diverse businesses. Mr.&nbsp;Janks is a certified public accountant.
Mr.&nbsp;Janks&#146; experience, his significant accounting, financial and tax expertise which qualify him as an audit committee financial expert and his many years of service to the Company as a member of the Board of Directors contribute to the
Board of Directors&#146; conclusion that he should serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Sherry S. Bahrambeygui</B> has been Interim Chief Executive
Officer of the Company since November 2018 and has served as a director of the Company since November 2011.&nbsp;During her tenure on the Board, Ms.&nbsp;Bahrambeygui has been an instrumental component of the evolution of the Company&#146;s
governance and has led several efforts of strategic importance to the Company, including identification and recruitment of key talent for executive leadership, execution of strategic negotiations, and leading the acquisition of the technology and
online business, Aeropost, Inc.&nbsp;Ms.&nbsp;Bahrambeygui served as Vice Chair of the Board from October 2016 to October 2017. Ms.&nbsp;Bahrambeygui has served as a Senior Executive and Managing Member of The Price Group, LLC since January 2007,
serves as Executive Vice President, Secretary and Vice Chairman of the Boards of Price </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 1&nbsp;&nbsp;</B> Election of Directors (continued) </FONT></P>
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Charities and Price Philanthropies Foundation, and is the Chief Executive Officer of PS Ivanhoe, LLC, a commercial real estate investment company. Ms.&nbsp;Bahrambeygui was a founding partner of
the law firm Bahrambeygui&nbsp;&amp; Hosey LLP and practiced law with an emphasis on international business, corporate and employment law.&nbsp;In this capacity prior to joining the Board of Directors, Ms.&nbsp;Bahrambeygui represented the Company
in several complex litigation matters achieving favorable outcomes. Ms.&nbsp;Bahrambeygui studied at Columbia University and graduated with a B.A. from the University of California San Diego and a J.D. from California Western School of
Law.&nbsp;Ms.&nbsp;Bahrambeygui&#146;s thorough understanding of the business and operations of the Company, extensive knowledge of international business and investments, as well as having effectively assisted the Company on a variety of complex
business matters, contribute to the Board of Directors&#146; conclusion that she should serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gonzalo Barrutieta
</B>has been a director of the Company since February 2008. Mr.&nbsp;Barrutieta was employed in several capacities with Grupo Gigante, S.A. de C. V. from 1994 to 2006, including as Director of Real Estate and New Business Development. Since 1994, he
has served as a member of the board of directors of Grupo Gigante. From 2002 through 2005, Mr.&nbsp;Barrutieta was a director of PriceSmart Mexico (formerly a joint venture between the Company and Grupo Gigante) and served as Chief Executive Officer
of PriceSmart Mexico from 2003 to 2005. Mr.&nbsp;Barrutieta has also been a director of Hoteles Presidente since 2004, of Office Depot Mexico since 2005, of Radio Shack Mexico from 2005 until 2012, and has served as President and director of
Operadora IPC de Mexico since 2007. Mr.&nbsp;Barrutieta&#146;s experience as an executive and director of international merchandising businesses, as well as his general knowledge and understanding of the markets in Latin America, contribute to the
Board of Directors&#146; conclusion that he should serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Gordon H. Hanson</B> has been a director of the Company since
April 2014. Mr.&nbsp;Hanson has been a tenured member of the economics faculty at the University of California, San Diego since 2001. At UC San Diego, Mr.&nbsp;Hanson directs the Center on Global Transformation. From 1998 to 2001, he was a tenured
member of management faculty at the University of Michigan, and from 1992 to 1998, he was on the economics faculty of the University of Texas. From 2009 until 2014, he served as a director of the Washington Office on Latin America, a <FONT
STYLE="white-space:nowrap">non-profit</FONT> organization working to promote civic advancement in the region, chairing their development committee. Mr.&nbsp;Hanson&#146;s extensive background in the analysis of the economies of Latin America,
including over two decades of experience in consulting for international financial organizations, contribute to the Board of Directors&#146; conclusion that he should serve as director of the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Beatriz V. Infante </B>has been a director of the Company since January 2018. Since 2009, Ms.&nbsp;Infante has served as Chief Executive Officer of
BusinessExcelleration LLC, a business consultancy specializing in corporate transformation and renewal. Since May 2014, she has served on the board of directors and as a member of the audit committee of Liquidity Services Inc., an online marketplace
for retail goods and capital assets, and has additionally served as chair of the compensation committee since November 2015. Since October 2017, she has served as director and member of the compensation and audit committees of Ribbon Communications
Inc., a cloud communications company formed from the merger of Sonus Networks, Inc. and GENBAND Holdings Company. From 2010 until its acquisition by Infor in 2011, Ms.&nbsp;Infante was the Chief Executive Officer and a director of ENXSUITE
Corporation. From 2006 until its acquisition by Voxeo Corporation in 2008, she was the Chief Executive Officer and a director of VoiceObjects Inc. Ms.&nbsp;Infante served as director and Interim Chief Executive Officer of Sychron, Inc from 2004
until its sale in 2005 to an investor group. Ms.&nbsp;Infante was Chief Executive Officer and President of Aspect Communications Corporation from April 2000 until October 2003, was additionally named Chairman in February 2001, and between October
1998 and April 2000 held additional executive roles, including <FONT STYLE="white-space:nowrap">Co-President.</FONT> Ms.&nbsp;Infante currently serves on the board of directors or advisory boards of private companies in the areas of cloud
infrastructure, cybersecurity and intelligent automation. Additionally, Ms.&nbsp;Infante is a National Association of Corporate Directors Board Leadership Fellow, and was named to the 2016 &#147;NACD Directorship 100,&#148; which honors the most
influential boardroom leaders each year. Ms.&nbsp;Infante holds a bachelor of science and engineering degree in electrical engineering and computer science from Princeton University and holds a master of science degree in engineering science from
California Institute of Technology. Ms.&nbsp;Infante&#146; s executive leadership experience, including from her service as a chief executive officer of various companies, along with extensive operational expertise and
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 1&nbsp;&nbsp;</B> Election of Directors (continued) </FONT></P>
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experience in digital transformation, engineering, sales and marketing, contribute to the Board of Directors&#146; conclusion that she should serve as a director of the Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Mitchell G. Lynn</B> has been a director of the Company since November 2011. Mr.&nbsp;Lynn served in several senior executive positions and as the President and
a director of The Price Company prior to its merger in 1993 with Costco, Inc., and from 1993 until 1994, he served as an executive officer, director and member of the Executive Committee of Price/Costco. Mr.&nbsp;Lynn also was a member of The Price
Group, LLC from 2005 to 2008. Mr.&nbsp;Lynn is a founding and continuing director of Bodega Latina Corporation, dba El Super and Fiesta Mart, a <FONT STYLE="white-space:nowrap">122-store</FONT> warehouse-style grocery retailer that targets the
Hispanic market in the southwestern United States. Mr.&nbsp;Lynn is a founding and continuing director of Origin International Inc., which is focused on recycling waste oils. Mr.&nbsp;Lynn is also the founder, limited partner and a general partner
of CRI 2000, LP, dba Combined Resources International, and Lightspeed Outdoors, LP, dba Lightspeed, which designs, develops and manufactures consumer products under various brand names for domestic and international wholesale distribution, primarily
through warehouse clubs and online retailers. Mr.&nbsp;Lynn also is a founder, limited partner and a general partner of ECR4Kids LP dba ECR4Kids, which designs, manufactures, imports and sells educational/classroom products to wholesale dealers and
online retailers. Mr.&nbsp;Lynn is a certified public accountant (inactive) and a licensed real estate broker in California. Mr.&nbsp;Lynn&#146;s extensive prior experience in both the warehouse club business and general retailing and his
significant knowledge relating to accounting and financial matters contribute to the Board of Directors&#146; conclusion that he should serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Gary Malino</B> has been a director of the Company since April 2016. Mr.&nbsp;Malino is a former senior executive of Realty Income Corporation, a real estate investment trust (REIT) listed on the New York Stock
Exchange. Mr.&nbsp;Malino joined Realty Income Corporation in 1985 and was the Chief Financial Officer from 1994 until 2001 when he was promoted to President and Chief Operating Officer, the position he held until his retirement in 2014. Prior to
joining Realty Income, Mr.&nbsp;Malino was a manager for a Los Angeles-based public accounting firm (1981-1985) and assistant controller with McMillin Development Company, a real estate development company (1979-1981). Mr.&nbsp;Malino is a certified
public accountant (inactive) and a licensed real estate broker in California. Mr.&nbsp;Malino&#146;s extensive experience as a prior executive of a publicly traded company, his accounting background and his extensive experience with finance and real
estate matters contributed to the Board of Directors&#146; conclusion that he should serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Pierre Mignault </B>has
been a director of the Company since August 2015. Mr.&nbsp;Mignault has more than 45 years&#146; experience in the retail sector, starting his career in 1969 as a management trainee with The Bay Department Stores (Hudson&#146;s Bay Company) and
working through a series of executive positions, ultimately serving as General Manager for the eastern region from 1983 until 1985. From 1985 to 1993, he served as Chief Executive Officer of Price Club Canada. Mr.&nbsp;Mignault served as Chief
Executive Officer of Provigo Inc., a Canadian public company and the second largest food retailer in Canada, from 1993 until it was acquired by Loblaw Companies Limited in November 1998, remaining with that company through March 1999. From 2000
until September 2005, he was Chairman of Fly America Furniture, a private company. Mr.&nbsp;Mignault&#146;s extensive knowledge and significant experience in both the warehouse club business and general retailing contribute to the Board of
Directors&#146; conclusion that he should serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Edgar Zurcher </B>has been a director of the Company since
October&nbsp;2009 and also served as a director of the Company from November 2000 to February 2008. Mr.&nbsp;Zurcher has been a partner in the law firm Zurcher, Odio&nbsp;&amp; Raven in Costa Rica since 1980, which the Company uses as counsel for
certain legal matters. Mr.&nbsp;Zurcher is also President of PLP, S.A., as well as a director of Payless ShoeSource Holdings, Ltd. (&#147;Payless Shoes&#148;). PLP, S.A. owns 40% of Payless Shoes. Additionally, Mr.&nbsp;Zurcher is a director of
Molinos de Costa Rica Pasta and Roma S.A. dba Roma Prince S.A. and is a director of Promerica Financial Corporation, S.A. Mr.&nbsp;Zurcher&#146;s background in legal matters and his significant experience in Central America business and legal
affairs contribute to the Board of Directors&#146; conclusion that he should serve as a director of the Company. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 1&nbsp;&nbsp;</B> Election of Directors (continued) </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Recommendation of the Board of Directors </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>The Board of Directors recommends that stockholders vote FOR the slate of nominees set forth above. Proxies solicited by the Board of Directors will be so voted unless stockholders specify otherwise on the
accompanying Proxy. </B></FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Information Regarding the Board of<A NAME="toc662225_2"></A> Directors </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Board Meetings </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s Board of Directors held eleven meetings during fiscal year 2018. Except for Mr.&nbsp;Lynn, no nominee for director who served as a director during the past year attended fewer than 75% of the
aggregate of the total number of meetings of the Board of Directors and the total number of meetings of committees of the Board of Directors on which he or she served. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B>Board Leadership Structure </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The positions of Chairman and Chief Executive Officer are separate. During fiscal
year 2018, Mr.&nbsp;Price served as Chairman and Mr.&nbsp;Laparte served as Chief Executive Officer and President. Since November 2018, Ms.&nbsp;Bahrambeygui has served as Interim Chief Executive Officer, Mr.&nbsp;Price has served as Executive
Chairman and Mr.&nbsp;Janks has served as Lead Director. The Executive Chairman takes the lead on running the board of directors meetings, CEO succession, CEO development and guidance and strategic vision and plan guidance. The interim Chief
Executive Officer takes the lead on running the Company, including strategic plan and process, operating process, organizational process, compensation practices and management development. The Lead Director presides at meetings of the Board of
Directors at which the Executive Chairman is not present, including executive sessions of the independent directors. The Board of Directors believes that the current leadership of the Board of Directors by the Company&#146;s Executive Chairman and
Lead Director enhances the effectiveness of its oversight of management and provides a perspective that is separate and distinct from that of management. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Role of the Board of Directors in Risk Oversight </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board
of Directors oversees the Company&#146;s risk management processes, either as a whole or through its committees. Committees of the Board of Directors review with management and the Company&#146;s internal audit department the Company&#146;s major
risk exposures, their potential impact on the Company&#146;s business and the steps the Company takes to manage such risk exposures. The Board of Directors&#146; risk oversight process includes receiving reports from committees of the Board of
Directors and members of senior management. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Committees of the Board </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><I>Audit Committee</I>. The Audit Committee, which currently consists of Mr.&nbsp;Janks, Mr.&nbsp;Barrutieta, Mr.&nbsp;Malino, and Ms.&nbsp;Infante held five meetings during fiscal year 2018. The Audit Committee
oversees the Company&#146;s accounting and financial reporting processes and the audits of its consolidated financial statements. The Committee reviews the annual audits conducted by the Company&#146;s independent public accountants, reviews and
evaluates internal accounting controls, is responsible for the selection of the Company&#146;s independent public accountants, and conducts such reviews and examinations as it deems necessary with respect to the practices and policies of, and the
relationship between, the Company and its independent public accountants. All committee members satisfy the Nasdaq Stock Market&#146;s standards for &#147;independence,&#148; including applicable audit committee independence requirements, and the
Board of Directors has determined that Mr.&nbsp;Janks qualifies as an &#147;audit committee financial expert&#148; within the meaning of the applicable SEC rules and regulations. The Audit Committee is governed by a written charter adopted by the
Board of Directors, which is available on the Company&#146;s public website at <I>www.pricesmart.com</I>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Compensation Committee</I>. The
Compensation Committee, which consisted of Ms.&nbsp;Bahrambeygui, Mr.&nbsp;Janks, Ms.&nbsp;Infante and Mr.&nbsp;Malino during fiscal year 2018, held seven meetings during fiscal year 2018. Ms.&nbsp;Bahrambeygui resigned from the Compensation
Committee and Ms.&nbsp;Infante became Chair in October 2018. Each of the current members of the Compensation Committee satisfies the Nasdaq Stock Market&#146;s standards for &#147;independence,&#148; including applicable compensation committee
independence requirements. The Compensation Committee oversees the compensation philosophy for the Company and reviews and approves the compensation program for the Company&#146;s executive officers. The Committee is authorized to evaluate and
determine the compensation of the Company&#146;s Chief Executive Officer and reviews and approves compensation for all other executive officers. The Committee also administers, interprets and makes grants under the Company&#146;s equity incentive
award plans. The Compensation Committee is governed by a written charter adopted by the Board of Directors, which is available on the Company&#146;s public website at <I>www.pricesmart.com</I>. </FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>9</B></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Information Regarding the Board of Directors (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Nominating/Corporate Governance Committee.</I> The Nominating/Corporate Governance Committee, which consisted
of Ms.&nbsp;Bahrambeygui and Mr.&nbsp;Lynn during fiscal year 2018, held one meeting during fiscal year 2018. Ms.&nbsp;Bahrambeygui resigned from the Nominating/Corporate Governance Committee and Mr.&nbsp;Janks joined the Nominating/Corporate
Governance Committee as Chair in October 2018. The Nominating/Corporate Governance Committee considers the slate of nominees to be presented for reelection at annual meetings of stockholders. The Nominating/Corporate Governance Committee also may
evaluate and recommend candidates to add expertise and fill vacancies on the Board of Directors, which vacancies may be created by the departure of any directors or the expansion of the number of members of the Board of Directors. The
Nominating/Corporate Governance Committee approved the nomination of the candidates reflected in Proposal 1. The Nominating/Corporate Governance Committee also assists the Board of Directors as needed in establishing corporate governance guidelines
and other policies and procedures pertaining to corporate governance matters. The Nominating/Corporate Governance Committee is governed by a written charter adopted by the Board of Directors, which is available on the Company&#146;s public website
at <I>www.pricesmart.com</I>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Executive Committee</I>. The Executive Committee, which currently consists of Mr.&nbsp;Price, Mr.&nbsp;Janks and
Ms.&nbsp;Bahrambeygui, held no meetings during fiscal year 2018. The Executive Committee has all powers and rights necessary to exercise the full authority of the Board of Directors in the management of the business and affairs of the Company,
except as provided in the Delaware General Corporation Law or the Bylaws of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Finance Committee</I>. The Finance Committee, which
currently consists of Mr.&nbsp;Janks, Mr.&nbsp;Hanson, Mr.&nbsp;Malino and Mr.&nbsp;Price, held four meetings during fiscal year 2018. The Finance Committee reviews and makes recommendations with respect to (1)&nbsp;annual budgets,
(2)&nbsp;investments, (3)&nbsp;financing arrangements and (4)&nbsp;the creation, incurrence, assumption or guaranty by the Company of any indebtedness, obligation or liability, except, in each case, for any such transactions entered into in the
ordinary course of business of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Real Estate Committee. </I>The Real Estate Committee, which currently consists of Mr.&nbsp;Price,
Ms.&nbsp;Bahrambeygui and Mr.&nbsp;Lynn, held eleven meetings during fiscal year 2018. The Real Estate Committee reviews and approves the material terms of real estate-related transactions entered into by the Company, consistent with the applicable
annual budget of the Company previously approved by the Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Innovation Committee.</I> The Innovation Committee, which currently
consists of Mr.&nbsp;Price, Ms.&nbsp;Bahrambeygui, Ms.&nbsp;Infante and Mr.&nbsp;Janks, held six meetings during fiscal year 2018. The Innovation Committee is responsible for overseeing and providing counsel on matters of innovation and technology.
The Committee is responsible for reviewing and making recommendations to the Board relating to the Company&#146;s approach to technical and commercial innovation, the acquisition and implementation of new technologies to ensure growth and continuing
delivery of value to our members and the implementation of measurement and tracking systems. In addition, the Committee is responsible for fostering a culture of entrepreneurship and innovation, which may include disruption of how this business
format has operated for over four decades. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Policy Governing Stockholder Communications with the Board of Directors </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board of Directors welcomes communications from stockholders of the Company. Any stockholder who wishes to communicate with the Board of Directors or one or
more members of the Board of Directors should do so in writing in care of the General Counsel of the Company, at the principal office of the Company, 9740 Scranton Road, San Diego, California 92121. The General Counsel is directed to forward each
communication to the director or directors of the Company for whom it is intended. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Policy Governing Director Attendance at Annual Meetings of
Stockholders </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company encourages, but does not require, the members of its Board of Directors to attend the annual meeting of stockholders. All
eleven members then-serving on the Board of Directors attended the Annual Meeting of Stockholders held on January&nbsp;24, 2018. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Audit Committee Re<A NAME="toc662225_3"></A>port </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Audit Committee oversees the Company&#146;s financial accounting and reporting process and the audits of the
financial statements of the Company. All committee members satisfy the definition of independent director set forth in Rule 5605(a)(2) and Rule&nbsp;5605(c)(2) of the Nasdaq Stock Market&#146;s listing standards. The Audit Committee is governed by a
written charter adopted by the Board of Directors, which is available on the Company&#146;s public website at <I>www.pricesmart.com</I>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In fulfilling
its oversight responsibilities, the committee reviewed and discussed with management the audited financial statements in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended August&nbsp;31, 2018,
including a discussion of the quality, and not just the acceptability, of the accounting principles, the reasonableness of significant judgments, and the clarity of disclosures in the financial statements. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s independent registered public accounting firm, Ernst&nbsp;&amp; Young LLP (&#147;EY&#148;), is responsible for expressing an opinion on the
conformity of its audited financial statements with generally accepted accounting principles. EY met with the committee and expressed its judgment as to the quality, not just the acceptability, of the Company&#146;s accounting principles and
discussed with the committee other matters as required under generally accepted auditing standards, including those matters required to be discussed by Public Company Accounting Oversight Board Statement on Auditing Standards No.&nbsp;16
<I>Communications with Audit Committees</I>. In addition, EY discussed the accountants&#146; independence from the Company and from the Company&#146;s management and delivered to the committee those matters to be set forth in written disclosures as
required by applicable requirements of the Public Company Accounting Oversight Board regarding independent registered public accounting firm&#146;s communications with the Audit Committee concerning independence. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The committee discussed with the Company&#146;s independent registered public accounting firm the overall scope and plan of their audit. The committee meets with
the independent registered public accounting firm, with and without our management present, to discuss the results of their examinations, their evaluations of the Company&#146;s internal controls, and the overall quality of the Company&#146;s
financial reporting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In reliance on the reviews and discussions referred to above, the committee recommended to the Board of Directors that the audited
financial statements be included in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended August&nbsp;31, 2018 for filing with the SEC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">This report of the Audit Committee shall not be deemed incorporated by reference by any general statement incorporating by reference this Proxy Statement into any filing under the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under such acts. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Leon C. Janks </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gonzalo Barrutieta </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Beatriz Infante </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gary Malino<B> </B> </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11</B></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Securities Ownership of Ce<A NAME="toc662225_4"></A>rtain Beneficial Owners and Management </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth certain information
regarding the beneficial ownership of the Company&#146;s Common Stock as of November&nbsp;30, 2018 by (1)&nbsp;each of its directors and nominees for director, (2)&nbsp;each of its Named Executive Officers, (3)&nbsp;each person or group known by it
to own beneficially more than 5% of the Common Stock and (4)&nbsp;all directors and executive officers as a group. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"> <P STYLE="margin-left:0.38em"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Name and Address</FONT><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1) </SUP></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Number&nbsp;of&nbsp;Shares&nbsp;of<BR>Common
Stock<BR>Beneficially&nbsp;Owned</FONT><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;<BR></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Percentage&nbsp;of&nbsp;Shares<BR>of Common
Stock<BR>Beneficially Owned</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;<BR>&nbsp;</FONT></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Robert E. Price</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,559,670</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">24.8%</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sherry S. Bahrambeygui</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">244,826</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gonzalo Barrutieta</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">10,424</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gordon H. Hanson</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,617</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Beatriz V. Infante</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Leon C. Janks</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,714</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Mitchell G. Lynn</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,638</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Gary Malino</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,956</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Pierre Mignault</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,209</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Edgar A. Zurcher</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5,424</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Jose Luis Laparte</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">171,059</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Maarten O. Jager</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">25,762</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">John M. Heffner</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,084</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">William J. Naylon</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">40,217</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Francisco Velasco</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(10)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,555</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Jesus Von Chong</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">17,918</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">*</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">All executive officers and directors as a group (20 persons)</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,254,063</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">27.1</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Kayne Anderson Rudnick Investment Management LLP</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">1800 Avenue of the Stars, Second Floor</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.33em"><FONT
STYLE="font-family:ARIAL" SIZE="2">Los Angeles, CA 90067</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,783,011</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12.4</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">The Vanguard Group</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(11)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">100 Vanguard Blvd.</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Malvern, PA 19355</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,120,478</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7.0</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">T. Rowe Price Associates, Inc.</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(12)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">100 E. Pratt
Street</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Baltimore, MD 21202</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,041,846</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6.7</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Wellington Management Group LLP</FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(13)</SUP></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">c/o Wellington
Management Company LLP</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">280 Congress Street</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.33em"><FONT
STYLE="font-family:ARIAL" SIZE="2">Boston, MA 02210</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,792,600</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5.9</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:3px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>&nbsp;*</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Less than 1%. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Except as indicated, the address of each person named in the table is c/o PriceSmart, Inc., 9740 Scranton Road, San Diego, California 92121.
</I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Beneficial ownership of directors, executive officers and 5% or more stockholders includes shares of restricted stock subject to vesting, regardless of
vesting date, and shares issuable upon vesting of restricted stock units and performance stock units that vest </I></FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="95%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>12</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Securities Ownership of Certain Beneficial Owners and Management (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>within 60 days after the date of this table. Except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the
table have sole voting and dispositive power with respect to all shares of stock beneficially owned by them. </I></FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Mr.&nbsp;Price is manager of The Price Group, LLC (&#147;The Price Group&#148;). As such, for purposes of this table, he is deemed to beneficially own 150,511
shares of Common Stock held by The Price Group. Mr.&nbsp;Price has shared voting and dispositive power with respect to, and disclaims beneficial ownership of, the shares held by The Price Group. In addition, Mr.&nbsp;Price is Chairman of the Board
and President of Price Charities and a director of Price Philanthropies Foundation. As such, for purposes of this table, he is deemed to beneficially own 2,594,421 shares of Common Stock held by Price Charities and 1,784,034 shares of Common Stock
held by Price Philanthropies Foundation. Mr.&nbsp;Price has shared voting and dispositive power with respect to, and disclaims beneficial ownership of, the shares held by Price Charities and Price Philanthropies Foundation. If the percentages of
shares of Common Stock beneficially owned by Mr.&nbsp;Price were calculated without regard to the shares held by The Price Group, Price Charities and the Price Family Charitable Fund, he would own 9.9% of the Common Stock.
</I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 1,608,357 shares of Common Stock held by the Robert&nbsp;&amp; Allison Price Charitable Remainder Trust, of which Mr.&nbsp;Price is a trustee,
1,358,462 shares of Common Stock held by the Robert and Allison Price Trust, of which Mr.&nbsp;Price is a trustee, 18,825 shares of Common Stock held by trusts for the benefit of Mr.&nbsp;Price&#146;s son, of which Mr.&nbsp;Price is a trustee, and
45,000 shares of Common Stock held by family trusts, of which Allison Price, Mr.&nbsp;Price&#146;s wife, is the sole trustee. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 40,248 shares owned by trusts for the benefit of Mr.&nbsp;Price&#146;s children and nephew, of which Ms.&nbsp;Bahrambeygui is a trustee, 69,728
shares owned by the Hosey Family Trust, of which Ms.&nbsp;Bahrambeygui is a trustee and 2,000 shares owned by Ms.&nbsp;Bahrambeygui&#146;s minor children. Also includes 105,000 shares of Common Stock transferred to Ms.&nbsp;Bahrambeygui pursuant to
a restricted property agreement with The Price Group as compensation for her services to The Price Group, which are subject to vesting restrictions. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 4,650 shares held by the Lynn Family Trust. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 50,000 shares of restricted Common Stock that are subject to vesting restrictions. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 25,762 shares of restricted Common Stock that are subject to vesting restrictions. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 25,162 shares of restricted Common Stock that are subject to vesting restrictions. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(10)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 8,293 shares of restricted Common Stock that are subject to vesting restrictions. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(11)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 41,203 shares held by Vanguard Fiduciary Trust Company and 4,562 shares held by Vanguard Investments Australia, Ltd., both of which are wholly owned
subsidiaries of The Vanguard Group, Inc. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(12)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>These shares are owned by a variety of investment advisory clients of T. Rowe Price Associates, Inc. No client of T. Rowe Price Associates, Inc. is known to
own more than 5% of the Company&#146;s Common Stock. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(13)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>The securities as to which this Schedule is filed are owned of record by clients of one or more investment advisers directly or indirectly owned by Wellington
Management Group LLP. Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such securities. No such client is known to have such right or power with respect to more than
five percent of this class of securities. </I></FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>13</B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive Officers of th<A NAME="toc662225_5"></A>e Company </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The executive officers of the Company and their ages
as of November&nbsp;30, 2018 are as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>


<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"> <P STYLE="margin-left:0.40em"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Name</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff">
<P STYLE="margin-left:0.40em"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Position</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Age</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Sherry S. Bahrambeygui</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Interim Chief Executive Officer and Director</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">54</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Maarten Jager</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President and Chief Financial Officer</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">53</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">William J. Naylon</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President and Chief Operating Officer</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">56</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Francisco Velasco</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President, General Counsel, Chief Ethics&nbsp;&amp; Compliance Officer and
Secretary</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Ana Luisa Bianchi</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President&#151;Chief Merchandising Officer</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">51</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Rodrigo Calvo</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President&#151;Real Estate</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">47</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Frank Diaz</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President&#151;Logistics and Distribution</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Brud E. Drachman</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President&#151;Construction and Facilities</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">64</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">John D. Hildebrandt</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President&#151;Operations</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Laura Santana</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President&#151;Information Technology</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Jesus Von Chong</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Executive Vice President&#151;Local/Regional Buying&#151;Central
America/Caribbean/Colombia</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">52</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Sherry S. Bahrambeygui</B> has been Interim Chief Executive Officer of the Company since November 2018 and has served as a
director of the Company since November 2011.&nbsp;During her tenure on the Board, Ms.&nbsp;Bahrambeygui has been an instrumental component of the evolution of the Company&#146;s governance and has led several efforts of strategic importance to the
Company, including identification and recruitment of key talent for executive leadership, execution of strategic negotiations, and leading the acquisition of the technology and online business, Aeropost, Inc.&nbsp;Ms.&nbsp;Bahrambeygui served as
Vice Chair of the Board from October 2016 to October 2017. Ms.&nbsp;Bahrambeygui has served as a Senior Executive and Managing Member of The Price Group, LLC since January 2007, serves as Executive Vice President, Secretary and Vice Chairman of the
Boards of Price Charities and Price Philanthropies Foundation, and is the Chief Executive Officer of PS Ivanhoe, LLC, a commercial real estate investment company. Ms.&nbsp;Bahrambeygui was a founding partner of the law firm Bahrambeygui&nbsp;&amp;
Hosey LLP and practiced law with an emphasis on international business, corporate and employment law.&nbsp;In this capacity prior to joining the Board of Directors, Ms.&nbsp;Bahrambeygui represented the Company in several complex litigation matters
achieving favorable outcomes. Ms.&nbsp;Bahrambeygui studied at Columbia University and graduated with a B.A. from the University of California San Diego and a J.D. from California Western School of Law.&nbsp;Ms.&nbsp;Bahrambeygui&#146;s thorough
understanding of the business and operations of the Company, extensive knowledge of international business and investments, as well as having effectively assisted the Company on a variety of complex business matters, contribute to the Board of
Directors&#146; conclusion that she should serve as a director of the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Maarten O. Jager </B>has been Executive Vice President and Chief
Financial Officer of the Company since April 2018. Prior to joining PriceSmart, Mr.&nbsp;Jager served at Walmart from 2014 to 2018. During his tenure at Walmart, he served as Senior Vice President and Chief Financial Officer of Sam&#146;s Club from
2015 to 2018 and as Senior Vice President and Chief Financial Officer of its Asia division from 2014 to 2015 among other senior roles. Mr.&nbsp;Jager worked 14 years at Booz Allen Hamilton Inc., the general management consulting firm, prior to
devoting six more years to Diageo North America Inc. to oversee various strategic and financial responsibilities. Mr.&nbsp;Jager holds an MBA degree from the University of Chicago and engineering degrees from Stanford University and the University
of Michigan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>William J. Naylon</B> has been Executive Vice President and Chief Operating Officer of the Company since January 2002. Mr.&nbsp;Naylon
served as Executive Vice President&#151;Merchandising of the Company from July 2001 until January 2002 and as Senior Vice President of the Company from March 1998 until July 2001. From September 1995 through February 1998,
</FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive Officers of the Company (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Mr.&nbsp;Naylon was Managing Director for the
Company&#146;s licensee warehouse club operation in Indonesia. Prior to joining the Company, Mr.&nbsp;Naylon was a General Manager for Price/Costco and served in various management roles for The Price Company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Francisco Velasco</B> has been Executive Vice President, General Counsel and Secretary of the Company since July 2016 and Chief Ethics&nbsp;&amp; Compliance
Officer since October 2016. From March 2009 to June 2016, Mr.&nbsp;Velasco served as Division Counsel Latin America for AbbVie Inc., a publicly traded global biopharmaceutical company. Previously, he held
<FONT STYLE="white-space:nowrap">in-house</FONT> legal roles at Abbott Laboratories, Hanes Brands Inc. and Sara Lee Corporation, and he began his career in private practice specializing in the Latin America region. Mr.&nbsp;Velasco attended law
school in Mexico, has a Masters of Law degree from Georgetown University and has an MBA degree from Duke University. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Ana Luisa Bianchi</B> has been
Executive Vice President&#151;Chief Merchandising Officer since August 2018 and was Senior Vice President&#151;Merchandising&#151;Latin America Local from October 2016 through July 2018. From 2010 to October 2016, Ms.&nbsp;Bianchi was Vice
President&#151;Merchandising, overseeing the local side of the Colombia business. Ms.&nbsp;Bianchi previously served as regional buyer for the Central America operations from 2007 to 2010. From 2005 to 2007, Ms.&nbsp;Bianchi was local buyer for the
Guatemala operations. In 2004, Ms.&nbsp;Bianchi was a consultant to PriceSmart&#146;s St. Thomas operations. In 2003, Ms.&nbsp;Bianchi served as Merchandising Director for U.S. food purchases. From 1999 to 2003, Ms.&nbsp;Bianchi served as the food
and candy buyer in the Miami corporate office. Ms.&nbsp;Bianchi joined PriceSmart in 1998 as a local buyer for the Guatemala operations. Ms.&nbsp;Bianchi has a law degree in Guatemala from Universidad Rafael Land&iacute;var. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Rodrigo Calvo</B> has been Executive Vice President&#151;Real Estate since June 2015 and served as Senior Vice President of Real Estate from February 2009 after
joining PriceSmart in October 2004 as Director of Real Estate. Before coming to the Company, he led Grupo Promerica&#146;s real estate development division. Before that, he worked for McDonald&#146;s Corporation&#146;s real estate area and for CSU
(now Walmart Central America) in special projects. This combined background allowed him to develop a deep understanding of the commercial real estate field in Central America and the Dominican Republic. He holds a bachelors of science degree in
civil engineering from the University of Costa Rica and an MBA from INCAE Business School. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Frank Diaz</B> has been Executive Vice
President&#151;Logistics and Distribution since November 2015. Mr.&nbsp;Diaz previously served as Senior Vice President of Distribution and Logistics from February 2010 until November 2015. He joined PriceSmart in September 2008 as Vice President of
Logistics. Prior to joining the Company, Mr.&nbsp;Diaz worked more than 20 years in progressively responsible positions in the areas of operations, strategic planning and commercial development with <FONT STYLE="white-space:nowrap">top-tier</FONT>
logistics companies including UPS, FedEx and CS Integrated LLC. With DHL, Mr.&nbsp;Diaz was head of transformational programs involving international tradelane development and improved customer experience. Mr.&nbsp;Diaz has a bachelors of science
degree in industrial engineering from the New Jersey Institute of Technology and a logistics management certification from the Georgia Institute of Technology. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B>Brud E. Drachman</B> has been Executive Vice President&#151;Construction and Facilities since August 2013, was Executive Vice President&#151;Construction Management of the Company from November 2005 until July
2013, served as Executive Vice President&#151;Real Estate and Construction of the Company from February 2005 through October 2005 and as Executive Vice President&#151;Construction and Private Label Merchandising from November 2004 until January
2005. Mr.&nbsp;Drachman served as Executive Vice President&#151;Real Estate and Construction of the Company from November 2002 until October 2004 and served as Senior Vice President&#151;Real Estate and Construction of the Company from August 1998
to October 2002. Mr.&nbsp;Drachman previously served as Vice President&#151;Real Estate and Construction at Price Enterprises from August 1994 to August 1997. Prior to joining Price Enterprises in 1994, Mr.&nbsp;Drachman served as Project Manager at
The Price Company beginning in 1987. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>John D. Hildebrandt</B> has been Executive Vice President&#151;Operations of the Company since February 2010.
Mr.&nbsp;Hildebrandt served as Executive Vice President&#151;Central America and Trinidad Operations from March 2009 through January 2010, as Executive Vice President&#151;Central America Operations from August 2003 until February 2009, as Executive
Vice President&#151; </FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>15</B></FONT></TD></TR></TABLE>

</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive Officers of the Company (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Caribbean and Asia Operations from July 2001 until
July 2003 and as Senior Vice President of the Company from September 2000 until July 2001. Mr.&nbsp;Hildebrandt previously served as Vice President of the Company from September 1998 until August 2000, overseeing operations in Central America.
Mr.&nbsp;Hildebrandt served as the Company&#146;s Country Manager in the Philippines and Panama from August 1997 until August 1998, and as Price Enterprises&#146; Country Manager in the Philippines and Panama from 1996 until the Company was spun off
from Price Enterprises in August 1997. Prior to joining Price Enterprises as Country Manager in 1996, Mr.&nbsp;Hildebrandt was a Senior Operations Manager of Price/Costco from 1994 through 1996, and served in various management roles for The Price
Company beginning in 1979. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Laura Santana</B> has been Executive Vice President&#151;Information Technology since March 2017. Ms.&nbsp;Santana has
served in progressively responsible positions relating to the Company&#146;s IT systems since joining the Company in 1995. Ms.&nbsp;Santana previously worked at The Price Company from 1987 to 1995 in operations and information technology.
Ms.&nbsp;Santana is a graduate of the University of San Diego. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Jesus Von Chong </B>has been Executive Vice President&#151;Local/Regional
Buying&#151;Central America/Caribbean/Colombia since August 2018. He previously served as Executive Vice President&#151;Chief Merchandising Officer from September 2016 through July 2018 and was Executive Vice President&#151;Foods Merchandising from
November 2015 through August 2016. Mr.&nbsp;Von Chong served as Senior Vice President of Merchandising for Central America beginning in 2003, added Colombia to his responsibilities in March 2011 and the Caribbean Region in April 2015. He served as a
Regional Merchandising Director for Panama, Costa Rica and Dominican Republic from 2000 to 2003. He was first employed by the Company as a buyer in the Company&#146;s operations in Panama in 1996. Mr.&nbsp;Von Chong progressed to head Buyer in 1998,
Warehouse Manager for Via Brasil Operations in 1999 and to Panama&#146;s Country Manager in 2000. </FONT></P>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Compensation Discussion and Analysis
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee of our Board of Directors, comprised entirely of independent directors, administers the Company&#146;s executive
compensation program. The role of the Compensation Committee is to oversee compensation and benefit plans and policies, administer stock plans, and review and approve annually all compensation decisions relating to all executive officers.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Purposes and Structure of the Executive Compensation Program </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The executive compensation program is designed to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Attract, motivate and retain superior talent; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Encourage high performance, collaboration and accountability; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Align executive pay opportunities with Company performance and stockholder returns. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">To achieve these objectives, the Compensation Committee, which is comprised of members who have knowledge of executive compensation levels of other companies by virtue of their professional background, experience
and dealings external to the Company, has implemented compensation plans that provide a competitive salary and align compensation with stockholder returns. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In determining specific amounts and components of compensation, the Compensation Committee considered each officer&#146;s performance, level of responsibility, skills and experience, and other compensation awards
or arrangements, as more fully described below under &#147;Elements of Compensation.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Compensation Determination Process </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Each year the Compensation Committee relies on multiple data points to assess the competitiveness of our executive compensation program and the individual
compensation of our executives. Information the Compensation Committee uses to perform this analysis includes: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company&#146;s performance against its financial and operational goals; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The mix of short-term and long-term compensation in the form of cash and equity-based compensation; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">A review of information on the competitive market, compiled by the Compensation Committee&#146;s independent consultant; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">The expense to the Company of the proposed compensation for the following fiscal year relative to the Company&#146;s budget. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee reviews and approves all equity awards for all executives and employees. Management provides information to the Committee members at
their request to aid in their decision-making. The information includes historical cash compensation and stock grants to the Company&#146;s executives, internal equity comparisons, and the financial impact to the Company of particular compensation
decisions. The Compensation Committee also receives comparable company compensation information, as described below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">During fiscal year 2018, the
Company&#146;s Chairman made recommendations to the Compensation Committee with respect to salary and restricted stock for the Chief Executive Officer and President, and the Chief Executive Officer and President made recommendations to the
Compensation Committee with respect to salary and restricted stock for the Executive Vice Presidents. In addition, the Compensation Committee regularly engages an independent compensation consultant to conduct market reviews of our competitive
market for executive talent. The Committee engaged Semler Brossy Consulting Group to conduct a review of market data for use in determining fiscal 2019 compensation levels and to provide recommendations on instituting a
</FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>17</B></FONT></TD></TR></TABLE>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">long-term performance-based compensation structure,
in response to stockholder input. After gathering this input and receiving these recommendations, the Compensation Committee determined the compensation of our Named Executive Officers in executive session. In the case of employees below the level
of Executive Vice President, the Chief Executive Officer and President, working with other members of management, set their cash compensation and made recommendations to the Compensation Committee with respect to equity awards. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee has not adopted any formal or informal policies or guidelines for allocating compensation between annual and long-term compensation,
between cash and <FONT STYLE="white-space:nowrap">non-cash</FONT> compensation, or among different forms of compensation. However, the Compensation Committee believes that long-term compensation plays an important role in encouraging positive
results through collaboration, aligning the compensation of the senior management team to stockholder returns and in retaining key executives. In particular, the Compensation Committee believes that the Chief Executive Officer&#146;s compensation
should be more heavily weighted towards long-term incentives as compared to other members of senior management given his or her greater ability to affect the results of the Company and the importance of retaining his or her services. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth executive compensation and governance policies and practices we have implemented to advance the objectives of our executive
compensation program and to align our practices and policies with industry-leading standards. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"> <P STYLE="margin-left:0.38em"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Practice</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">PriceSmart Policy</FONT></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Alignment of Compensation and Stockholder Returns</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#10003;</FONT></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">A majority of the total target compensation opportunity of our Named Executive Officers is long-term equity incentive
awards.</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Stock Ownership Requirements</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#10003;</FONT></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">All of our executive officers and outside directors are subject to stock ownership requirements.</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Clawback Policy</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#10003;</FONT></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">All of our executive officers are subject to a compensation clawback policy.</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Independent Compensation Consultant</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#10003;</FONT></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee engages an independent compensation consultant that reviews and advises the Compensation Committee on
executive compensation. The consultant performs services solely for the Compensation Committee.</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Anti-Hedging and Pledging Policy</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#10003;</FONT></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">We do not allow executive officers or directors to enter into any hedging or pledging transactions relating to our common
shares.</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Excise Tax <FONT STYLE="white-space:nowrap">Gross-Ups</FONT></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#10003;</FONT></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">We do not pay excise tax gross ups under our employment agreements in the event of a change in control.</FONT></TD></TR>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>18</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Comparison of Short-Term Compensation and
Long-Term, Equity-Based Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The charts below show the percentage breakdown of short-term compensation (comprised of salary, dividends paid
on restricted stock, 401(k) contribution by the Company and miscellaneous perquisites) and long-term, equity-based compensation (comprised of the dollar value of restricted stock awards that vested during the fiscal year based on the market value on
the vesting date) for fiscal year 2018 for our former Chief Executive Officer and President and for the other Named Executive Officers. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:0px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


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 </P> <P STYLE="line-height:0pt;margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#FFFFFF">Components of CEO Compensation Short-Term Compensation Long-Term Compensation
Components of Other NEO Compensation Short-Term Compensation Long-Term Compensation </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Performance Evaluation Process </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee and our Chief Executive Officer generally consider the following objective and subjective factors when evaluating the performance of our
executive officers: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">long-term strategic goals; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">short-term business goals; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">same store sales growth of the Company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">profit and revenue goals; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">earnings per share; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">optimization of organizational effectiveness and productivity; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">fostering teamwork and other corporate values; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">leadership and the development of talent; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the performance of our competitors; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">specific business challenges and general economic and market conditions. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee and our Chief Executive Officer do not assign any of these performance factors a specific weight, but they seek to strike an appropriate balance each year and for each executive. Further,
the Compensation Committee and Chief Executive Officer may consider different factors for each executive. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Use of Independent Compensation Consultant
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In fiscal year 2018, the Compensation Committee retained Semler Brossy Consulting Group as its independent executive compensation consultant. Semler
Brossy has no other business relationship with the Company and receives no payments from us other than the fees for services to the Compensation Committee. Semler Brossy reports directly to the Compensation Committee, and the Compensation Committee
may replace Semler Brossy or hire additional consultants at any time. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>19</B></FONT></TD></TR></TABLE>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">During fiscal year 2018, the scope of Semler
Brossy&#146;s engagement included: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Conducting a review of the competitive market information for our executive officers, including our former Chief Executive Officer and President;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Reviewing and commenting, as requested by the Compensation Committee, on our executive compensation programs and opportunities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Reviewing and commenting on the Compensation Committee&#146;s report for the proxy statement; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Participating in the design and implementation of new performance linkages in our equity compensation program. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Role of Comparable Company Compensation Information in the Compensation Determination Process </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee establishes individual executive compensation at levels the Compensation Committee believes are comparable with those of executives in other companies of similar size and stage of
development operating in retail industries, taking into account our own strategic goals and our relative performance. Management utilized Equilar Inc.&#146;s Executive Insight research database, a resource for referencing executive compensation and
analyzing executive pay trends based on information Equilar gathers from proxy statements and reports filed with the Securities and Exchange Commission, and additional competitive information provided by our compensation consultant, Semler Brossy.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The most directly comparable companies to PriceSmart are Costco Wholesale Corporation, Sam&#146;s Club and BJ&#146;s Wholesale Club Holdings, Inc.
These corporations&#146; sizes relative to PriceSmart&#146;s makes comparisons impractical for executive compensation purposes. In addition, comparable compensation data for Sam&#146;s Club is not publicly available, and comparable compensation
information has not been available for BJ&#146;s until July 2018. Accordingly, the Compensation Committee determined that for fiscal 2018 our Named Executive Officers&#146; compensation should be compared to compensation of executives at public
companies Institutional Shareholder Services included in its most recent benchmarking analysis for PriceSmart. ISS uses a peer group comprised of the 16 public companies in the same SIC code as PriceSmart, with revenues between $1.6&nbsp;billion and
$8&nbsp;billion and employees between 1,500 and 40,000. The Compensation Committee adopted the same group, except that it excluded Sears Hometown&nbsp;&amp; Outlet Stores, Inc. because of its recent bankruptcy filing. The peer group, excluding
Sears, consists of the following 15 companies: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">Aaron&#146;s Inc., Andersons, Inc., Ascena Retail Group, Inc., Big Lots, Inc., <FONT STYLE="white-space:nowrap">Bon-Ton</FONT> Stores, Inc., Burlington Stores,
Inc., Casey&#146;s General Stores, Inc., Dillard&#146;s, Inc., DSW Inc., Fred&#146;s, Inc., Ingles Markets Inc., Neiman Marcus Group LTD LLC, Rent A Center Inc. DE, Village Super Market Inc., and Weis Markets Inc. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Prior to fiscal 2018, our Compensation Committee compared our Named Executive Officers&#146; compensation to that of two groups: U.S.-based retail companies with
annual revenues ranging from $1.9&nbsp;billion to $15&nbsp;billion and companies based in Southern California with revenues of $196&nbsp;million to $3.8&nbsp;billion. The list of U.S. retail companies we previously used is similar to the list of
retail companies set forth above, but we believe the list set forth above is comprised of companies more comparable to PriceSmart than our previous list. In addition, given our national recruiting of our two most recently hired Named Executive
Officers and that two of our six named executive officers in fiscal 2018 worked outside of Southern California, the Compensation Committee has determined that a peer group comprised of Southern California-based companies is significantly less
meaningful than the list of peer companies set forth above. We expect the public companies included in our new peer group to change as companies move into and out of the annual revenue ranges or cease to be publicly traded. In addition, moving
forward, the Compensation Committee will review the peer group each year, and it may make changes from time to time to ensure the group remains current and meaningful for benchmarking executive pay levels and practices. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As part of its compensation program review process, the Compensation Committee assesses the mix of the compensation elements for our Named Executive Officers
against compensation data from Equilar, as well as information from Semler Brossy, </FONT></P>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">for similar positions within the peer group. The
Compensation Committee noted substantial variation between the compensation levels of similarly situated executives. In particular, the Compensation Committee noted that long-term equity compensation varied significantly <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">company-to-company</FONT></FONT> as a result of differences in the frequency and timing of equity grants. As a result, the Compensation Committee focused on the competitiveness of
PriceSmart&#146;s cash compensation relative to peer companies. The Compensation Committee determined that the cash compensation for our Named Executive Officers was below competitive midpoints, and therefore, the Compensation Committee concluded
that the compensation to PriceSmart executives was not excessive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Based on the objectives outlined above, the Compensation Committee strives to set
target total compensation opportunity levels and the individual components of compensation to be competitive with the market in which we compete for executive talent. The Compensation Committee does not, however, target any specific percentile of
market compensation levels. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Compensation data for the peer group of companies is only one of the many factors the Compensation Committee considers in
setting compensation for PriceSmart&#146;s Named Executive Officers, and actual compensation may vary based on the Compensation Committee&#146;s review of other considerations, including the Company&#146;s and the individual Named Executive
Officer&#146;s performance and the value of the executive&#146;s leadership and other skills to the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Elements of Compensation
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In fiscal year 2018, the compensation of our Named Executive Officers was comprised of base salaries and long-term, equity-based incentives in the
form of restricted stock awards and, in the case of two executives, performance stock units. Prior to fiscal year 2016, a portion of our Named Executive Officers&#146; compensation included an annual cash bonus based upon achievement of certain
short-term levels of operating income and sales performance. In fiscal year 2016, the Compensation Committee determined that our Named Executive Officers played an important and strategic role in guiding the Company toward sustainable and long-term
success that could more effectively be incentivized by eliminating the annual cash bonus and increasing the long-term equity component of Named Executive Officers&#146; compensation. Equity grants to our executives vest with continued service over
multiple years. This multi-year approach closely reflects the long-term orientation inherent in our membership-based business model. Further, the Compensation Committee&#146;s administration of the annual cash incentive program had been challenging
because of economic variability and fluctuations in currency exchange rates in certain of the Company&#146;s principal business markets that resulted in financial outcomes unrelated to the performance of management. The Compensation Committee
determined that equity grants could help manage through this variability. Finally, equity compensation underscores the alignment of our executives and stockholders over time, enhancing an ethic of ownership within our executive team. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Base Salary</I></B>. Base salaries for the Named Executive Officers were initially established either when they were hired into the position from outside the
Company or as they were promoted to increasing levels of responsibility within the Company. Base salaries for the Named Executive Officers are generally established based on the scope of their responsibilities, level of experience and individual
performance, taking into account both external competitiveness and internal equity considerations. While the goal for the base salary component is to compensate executives at a level that is competitive with the salaries of executives in comparable
positions among our peer group, the Compensation Committee does not attempt to set base salaries at a certain target percentile within the peer group. Instead, the Compensation Committee considers external market information only to confirm that its
base salary determinations based on the other factors described above are competitive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee annually evaluates the base salary
levels of the Named Executive Officers to ensure that there is consistency within the Company based upon scope of responsibility and also to ensure that the base salaries are not excessive relative to the peer companies listed above. In establishing
changes to base salaries, the Compensation Committee may consider the overall financial condition of the Company but does not make changes to executive salaries based on the achievement of any particular financial criteria. </FONT></P>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>21</B></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In January 2018, all of the Named Executive Officers
received increases to their base salaries of 2%. The increase in base pay for <FONT STYLE="white-space:nowrap">non-executive</FONT> U.S.-based employees within the Company was 3%. Mr.&nbsp;Laparte received an increase of $15,064, Mr.&nbsp;Heffner
received an increase of $8,869, Mr.&nbsp;Naylon received an increase of $10,737, Mr.&nbsp;Velasco received an increase of $8,446 and Mr.&nbsp;Von Chong received an increase of $8,487. In each case, these increases were intended to maintain base
salaries at an appropriate level based upon the Compensation Committee&#146;s review of peer group companies and taking into account general economic inflation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B><I>Long-Term Incentive Compensation</I></B>. We believe that long-term incentives for higher level executives are consistent with the values and culture of the Company and therefore should be an integral and
heavily weighted part of the overall executive compensation program. Direct linkages of executive pay with the Company&#146;s stock price performance encourages and rewards an owner-operator mindset among the Company&#146;s executives. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PriceSmart has used restricted stock as the primary long-term incentive vehicle because: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">restricted stock and the related vesting period help attract and retain executives; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the value received by the recipient of a restricted stock grant is enhanced as our stock price increases; therefore, restricted stock promotes teamwork and
collaboration and enhances the executives&#146; incentives to increase the stock price and maximize stockholder value; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">restricted stock helps to provide a balance to the overall executive compensation program as restricted stock rewards executives for increases in stockholder
value over the longer term. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">PriceSmart historically has awarded restricted stock with time-based vesting to its Named Executive
Officers, but the Compensation Committee has determined performance-based equity is an important tool, alongside grants of restricted stock with time-based vesting. In fiscal 2018, the Compensation Committee made the Company&#146;s first-ever grants
of performance stock units to Mr.&nbsp;Jager, the Company&#146;s Chief Financial Officer, and Mr.&nbsp;Velasco, the Company&#146;s General Counsel. If the Company achieves revenue or operating income targets specified by the Compensation Committee
for fiscal year 2019, these awards will vest in two annual installments in October 2019 and October 2020 subject to the recipient&#146;s continued employment through those vesting dates. The performance stock units have dividend equivalents, but
payment of such amounts will be subject to satisfaction of the performance criteria. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In fiscal year 2017, the Compensation Committee decided that the
Company should make smaller annual grants of restricted stock vesting over a period of three years instead of the larger, periodic grants vesting over five or more years the Compensation Committee had previously made. In moving to annual awards, the
Compensation Committee noted that moving to smaller, but more frequent, awards would give the Compensation Committee greater flexibility to adjust awards to take into account: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">an individual&#146;s value to the Company, including any extraordinary skills or characteristics which might warrant special consideration;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in external benchmarks; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">changes in internal benchmarks, addressing morale and fairness issues; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">an individual&#146;s trend in compensation relative to changes in the financial performance of the Company; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">fiscal responsibility and appropriateness given the short- and long-term performance of the Company. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee also noted that annual awards would allow the Company to have better fiscal control of the compensation program; would more easily allow
for the implementation of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-for-performance</FONT></FONT> metrics; and would help prevent hardship or windfall scenarios in future. </FONT></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Despite the Compensation Committee&#146;s
determination in fiscal year 2017 to make grants on an annual rather than periodic basis, it elected not to make any grants to our Named Executive Officers in fiscal year 2017 given grants made in fiscal year 2016 under the prior approach. In
addition, apart from supplemental grants of time-vesting restricted stock and performance stock units to Mr.&nbsp;Jager and Mr.&nbsp;Velasco, the Compensation Committee also did not make any grants in fiscal year 2018 as it worked with Semler Brossy
to incorporate performance-based vesting into at least a portion of the annual equity incentive awards. The Compensation Committee made grants of performance stock units and restricted stock to our Named Executive Officers (other than
Mr.&nbsp;Laparte) in October 2018 (fiscal year 2019) and made grants of performance stock units and restricted stock to Ms.&nbsp;Bahrambeygui in November 2018 (fiscal year 2019). The grants to Ms.&nbsp;Bahrambeygui are comprised of 2/3 restricted
stock and 1/3 performance stock units with the same performance criteria as the other executive officer grants and a <FONT STYLE="white-space:nowrap">one-year</FONT> vesting schedule. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee believes that, moving forward, these two equity instruments&#151;performance stock units and restricted stock&#151;will work together to provide the Company&#146;s executives a
competitive pay opportunity that focuses executives on maximizing stockholder value over the long term. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In determining the number of shares of
restricted stock to be granted to our Named Executive Officers, the Compensation Committee takes into account the individual&#146;s position, scope of responsibility, ability to affect profits and stockholder value, and the value of restricted stock
in relation to other elements of the individual executive&#146;s total compensation. All awards of restricted stock are made by the Compensation Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Our Named Executive Officers recognize taxable income from restricted stock when and as shares vest. On each vesting date, the Company repurchases a portion of the shares vesting on such vesting date from the
participant to cover the tax obligations triggered by the vesting. The Company repurchases the shares at their fair market value on the date of vesting and pays this amount directly to the taxing authorities. The Company generally receives a
corresponding tax deduction for compensation expense in the year of vesting, subject to limits on the deductibility of compensation in excess of $1.0&nbsp;million paid to certain executives under Internal Revenue Code Section&nbsp;162(m). The amount
included in the participant&#146;s wages upon such vesting, and, subject to Section&nbsp;162(m), the amount we may deduct, is equal to the fair market value of a share of Common Stock on the date the shares vest, multiplied by the number of shares
vesting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B><I>Severance and Change in Control Payments.</I></B><B> </B>We have entered into agreements and maintain plans that require us to make
payments and/or provide benefits to our Named Executive Officers under specified circumstances in the event of a termination of their employment or a change in control. We provide for certain severance benefits in the event that a Named Executive
Officer&#146;s employment is involuntarily terminated. Such severance benefits are designed to alleviate the financial impact of an involuntary termination through salary continuation and are intended to provide for a stable work environment. We
believe that reasonable severance benefits for our Named Executive Officers are important because it may be difficult for our executive officers to find comparable employment within a short period of time following certain qualifying terminations.
In addition to normal severance, we provide for accelerated vesting of all equity awards for all employees in the event of a change in control as a means of reinforcing and encouraging the continued attention and dedication of our employees to their
duties of employment without personal distraction or conflict of interest in circumstances which could arise from the occurrence of a change in control. We believe that the interests of stockholders will be best served if the interests of our senior
management are aligned with them, and providing these <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">change-in-control</FONT></FONT> benefits should eliminate, or at least reduce, the reluctance of senior management to pursue
potential change in control transactions that may be in the best interests of stockholders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company provides severance, continuity and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">change-in-control</FONT></FONT> benefits because they are essential to help us fulfill our objectives of attracting and retaining key managerial talent. These agreements are intended to be
competitive with those of similarly sized companies in our industry and company size and to attract and retain highly qualified individuals. While these arrangements form an integral part of the total compensation provided to these individuals and
are considered by the </FONT></P>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23</B></FONT></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Compensation Committee when determining executive
officer compensation, the decision to offer these benefits did not influence the Compensation Committee&#146;s determinations concerning other direct compensation or benefit levels. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><B><I>Other Benefits</I></B>. PriceSmart&#146;s Named Executive Officers are eligible to participate in all of our employee benefit plans, such as our 401(k) plan and our medical, dental, vision, long and
short-term disability and life insurance plans, in each case on the same basis as other employees. We also offer our Chief Executive Officer and President a housing allowance and travel benefits in accordance with his employment agreement described
below, and we reimbursed moving expenses and are providing a <FONT STYLE="white-space:nowrap">one-year</FONT> housing allowance of $60,000 for our Chief Financial Offer. The Compensation Committee believes that these perquisites are no greater than
competitors&#146; practices. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Say-on-Pay</FONT></FONT> Feedback from Stockholders
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">At our 2018 Annual Meeting of Stockholders, we sought an advisory vote from our stockholders regarding our executive compensation program and
received a 99.7% favorable vote supporting the program, excluding abstentions and broker <FONT STYLE="white-space:nowrap">non-votes.</FONT> For fiscal year 2018, the Compensation Committee considered the results of the advisory vote as part of its
annual review of the compensation provided to our Named Executive Officers and other executives. The Compensation Committee will continue to consider the outcome of our
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">say-on-pay</FONT></FONT> votes when making future compensation decisions for the Company&#146;s executive officers. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B>Stock Ownership Guidelines and Hedging and Pledging Prohibition </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To further align executive and stockholder
interests, we have adopted stock ownership guidelines for our executives and <FONT STYLE="white-space:nowrap">non-employee</FONT> directors. The guidelines require our Chief Executive Officer to hold Common Stock with a value of at least five times
his or her base salary and other executive officers to hold Common Stock with a value of at least one times their respective base salaries. The guideline for <FONT STYLE="white-space:nowrap">non-employee</FONT> directors is one times their annual
cash compensation. Until such time as an executive or <FONT STYLE="white-space:nowrap">non-employee</FONT> director satisfies the minimum ownership requirement set forth herein, such executive or <FONT STYLE="white-space:nowrap">non-employee</FONT>
directors is required to hold 50% of the equity awards (net of amounts required to satisfy any applicable tax obligations arising in connection with the exercise or vesting of any equity award) granted by the Company on or after the date such
executive or <FONT STYLE="white-space:nowrap">non-employee</FONT> director becomes subject to these guidelines. After an executive or <FONT STYLE="white-space:nowrap">non-employee</FONT> director satisfies the minimum ownership requirement as of a
measurement date, he or she will be deemed to be in compliance with the stock ownership guidelines notwithstanding subsequent changes in the value of his or her stock ownership, so long as the number of shares deemed held does not decrease (as
counted in connection with the foregoing valuation methodology). In addition to the minimum stock ownership requirements, we do not allow our executive officers or <FONT STYLE="white-space:nowrap">non-employee</FONT> directors to enter into any
hedging, pledging or monetization transactions involving our Common Stock. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Recoupment Policy </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We adopted a Compensation Recoupment Policy effective as of September&nbsp;19, 2017. The recoupment (or &#147;clawback&#148;) policy provides the Compensation
Committee with broad discretion to recoup certain incentive awards made to the Company&#146;s executive officers when it determines that (1)&nbsp;an executive engaged in serious misconduct or failed to supervise a subordinate employee who engaged in
serious misconduct which the executive knew, or was reckless in not knowing, was occurring, and (2)&nbsp;such misconduct resulted in a material violation of law or a written Company policy that caused significant financial or reputational harm to
the Company. This clawback policy is broader than current and expected regulatory requirements. The policy can be found on the Corporate Governance section of our website. </FONT></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Compensation Committee Report </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We have reviewed and discussed with management the Compensation Discussion and Analysis required to be included in this Proxy Statement. Based on the reviews and
discussions referred to above, we recommend to the Board of Directors that the Compensation Discussion and Analysis referred to above be included in our Proxy Statement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The foregoing has been furnished by the Compensation Committee. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Beatriz Infante </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Leon C. Janks </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Gary Malino </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Compensation Committee Interlocks and Insider Participation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Compensation Committee is comprised of Ms.&nbsp;Infante, Mr.&nbsp;Janks and Mr.&nbsp;Malino. Ms.&nbsp;Bahrambeygui served on the Compensation Committee during
fiscal year 2018. No interlocking relationship exists between any member of the Compensation Committee and any member of any other company&#146;s Board of Directors or compensation committee. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25</B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Executive Compensation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Summary of Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table shows
information regarding the compensation earned by any person who served as our Chief Executive Officer or Chief Financial Officer during the fiscal year ended August&nbsp;31, 2018 and the three other most highly compensated executive officers who
were serving as executive officers at August&nbsp;31, 2018. These persons are referred to as the Company&#146;s &#147;Named Executive Officers&#148; elsewhere in this Proxy Statement. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff">
<P STYLE="margin-left:0.38em"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Name&nbsp;and&nbsp;Principal&nbsp;Position</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Fiscal&nbsp;Year</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Salary<BR>($)</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><BR>&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Bonus</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Stock<BR>Awards<BR>($)</FONT><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><BR><BR></FONT><FONT
STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><FONT STYLE="white-space:nowrap">Non-Equity
</FONT><BR>Incentive Plan<BR>Compensation<BR>($)</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><BR><BR><BR>&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">All
Other<BR>Compensation<BR>($)</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><BR><BR>&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Total ($)</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Jose Luis Laparte</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="24"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;Former Chief Executive Officer and President</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$762,654</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$ &#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$117,614</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$ 880,268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">745,925</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">130,390</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">876,315</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">724,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7,264,794</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">146,466</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8,135,460</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="24"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Maarten Jager</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="24"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;Executive Vice President and Chief Financial Officer</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$186,538</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,462,887</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">124,189</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,773,614</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">John M. Heffner</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="24"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;Former Executive Vice President and Chief Financial Officer</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">365,505</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">158,212</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">514,717</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">439,151</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">23,326</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">462,477</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">426,360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">998,189</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">26,753</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,451,302</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">William J. Naylon</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="24"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;Executive Vice President and Chief Operating Officer</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">543,526</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">35,277</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">578,803</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">531,603</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">38,243</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">569,846</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">516,120</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,559,132</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">44,376</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,119,628</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Francisco Velasco</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="24"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;Executive Vice President, Secretary and General Counsel</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">427,579</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">422,369</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">16,422</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">866,369</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">418,201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">237,091</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">655,292</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Jesus Von Chong</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" COLSPAN="24"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;Executive Vice President</FONT></P></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:0em; text-indent:0em"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">435,440</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">35,322</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">470,762</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2017</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">424,372</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">37,400</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">461,772</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Mr.&nbsp;Laparte resigned as Chief Executive Officer and President and as a director effective November&nbsp;16, 2018. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Represents the aggregate grant date fair value of the restricted stock awards and performance stock units granted to the Named Executive Officers in the
relevant fiscal year in accordance with FASB Accounting Standards Codification ASC 718, &#147;Share-Based Payment&#148; (&#147;ASC 718&#148;). For information regarding assumptions made in connection with this valuation, please see Note 7 Stock
Based Compensation to the consolidated financial statements included in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended August&nbsp;31, 2018, filed with the SEC on October&nbsp;25, 2018.
Restricted stock awards and restricted stock units have not been granted on an annual basis. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>For fiscal 2018, represents dividend payments of $52,123 on unvested restricted stock awards, 401(k) contributions made by the Company totaling $11,000,
housing allowance payments totaling $50,004 and $4,487 for the cost of airline tickets for Mr.&nbsp;Laparte and his family and the related tax <FONT STYLE="white-space:nowrap">gross-up.</FONT> For fiscal 2017, represents dividend payments of $60,942
on unvested restricted stock awards, 401(k) contributions made by the Company totaling $10,800, housing allowance payments totaling $50,004 and $8,644 for the cost of airline tickets for Mr.&nbsp;Laparte and his family and the related tax <FONT
STYLE="white-space:nowrap">gross-up.</FONT> For fiscal 2016, represents dividend payments of </I></FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="95%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>26</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


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<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>$78,579 on unvested restricted stock awards, 401(k) contributions made by the Company totaling $10,600, housing allowance payments totaling $50,004 and $7,283 for the cost of
airline tickets for Mr.&nbsp;Laparte and his family and the related tax <FONT STYLE="white-space:nowrap">gross-up.</FONT> </I></FONT></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Represents 401(k) contributions made by the Company totaling $4,400. Also includes, a housing allowance of $20,000 on a grossed up basis and reimbursement of
relocation expenses of $99,789. </I></FONT></P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Mr.&nbsp;Heffner retired effective June&nbsp;1, 2018. </I></FONT></P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>For fiscal 2018, represents dividend payments of $10,713 on unvested restricted stock awards, 401(k) contributions made by the Company totaling $10,075,
vacation payout of $43,190 and severance of $94,234. For fiscal 2017, represents dividend payments of $12,526 on unvested restricted stock awards and 401(k) contributions made by the Company totaling $10,800. For fiscal 2016, represents dividend
payments of $16,153 on unvested restricted stock awards and 401(k) contributions made by the Company totaling $10,600. </I></FONT></P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>For fiscal 2018, represents dividend payments of $24,277 on unvested restricted stock awards and 401(k) contributions made by the Company totaling $11,000.
For fiscal 2017, represents dividend payments of $27,443 on unvested restricted stock awards and 401(k) contributions made by the Company totaling $10,800. For fiscal 2016, represents dividend payments of $33,776 on unvested restricted stock awards
and 401(k) contributions made by the Company totaling $10,600. </I></FONT></P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>For fiscal 2018, represents dividend payments of $5,422 on unvested restricted stock awards and 401(k) contributions made by the Company totaling $11,000. For
fiscal 2017, represents dividend payments of $6,196 on unvested restricted stock awards, 401(k) contributions made by the Company totaling $10,800. For fiscal 2017, also includes, reimbursed costs, on a grossed up basis, of $43,964 for moving
expenses and temporary housing during the moving process, and an additional payment of $176,131 to Mr.&nbsp;Velasco to offset the cost of financing his San Diego residence. Mr.&nbsp;Velasco agreed to repay this amount on a pro rated basis if he
resigns within three years following his hire date. </I></FONT></P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>For fiscal 2018, represents dividend payments of $8,694 on unvested restricted stock awards and pension contribution of $26,628. For fiscal 2017, represents
dividend payments of $11,240 on unvested restricted stock awards and pension contribution of $26,160. </I></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Grants of Plan-Based
Awards </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth certain information with respect to grants of plan-based awards for the fiscal year ended August&nbsp;31, 2018
to the Named Executive Officers. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #ffffff">
<P STYLE="margin-left:0.50em"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Name</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B></B></FONT></P></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Grant</FONT></B></FONT><BR>
 <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Date</FONT></B></FONT></P></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B></B></FONT></P></TD>
<TD VALIGN="bottom" COLSPAN="9" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Estimated Payouts
under</FONT></B></FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Equity Incentive Plan
Awards</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">All&nbsp;Other&nbsp;
Stock<BR>Awards:</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" ROWSPAN="2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"></FONT></B></FONT></P></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Grant&nbsp;Date&nbsp;
Fair&nbsp;Value</FONT></B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Stock&nbsp;and&nbsp;Option&nbsp;($)</FONT><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD ROWSPAN="2" NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD></TR>
<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Threshold&nbsp;
(#)</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Target&nbsp;
(#)</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Maximum&nbsp;
(#)</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Number
of<BR>Shares</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;</FONT></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Jose&nbsp;Luis&nbsp;Laparte</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Maarten O. Jager</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3/24/2018</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">23,568</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,092,838</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">7/17/2018</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,714</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,714</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">370,049</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;John Heffner</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Bill Naylon</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Francisco&nbsp;Velasco</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">4/04/2018</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,490</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">285,308</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">7/17/2018</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,746</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,746</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">137,061</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Jesus Von Chong</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Represents the aggregate grant date fair value of the restricted stock awards and performance stock units granted to the Named Executive Officers in the
relevant fiscal year in accordance with FASB Accounting Standards Codification ASC 718, &#147;Share-Based Payment&#148; (&#147;ASC 718&#148;). For information regarding assumptions made in connection with this valuation, please see Note 7
Stock-Based Compensation to the consolidated financial statements included in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended August&nbsp;31, 2018, filed with the SEC on October&nbsp;25, 2018.
Restricted stock awards and restricted stock units have not been granted on an annual basis. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Award of restricted stock with time-based vesting. </I></FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>27</B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Award of performance stock units. In the case of Mr.&nbsp;Jager&#146;s award, subject to his continued employment through the vesting date, 67% of the shares
will vest on October&nbsp;26, 2019 and 33% of the shares will vest on October&nbsp;26, 2020 if the Company has achieved revenue or operating income targets specified by the Compensation Committee for fiscal year 2019. In the case of
Mr.&nbsp;Velasco&#146;s award, subject to his continued employment through the vesting date, 50% of the shares will vest on October&nbsp;26, 2019 and 50% of the shares will vest on October&nbsp;26, 2020 if the Company has achieved revenue or
operating income targets specified by the Compensation Committee for fiscal year 2019. </I></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Employment Contracts </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company has entered into an employment agreement with Sherry Bahrambeygui&#146;s relating to her service as Interim Chief Executive Officer. The agreement
provides for a term beginning on November&nbsp;16, 2018 and continuing until terminated by either party on 60 days&#146; prior written notice or by the Company immediately for &#147;cause&#148; or upon Ms.&nbsp;Bahrambeygui&#146;s death or
&#147;disability.&#148; The employment agreement specifies a base salary amount of $875,000 per year, which may be increased, but not decreased, at the Company&#146;s discretion. The employment agreement states that Ms.&nbsp;Bahrambeygui is entitled
to reimbursement of business expenses and is eligible to receive all other benefits offered to senior executives of the Company under the Company&#146;s benefit practices and plans. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Ms.&nbsp;Bahrambeygui&#146;s employment agreement contemplates the award of restricted stock and performance stock units having an aggregate target value equal to $2.175&nbsp;million at the time of grant. Such
grants will be made concurrent with the commencement of her employment as Interim Chief Executive Officer. The number of shares covered by such grants will be determined based on an average of the closing price for the 30 trading days prior to the
date of grant. Of such grants, <FONT STYLE="white-space:nowrap">two-thirds</FONT> will be comprised of restricted stock awards with time-based vesting and <FONT STYLE="white-space:nowrap">one-third</FONT> will be comprised of performance stock
units. The restricted stock will vest 12 months from the date of grant, provided that if Ms.&nbsp;Bahrambeygui&#146;s employment is terminated by the Company without cause before the completion of the <FONT STYLE="white-space:nowrap">12-month</FONT>
term, she will receive the greater of 50% vesting or pro rata vesting based on the number of days worked during the <FONT STYLE="white-space:nowrap">12-month</FONT> term. Performance stock units will vest based on the Compensation Committee&#146;s
determination in October 2019 that the Company has achieved revenue or operating income targets specified by the Compensation Committee for fiscal year 2019, provided that if one of the performance criteria is achieved but
Ms.&nbsp;Bahrambeygui&#146;s employment is terminated without cause before the Compensation Committee makes its determination, she will receive the greater of 50% vesting or pro rata vesting based on the number of days worked. If
Ms.&nbsp;Bahrambeygui&#146;s employment is terminated due to her death or disability and such death or disability results from events or circumstances occurring while she is traveling for business inside or outside the United States, her restricted
stock will vest in full and her performance stock units will vest in full, subject to the achievement of one of the performance criteria. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In the event
that the Company terminates Ms.&nbsp;Bahrambeygui&#146;s employment without &#147;cause&#148; or upon her &#147;disability,&#148; Ms.&nbsp;Bahrambeygui will be entitled to the following separation benefits: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">a success bonus, with <FONT STYLE="white-space:nowrap">at-target</FONT> performance set at $437,500. The final amount of such Success Bonus will be subject to
the discretion of the Compensation Committee, taking into account a number of factors, including the length of Ms.&nbsp;Bahrambeygui&#146;s tenure as Interim Chief Executive Officer and her success in achieving objectives relating to strategic plan
and process, operating process, organizational process, compensation practices and management development; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">continued contribution of the premium cost for Ms.&nbsp;Bahrambeygui&#146;s and her eligible dependents&#146; participation in the Company&#146;s group health
plan for six months. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The foregoing separation benefits are the exclusive benefits that would be payable to Ms.&nbsp;Bahrambeygui
under her employment agreement by reason of her termination. Payment of the separation benefits is conditioned on Ms.&nbsp;Bahrambeygui&#146;s continued compliance with her obligations with respect to confidentiality,
<FONT STYLE="white-space:nowrap">non-solicitation</FONT> of employees and <FONT STYLE="white-space:nowrap">non-interference</FONT> with the Company&#146;s customers and contracts and Ms.&nbsp;Bahrambeygui (or her estate) executing and delivering to
the Company a full release of all claims in a form reasonably acceptable to the Company. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If Ms.&nbsp;Bahrambeygui remains in the Interim
Chief Executive Officer role into the eleventh month of service, the Compensation Committee will determine her compensation to take effect after completion of the first twelve months of the term of her Employment Agreement based on circumstances at
that time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Company also has entered into employment agreements with each of its other executive officers that automatically renew each year unless
either the Company or the executive provides at least 60 days&#146; notice that the Company or executive, as the case may be, wishes to terminate the agreement. Each employment agreement specifies the base salary in effect at the time the agreement
was entered into and provides that the amount may be increased, but not decreased, at the Company&#146;s discretion. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The employment agreements state
that the executive is eligible to participate in the Company&#146;s bonus plan in effect at the time and to receive all other benefits offered to senior executives of the Company under the Company&#146;s benefit practices and plans. The Company
discontinued its annual bonus plan in fiscal 2016, so there was no payment required to be made thereunder during fiscal 2017 or fiscal 2018. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In
addition to termination at the end of the term if one party elects to terminate the agreement, the executive may terminate his or her employment on 60 days&#146; prior written notice. The Company may terminate the executive&#146;s employment with
cause upon immediate notice or without cause upon 30 days&#146; prior written notice. In the event that (i)&nbsp;the Company terminates an executive&#146;s employment without &#147;cause&#148;; (ii) upon termination due to an executive&#146;s
&#147;disability&#148;; (iii) the executive terminates his or her employment for &#147;good reason&#148;; or (iv)&nbsp;the Company elects to cause the <FONT STYLE="white-space:nowrap">non-renewal</FONT> of the employment agreement such that it
expires at the end of its then-current term, subject to the executive providing a release to the Company, the executive will be entitled to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">payment of an amount equal to one times base salary then in effect, payable in 24 equal installments over a period of 12&nbsp;months,
</FONT></P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">continued contribution of the premium cost for the executive&#146;s and his eligible dependents&#146; participation in the Company&#146;s group health plan for
12 months, </FONT></P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">payment of any accrued but any unpaid bonus for year prior to termination and a pro rata bonus earned for the year of termination (payable when all other bonuses
are paid). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Upon an executive&#146;s death, the executive&#146;s estate will be entitled to receive continued contribution of the
premium cost for executive&#146;s eligible dependents&#146; participation in the Company&#146;s group health plan for 12 months and payment of any accrued but any unpaid bonus for year prior to termination and a pro rata bonus for the year of
termination (payable when all other bonuses are paid). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The employment agreements also contain confidentiality provisions, restrictions on solicitation
of employees and interference with the Company&#146;s customers and contracts, and other terms and conditions customary to executive employment agreements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B>Equity Incentive Plans </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Prior to January&nbsp;22, 2013, the Company had three active Equity Incentive Plans. On
January&nbsp;22, 2013, the Company adopted the 2013 Equity Incentive Award Plan and agreed not to issue any additional awards under prior plans. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>2001 Equity Participation Plan </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2001 Equity
Participation Plan of PriceSmart, Inc. (the &#147;2001 Plan&#148;) had a total of 9,052 shares outstanding as of November&nbsp;30, 2018, all of which are subject to outstanding and unvested restricted stock units. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29</B></FONT></TD></TR></TABLE>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2001 Plan provides that in the event of a
&#147;Change in Control&#148; or a &#147;Corporate Transaction,&#148; each as defined in the 2001 Plan, each outstanding award shall, immediately prior to the effective date of the Change in Control or Corporate Transaction, automatically become
fully vested, exercisable or payable, as applicable, for all of the shares of Common Stock at the time subject to such award and, as applicable, may be exercised for any or all of those shares as fully vested shares of Common Stock. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>2002 Equity Participation Plan </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2002 Equity
Participation Plan of PriceSmart, Inc. (the &#147;2002 Plan&#148;) has a total of 84,078 shares outstanding as of November&nbsp;30, 2018, all of which are subject to outstanding and unvested restricted stock awards. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2002 Plan provides that in the event of a &#147;Change in Control&#148; or a &#147;Corporate Transaction,&#148; each as defined in the 2002 Plan, each
outstanding award shall, immediately prior to the effective date of the Change in Control or Corporate Transaction, automatically become fully vested, exercisable or payable, as applicable, for all of the shares of Common Stock at the time subject
to such award and, as applicable, may be exercised for any or all of those shares as fully vested shares of Common Stock. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B><I>2013 Equity Incentive
Award Plan </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2013 Equity Incentive Award Plan of PriceSmart, Inc. (the &#147;2013 Plan&#148;) provides that the Compensation Committee of the
Board of Directors or a subcommittee thereof may grant or issue incentive stock options, <FONT STYLE="white-space:nowrap">non-qualified</FONT> stock options, stock purchase rights, stock appreciation rights, restricted stock, deferred stock,
dividend equivalents, performance awards, stock payments and other stock related benefits, or any combination thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2013 Plan provides for
awards covering up to (1) 600,000 shares of Common Stock plus (2)&nbsp;the number of shares that remained available for issuance under the 1998 Equity Participation Plan of PriceSmart, Inc., the 2001 Plan and the 2002 Plan (collectively, the
&#147;Prior Plans&#148;) as of January&nbsp;22, 2013. The number of shares reserved for issuance under the 2013 Plan increases during the term of the 2013 Plan by the number of shares relating to awards outstanding under the 2013 Plan or any of the
Prior Plans that expire, or are forfeited, terminated, cancelled or repurchased, or are settled in cash in lieu of shares; however, in no event will more than an aggregate of 951,741 shares of our Common Stock be issued under the 2013 Plan. As of
November&nbsp;30, 2018, the 2013 Plan provided for the issuance of up to 858,611 shares (including shares originally authorized for issuance under the Prior Plans), with 357,737 shares subject to outstanding and unvested restricted stock awards,
restricted stock units and performance stock units and 500,874 shares remaining available for future grants. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The 2013 Plan provides that in the event
of a &#147;Change in Control&#148; or a &#147;Corporate Transaction,&#148; each as defined in the 2013 Plan, each outstanding award shall, immediately prior to the effective date of the Change in Control or Corporate Transaction, automatically
become fully vested, exercisable or payable, as applicable, for all of the shares of Common Stock at the time subject to such award and, as applicable, may be exercised for any or all of those shares as fully vested shares of Common Stock, subject
to prior achievement of vesting criteria in the case of performance stock units. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>The Retirement Plan of PriceSmart, Inc. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In 1998, the Company established a retirement plan. The retirement plan is designed to be a &#147;qualified&#148; plan under applicable provisions of the Internal
Revenue Code of 1986, as amended, covering all employees, as defined in the retirement plan. Each year, participants may contribute up to 100%&nbsp;per pay period of their <FONT STYLE="white-space:nowrap">pre-tax</FONT> annual compensation (as
defined in the retirement plan) up to the maximum allowable by the Internal Revenue Code of 1986, as amended. Participants also may contribute amounts representing distributions from other qualified plans. Effective January&nbsp;1, 2011, the Plan
was amended to replace the Company match with a discretionary contribution of 4% of the employee&#146;s eligible compensation up to the IRS maximum </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">allowed to all employees regardless of their own
salary deferrals. Effective January&nbsp;1, 2016, the Company began providing up to a 2% matching contribution to <FONT STYLE="white-space:nowrap">non-officer</FONT> employees who contribute at least 1% of their eligible pay. Although the Company
has not expressed any intent to do so, the Company has the right under the retirement plan to discontinue its contributions at any time and to terminate the retirement plan, subject to the provisions of Employee Retirement Income Security Act of
1974, as amended. All participants in the retirement plan are immediately vested in their accounts and earnings thereon. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Outstanding Equity Awards
at Fiscal Year End </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth certain information with respect to outstanding equity awards at August&nbsp;31, 2018 with respect
to </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">the Named Executive Officers. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" COLSPAN="13" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Stock
Awards</FONT></B></FONT></TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD></TR>
<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff">
<P STYLE="margin-left:0.38em"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Name</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Grant&nbsp;
Date</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Number&nbsp;of&nbsp;Shares&nbsp;
of<BR>Stock That Have<BR>Not Vested (#)</FONT><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><BR><BR></FONT><FONT
STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Market&nbsp;Value&nbsp;
of<BR>Shares&nbsp;of&nbsp;Stock That<BR>Have&nbsp;Not&nbsp;Vested&nbsp;($)</FONT><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><BR>&nbsp;<BR></FONT><FONT
STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR><BR><BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Equity&nbsp;Incentive&nbsp;
Plan<BR>Awards: Number of<BR>Unearned<BR>Shares or Other<BR>Rights That Have not<BR>Vested (#)</FONT><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;<BR>&nbsp;
<BR><BR>&nbsp;<BR>&nbsp;<BR></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;
<BR><BR><BR><BR><BR><BR><BR></FONT></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">Equity&nbsp;Incentive<BR>Plan
Awards:<BR>Market or Payout<BR>Value of<BR>Unearned&nbsp;Shares<BR>or Other Rights<BR>That Have Not<BR>Vested ($)</FONT><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff"><BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;
<BR>&nbsp;<BR></FONT><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Jose Luis Laparte</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11/03/2015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,000</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$4,342,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Maarten Jager</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">04/24/2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">23,568</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,046,881</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">07/17/2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,714</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;409,411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">John M. Heffner</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">William J. Naylon</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">01/25/2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,068</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,048,106</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11/03/2015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">12,060</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,047,411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Francisco Velasco</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">07/14/2016</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,426</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;384,398</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">04/04/2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,490</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;303,107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">07/17/2018</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,746</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;151,640</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">Jesus Von Chong</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">01/25/2012</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,036</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;524,227</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#f2f2f2" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11/03/2015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,256</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;369,633</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Each restricted stock award is subject to certain accelerated vesting upon a change in control, as described under &#147;&#151;Equity Incentive Plans&#148;
above. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>The market value is computed by multiplying the closing market price of the Company&#146;s Common Stock ($86.85) on August&nbsp;31, 2018 by the number of
shares subject to stock award. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>In accordance with Mr.&nbsp;Laparte&#146;s Separation Agreement and Waiver and Release of Claims, his remaining unvested shares of restricted stock will vest
in full upon the effectiveness of his release pursuant to such agreement. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>The shares will vest 60% on April&nbsp;24, 2019, 27% on April&nbsp;24, 2020 and 13% on April&nbsp;24, 2021. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>This award of performance stock units requires the achievement of the metrics discussed on under &#147;&#151;Elements of Compensation: Long-Term Incentive
Compensation.&#148; These performance stock units will vest 67% on October&nbsp;26, 2019 and 33% on October&nbsp;26, 2020, subject to achievement of the performance criteria.
</I></FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>31</B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Remaining shares will vest in equal installments on January&nbsp;24 each year through January&nbsp;24, 2022. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(7)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Remaining shares will vest in equal installments on August&nbsp;29 each year through August&nbsp;29, 2020. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(8)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>The shares will vest 50% on April&nbsp;4, 2019, 25% on April&nbsp;4, 2020 and 25% on April&nbsp;4, 2021. </I></FONT></P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(9)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>This award of performance stock units requires the achievement of the metrics discussed on under &#147;&#151;Elements of Compensation: Long-Term Incentive
Compensation.&#148; The performance stock units will vest equally on October&nbsp;26, 2019 and October&nbsp;26, 2020 when earned. </I></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Restricted Stock Vested </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth
certain information with respect to the vesting of shares of restricted stock during the fiscal year ended August&nbsp;31, 2018 with respect to the Named Executive Officers. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="78%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Stock Awards</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#000000"></TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:2px solid #ffffff" BGCOLOR="#000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:2px solid #ffffff" BGCOLOR="#000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>&nbsp;&nbsp;&nbsp;&nbsp;Name</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#000000">
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Number&nbsp;of&nbsp;Shares<BR>Acquired&nbsp;on&nbsp;Vesting&nbsp;(#)</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#000000">
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Value&nbsp;Realized&nbsp;on<BR>Vesting
($)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Jose Luis Laparte</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">11,863</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$1,023,184</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">13,334</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,136,057</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Maarten Jager</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;John M. Heffner</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,173</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">524,100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;William J. Naylon</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">6,030</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">520,088</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">3,017</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">257,048</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Francisco Velasco</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,213</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">190,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Jesus Von Chong</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">1,509</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">128,567</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,128</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">183,540</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>The value realized upon vesting of a stock award is calculated based on the number of shares vesting multiplied by the fair market value per share of the
Common Stock on the vesting date. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes the following shares for which vesting was accelerated in connection with Mr.&nbsp;Heffner&#146;s retirement: 992 shares which originally had a
vesting date of January&nbsp;24, 2019 and 2,352 shares which had a vesting date of August&nbsp;29, 2018 for a total of 3,344 shares. The remaining 9,370 unvested shares were canceled. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Pension Benefits </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Other than the Company&#146;s retirement plan, which is described above, the Company does not have any plan that provides for payments or other benefits at, following, or in connection with, retirement for our
Named Executive Officers. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Nonqualified Deferred Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">The Company does not have any plan that provides for deferred compensation. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="95%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>32</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Severance and Change in Control Payments
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table summarizes the potential payments to each Named Executive Officer in two different potential scenarios: (1)&nbsp;a termination
of the Named Executive Officer without cause and (2)&nbsp;a change in control without a termination of employment. The table assumes that the termination of employment or change in control occurred on August&nbsp;31, 2018, the last business day of
our last completed fiscal year. For purposes of estimating the value of accelerated vesting of equity awards to be received in the event of a change in control, the Company has assumed a price per share of our Common Stock of $86.85, which
represents the closing market price of our Common Stock as reported on the Nasdaq Global Select Market on August&nbsp;31, 2018 (the last trading day of fiscal year 2018). </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="78%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="62%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>&nbsp;&nbsp;&nbsp;Name</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Severance&nbsp;upon<BR>Termination<BR>without<BR>Cause&nbsp;($)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Acceleration&nbsp;of<BR>Options&nbsp;and<BR>Restricted&nbsp;Stock<BR>upon&nbsp;Change in<BR>Control ($)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:2px solid #ffffff; padding-right:8px" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Jose Luis Laparte</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">768,304</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">4,342,500</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Maarten Jager</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">600,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,456,292</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;John M. Heffner</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;William J. Naylon</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">547,552</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,095,517</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Francisco Velasco</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">430,746</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">839,145</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;
</FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Jesus Von Chong</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">583,384</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">893,380</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Under the Named Executive Officer&#146;s employment agreement, in the event of his termination other than for cause, death or disability, he will be entitled
to payment of an amount equal to one times base salary then in effect, payable in 24 equal installments over a period of 12 months. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Under the terms of our equity incentive award plans, vesting of all restricted stock awards, restricted stock units and performance stock units for which at
least one of the performance criteria have been met will accelerate upon a change in control. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 4,714 performance stock units, valued for purposes of this table at $409,411, the vesting of which will accelerate upon a change in control only if
one of the performance criteria has been met prior to the change in control. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Includes 1,746 performance stock units, valued for purposes of this table at $151,640, the vesting of which will accelerate upon a change in control only if
one of the performance criteria has been met prior to the change in control. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>In addition to salary continuation for one year, Mr.&nbsp;Von Chong would be entitled to receive in the event of his termination other than for cause, death
or disability, a &#147;Fondo de Cesent&iacute;a&#148; severance award in the amount of $150,537 pursuant to Panama law. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Director Compensation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Each <FONT STYLE="white-space:nowrap">non-employee</FONT> director receives an annual retainer for serving on the Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Effective February&nbsp;3, 2015, the Board of Directors adopted the following cash compensation program for the <FONT STYLE="white-space:nowrap">non-employee</FONT> directors. Under the program, each <FONT
STYLE="white-space:nowrap">non-employee</FONT> director receives an annual retainer of $36,000 per year for serving on the Board of Directors. Additionally, <FONT STYLE="white-space:nowrap">non-employee</FONT> directors who serve on, but do not
chair, committees receive an additional $5,000 per year per committee. Committee chairpersons receive additional annual retainers as follows: the chairperson of the Compensation Committee receives an additional annual retainer of $15,000, the
chairperson of the Finance Committee receives an additional annual retainer of $19,000, the chairperson of the Nominating/Corporate Governance Committee receives an additional annual retainer of $10,000, and the chairperson of the Audit Committee
receives an additional annual retainer of $45,000. These annual retainers are paid on a quarterly basis. Ms.&nbsp;Infante receives an additional retainer of $25,000 in recognition of her devotion of significant additional time to supporting the
Board of Directors and management on technology matters. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>33</B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">In addition, effective April&nbsp;20, 2017, the
Board of Directors adopted a policy of annual restricted stock unit awards tied to the year of service and rescinded a standing resolution pursuant to which a person who was initially elected or appointed to the Board of Directors, and who was a <FONT
STYLE="white-space:nowrap">non-employee</FONT> director at the time of such initial election or appointment, would be automatically granted such number of restricted stock units, with dividend equivalents thereon, equal to (1) $100,000 divided by
(2)&nbsp;the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">30-trading-day</FONT></FONT> average of the Company&#146;s stock price prior to the date of such election or appointment. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Effective January&nbsp;24, 2018, the Board of Directors granted to each <FONT STYLE="white-space:nowrap">non-employee</FONT> director an award of restricted stock
units under the 2013 Plan, with dividend equivalents thereon, covering a number of shares having a value equal to $80,000 minus the value of RSUs vesting during the <FONT STYLE="white-space:nowrap">one-year</FONT> vesting period of the new grants
(based on the value at the time such awards were granted). To determine the number of shares covered by the new grants, the Board of Directors divided the dollar value of the award to be granted by the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">30-trading-day</FONT></FONT> average of the Company&#146;s stock price prior to the grants. These awards will vest in full on January&nbsp;31, 2019 or the date of the Company&#146;s next annual meeting of stockholders,
whichever is sooner, subject to the <FONT STYLE="white-space:nowrap">non-employee</FONT> director&#146;s continued service on the Board of Directors on such vesting date. The vesting of all restricted stock units accelerates automatically upon a
change in control. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Directors also receive reimbursement for travel expenses incurred in connection with their duties as directors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth a summary of the compensation we paid or was earned by our <FONT STYLE="white-space:nowrap">non-employee</FONT> directors in the
fiscal year ended August&nbsp;31, 2018. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="78%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" BGCOLOR="#000000"></TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:2px solid #ffffff" BGCOLOR="#000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:2px solid #ffffff; BORDER-RIGHT:2px solid #ffffff" BGCOLOR="#000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#000000"></TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:2px solid #ffffff; BORDER-RIGHT:2px solid #ffffff" BGCOLOR="#000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>&nbsp;&nbsp;&nbsp;&nbsp;Name<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Fees&nbsp;Earned<BR>or Paid</B></FONT><br><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>in Cash
($)</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Stock<BR>Awards<BR>($)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(2)</SUP></B></FONT></TD>

<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:2px solid #ffffff" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>All Other<BR>Compensation</B></FONT><br><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>($)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#000000" STYLE=" BORDER-LEFT:2px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" BGCOLOR="#000000"><FONT STYLE="font-family:Arial Narrow" SIZE="1" COLOR="#FFFFFF"><B>Total<BR>($)</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:2px solid #ffffff; padding-right:8px" BGCOLOR="#000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Gonzalo Barrutieta</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;41,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"> &nbsp;&nbsp;556</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;91,995</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Sherry Bahrambeygui</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">76,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">556</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">126,995</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Gordon Hanson</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">41,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">556</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">91,995</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Beatriz V. Infante</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">76,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">80,770</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">664</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">157,433</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Leon C. Janks</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">115,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">556</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">165,995</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Mitchell G. Lynn</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">46,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">556</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">96,995</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Gary Malino</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">48,500</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">838</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">102,276</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Pierre Mignault</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">36,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">60,537</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">146,975</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Robert Price</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;Edgar Zurcher</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">36,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">50,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">556</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">86,995</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff; padding-right:8px" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Represents the aggregate grant date fair value of the restricted stock unit award granted to the director on January&nbsp;24, 2018 calculated in accordance
with ASC 718. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>The aggregate number of restricted stock unit awards outstanding at the end of fiscal 2018 for each of the directors was as follows: </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Sherry Bahrambeygui, 592; Gonzalo Barrutieta, 592; Gordon Hanson, 592; Beatriz Infante, 948; Leon C. Janks, 592; Mitchell G. Lynn, 592; Gary Malino,
995; Pierre Mignault, 592 and Edgar Zurcher, 592. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Represents the amount paid to the director pursuant to dividend equivalents on such director&#146;s unvested restricted stock units plus, in the case of
Mr.&nbsp;Mignault, the amount of consulting fees paid to Mr.&nbsp;Mignault as a sourcing agent. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP>&nbsp;</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Effective May&nbsp;1, 2012, Mr.&nbsp;Price declined further compensation for his services as a director. </I></FONT></P></TD>
<TD WIDTH="12%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Risk Assessment </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Management assessed the Company&#146;s compensation program for the purpose of reviewing and considering any risks presented by the Company&#146;s compensation policies and practices that are likely to have a
material adverse effect on the Company. </FONT></P>
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</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As part of that assessment, management reviewed the
primary elements of our compensation program, including base salary and long-term equity compensation.&nbsp;Management&#146;s risk assessment included a review of the overall design of each primary element of our compensation program and an analysis
of the various design features, controls and approval rights in place with respect to compensation paid to management and other employees that mitigate potential risks to the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Management also noted that we have adopted stock ownership guidelines for our executives and <FONT STYLE="white-space:nowrap">non-employee</FONT> directors. Management believes the adoption of such guidelines
further aligns the interests of our Chief Executive Officer and President, our other executive officers and our Board of Directors with those of our stockholders. Management also noted that the adoption of the Company&#146;s Compensation Recoupment
Policy provides the Compensation Committee with broad discretion to recoup certain incentive awards made to the Company&#146;s executive officers in instances of material violations of law or a written Company policy by an executive officer or by a
subordinate employee if the executive failed to supervise the subordinate, if the misconduct caused significant financial or reputational harm to the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Following the assessment, management determined that the Company&#146;s compensation policies and practices did not create risks that were reasonably likely to have a material adverse effect on the Company and
reported the results of the assessment to the Compensation Committee. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Pay Ratio </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">As required by Section&nbsp;953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> we are providing the following
information about the relationship of the median annual total compensation of all our employees and the annual total compensation of Jos&eacute; Luis Laparte, our former Chief Executive Officer and President. The pay ratio included in this
information is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">For
fiscal year 2018, our last completed fiscal year: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the median of the annual total compensation of all employees of our Company (other than our Chief Executive Officer and President) was $10,357; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the annual total compensation of our Chief Executive Officer and President, as reported in the Summary Compensation Table set forth above, was $880,268.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Based on this information, for fiscal year 2018, the ratio of the annual total compensation of our Chief Executive Officer and
President to the median of the annual total compensation of all employees is estimated to be 85.0 to 1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">To identify the median of the annual total
compensation of all our employees and determine the annual total compensation of our median employee and the annual total compensation of our Chief Executive Officer and President, we took the following steps: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">1.&nbsp;&nbsp;&nbsp;&nbsp;We identified the median employee using our employee population on August&nbsp;31, 2018, the last day of fiscal year 2018. This population
consisted of full-time employees and part-time employees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">2.&nbsp;&nbsp;&nbsp;&nbsp;To identify the &#147;median employee&#148; from our employee
population, we first determined the amount of each employee&#146;s gross earnings (<I>i.e.</I>, sum of base pay, cash bonus and equity compensation) as reflected in our payroll records for fiscal year 2018. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">3.&nbsp;&nbsp;&nbsp;&nbsp;We then identified our median employee from our employee population using this compensation measure, which was consistently applied to
all our employees included in the calculation. </FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>35</B></FONT></TD></TR></TABLE>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Executive and Director Compensation (continued) </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">4.&nbsp;&nbsp;&nbsp;&nbsp;Once we identified our
median employee, we combined all of the elements of such employee&#146;s compensation for fiscal year 2018, calculated in accordance with the requirements of Item 402(c)(2)(x) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> resulting in
annual total compensation of $10,357. Our median employee is a full-time merchandise stocker in one of our Trinidad warehouse clubs. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">5.&nbsp;&nbsp;&nbsp;&nbsp;With respect to the annual total compensation of our Chief Executive Officer and President, we used the amount reported in the
&#147;Total&#148; column of our Summary Compensation Table for fiscal year 2018. </FONT></P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Equity Compensation Plan Infor<A NAME="toc662225_6"></A>mation </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The following table sets forth the number and
weighted-average exercise price of securities to be issued upon exercise or vesting of outstanding options, restricted stock units, warrants and rights, and the number of securities remaining available for future issuance under all of our equity
compensation plans, at August&nbsp;31, 2018. For more information regarding the Company&#146;s equity compensation plans, please see &#147;Compensation Discussion and Analysis&#151;Equity Incentive Plans&#148; above. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:0.40em"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Plan
Category</FONT></B></FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR><BR><BR><BR></FONT></B></FONT>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B></B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Number&nbsp;of&nbsp;Securities<BR>to be Issued
upon<BR>Exercise of<BR>Outstanding<BR>Options, Warrants<BR>and Rights</FONT></B></FONT> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px" align="left"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">(a)</FONT></B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><BR><BR><BR><BR><BR>&nbsp;</FONT></B></FONT>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR><BR><BR></FONT></B></FONT>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B></B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Weighted-Average<BR>Exercise Price
of<BR>Outstanding<BR>Options,&nbsp;Warrants<BR>and Rights</FONT></B></FONT> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px" align="left"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">(b)</FONT></B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><BR><BR><BR><BR>&nbsp;</FONT></B></FONT>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;<BR><BR><BR><BR><BR><BR><BR></FONT></B></FONT>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B></B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">Number&nbsp;of&nbsp;Securities<BR>Remaining&nbsp;
Available<BR>for Future Issuance<BR>under Equity<BR>Compensation&nbsp;Plans<BR>(Excluding<BR>Securities Reflected<BR>in Column (a))</FONT></B></FONT>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px" align="left"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">(c)</FONT></B></FONT></P></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><BR><BR><BR><BR>&nbsp;<BR><BR><BR>&nbsp;</FONT></B></FONT>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:1.44em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity compensation plans approved by security holders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Options</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</FONT><FONT
STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:1.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Restricted stock, RSUs and PSUs</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">97,100</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">N/A</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">566,324</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:1.44em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Equity compensation plans not approved by security holders</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">97,100</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">566,324</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP>&nbsp;</I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Although the Company does not currently award options, the shares available for future issuance under the Company&#146;s 2013 Equity Incentive Award Plan
could be awarded as options, restricted stock, restricted stock units or other forms of equity incentive awards specified in the plan. </I></FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

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<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>37</B></FONT></TD></TR></TABLE>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Certain Transactio<A NAME="toc662225_7"></A>ns </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Review and Approval of Related-Party Transactions
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">As set forth in the Audit Committee charter, the members of the Audit Committee, all of whom are independent directors, review and approve
related-party transactions for which such approval is required under applicable law, including Securities and Exchange Commission and Nasdaq rules. In the course of its review and approval or ratification of a disclosable related-party transaction,
the Audit Committee may consider: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the nature of the related person&#146;s interest in the transaction; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the material terms of the transaction, including, without limitation, the amount and type of transaction; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the importance of the transaction to the related person; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">the importance of the transaction to the Company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">whether the transaction would impair the judgment of a director or executive officer to act in the best interest of the Company; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&#149;</SUP>&nbsp;</FONT></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">any other matters the Audit Committee deems appropriate. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2"><B>Related Party Transactions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Relationships with Edgar Zurcher:</I> Edgar Zurcher is a director of the
Company. Mr.&nbsp;Zurcher is a director of a company that owns 40% of Payless ShoeSource Holdings, Ltd., which rents retail space from the Company.&nbsp;The Company recorded approximately $1.3&nbsp;million in rental income for this space during the
year ended August&nbsp;31, 2018.&nbsp;Additionally, Mr.&nbsp;Zurcher is a director of Molinos de Costa Rica S.A. The Company paid approximately $754,000 for products purchased from this entity during the year ended August&nbsp;31, 2018. Also,
Mr.&nbsp;Zurcher is a director of Roma&nbsp;Prince S.A.&nbsp;PriceSmart purchased products from this&nbsp;entity for approximately $1.1&nbsp;million for the year ended August&nbsp;31, 2018. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2"><I>Relationship with Gonzalo Barrutieta: </I>Gonzalo Barrutieta is a director of the Company. Mr.&nbsp;Barrutieta is also a member of the Board of Directors of Office Depot Mexico, S.A. de C.V., which operates OD
Panama, S.A., which rents retail space from the Company. The Company recorded approximately $282,000 in rental income and common area maintenance charges for this space during the year ended August&nbsp;31, 2018. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Relationships with Price Family Charitable Organizations:</I> During the year ended August&nbsp;31, 2018, the Company sold approximately $457,000 of supplies to
Price Philanthropies Foundation. Robert Price, Chairman of the Company&#146;s Board of Directors, is the Chairman of the Board and President of Price Philanthropies Foundation. Sherry S. Bahrambeygui, a director of the Company, serves as Executive
Vice President, Secretary and Vice Chairman of the Board of Price Philanthropies Foundation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Relationships with Mitchell G. Lynn: </I>Mr.&nbsp;Lynn
is a director of the Company. Mr.&nbsp;Lynn is the founder, limited partner and a general partner of CRI 2000, LP, dba Combined Resources International, which designs, develops and manufactures consumer products for domestic and international
wholesale distribution, primarily through warehouse clubs. The Company paid approximately $305,000 for products purchased from this entity during the year ended August&nbsp;31, 2018. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>38</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 2</B>&nbsp;&nbsp; Approval <A NAME="toc662225_8"></A>of the Compensation of the Named Executive
Officers </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, or the Dodd-Frank Act, the Company&#146;s stockholders are entitled to vote at the Annual Meeting to provide advisory approval of the compensation of the Company&#146;s named executive officers as disclosed in this Proxy
Statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission. Pursuant to the Dodd-Frank Act, the stockholder vote on executive compensation is an advisory vote only, and it is not binding on the Company or our
Board of Directors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Although the vote is <FONT STYLE="white-space:nowrap">non-binding,</FONT> our Compensation Committee and Board of Directors
appreciate the opinions of the stockholders and will consider the outcome of the vote when making future compensation decisions. As described more fully in the Compensation Discussion and Analysis section of this Proxy Statement, the Company&#146;s
executive compensation program is designed to attract, retain and motivate individuals with superior ability, experience and leadership capability to deliver on our annual and long-term business objectives necessary to achieve growth in stockholder
value. We urge stockholders to read the Compensation Discussion and Analysis section of this Proxy Statement, which describes in detail how our executive compensation policies and procedures operate and are intended to operate in the future. The
Compensation Committee and the Board of Directors believe that our executive compensation program fulfills these goals and is reasonable, competitive and aligned with our performance and the performance of our executives. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">We are asking our stockholders to indicate their support for our named executive officer compensation as described in this Proxy Statement. This proposal, commonly
known as a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;say-on-pay&#148;</FONT></FONT> proposal, gives our stockholders the opportunity to express their views on our named executive officers&#146; compensation. This vote
is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this Proxy Statement. Accordingly, we ask that our stockholders
vote &#147;FOR&#148; the following resolution: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">&#147;RESOLVED, that the Company&#146;s stockholders approve, on an advisory basis, the compensation of
the named executive officers, as disclosed in the Company&#146;s Proxy Statement for the 2019 Annual Meeting of Stockholders, pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation
Discussion and Analysis, the Summary Compensation Table and the other related tables and disclosure.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Recommendation of the Board of Directors
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>The Board of Directors recommends that stockholders vote FOR the approval of the compensation of the named executive officers as disclosed in this
Proxy Statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission. Proxies solicited by the Board of Directors will be so voted unless stockholders specify otherwise on the accompanying Proxy. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>39</B></FONT></TD></TR></TABLE>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 3</B>&nbsp;&nbsp; Ratifi<A NAME="toc662225_9"></A>cation of Selection of Independent Registered
Public Accounting Firm </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Subject to ratification by the shareholders at the
Annual Meeting, the Board, upon recommendation of the Audit Committee, has selected Ernst&nbsp;&amp; Young LLP (&#147;EY&#148;) to audit the consolidated financial statements of the Company and its subsidiaries for the fiscal year ending
August&nbsp;31, 2019. EY has issued its reports, included in the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K,</FONT> on the audited consolidated financial statements of the Company and internal control over financial reporting for the
fiscal year ended August&nbsp;31, 2018. EY has served the Company as independent auditors since the Company&#146;s <FONT STYLE="white-space:nowrap">spin-off</FONT> from Price Enterprises, Inc. in 1997. Representatives of EY are expected to be
present at the Annual Meeting, will have the opportunity to make a statement, if they desire to do so, and will be available to respond to appropriate questions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">Stockholders are not required to ratify the appointment of EY as our independent registered public accounting firm. However, we are submitting the appointment of EY to the stockholders for ratification as a matter
of good corporate practice. If you fail to ratify the appointment, the Board of Directors and the Audit Committee will reconsider whether or not to retain EY. Even if the appointment is ratified, the Board of Directors and the Audit Committee in
their discretion may direct the appointment of a different independent registered public accounting firm at any time during the year if they determine that such a change would be in the best interests of the Company and our stockholders. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Independent Registered Public Accounting Firm </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Audit
Committee of the Company&#146;s Board of Directors has selected EY to serve as the Company&#146;s independent registered public accounting firm for the 2019 fiscal year, subject to the Company and EY agreeing on a mutually acceptable engagement
letter. Representatives of EY are expected to be present at the Annual Meeting. Such representatives will have the opportunity to make a statement if they desire to do so and are expected to be available to respond to appropriate questions.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Audit and <FONT STYLE="white-space:nowrap">non-audit</FONT> fees. </I>The aggregate fees billed to the Company by EY, the Company&#146;s independent
registered public accounting firm, for the indicated services for each of the last two fiscal years were as follows (in thousands): </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="70%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>


<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2018</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:2px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">2017</FONT></B></FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:2px solid #ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff"><B><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#ffffff">&nbsp;</FONT></B></FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Audit Fees</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,400</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,601</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Audit-Related Fees</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">15</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Tax Fees</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">38</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">30</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">All Other Fees</FONT><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">8</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff">&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="middle"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff">&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="middle"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff">&nbsp;</TD>
<TD VALIGN="middle">&nbsp;</TD>
<TD VALIGN="middle">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff">&nbsp;</TD>
<TD VALIGN="middle"> <P STYLE="BORDER-BOTTOM:1px solid #ffffff">&nbsp;</P></TD>
<TD VALIGN="middle"> <P STYLE="BORDER-BOTTOM:1px solid #ffffff">&nbsp;</P></TD>
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #ffffff">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"> <P STYLE="margin-left:0.33em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,461</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#f2f2f2" STYLE=" BORDER-LEFT:2px solid #ffffff; BORDER-BOTTOM:1px solid #ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">$</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2">2,637</FONT></TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #ffffff" BGCOLOR="#f2f2f2"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></I>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Audit Fees consist of fees for professional services performed by EY for the audit of the Company&#146;s annual financial statements and review of quarterly
financial statements. </I></FONT></P></TD>
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Audit-Related Fees consist of fees for assurance and related services performed by EY that are reasonably related to the performance of the audit or review of
the Company&#146;s financial statements. </I></FONT></P></TD>
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(3)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>Tax Fees consist of fees for professional services performed by EY with respect to tax compliance, tax advice and tax planning. </I></FONT></P></TD>
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></I></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><I>For fiscal years 2017 and 2016, All Other Fees consist of license fees for a software tool provided by EY. </I></FONT></P></TD>
<TD WIDTH="16%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Audit Committee Policy Regarding <FONT STYLE="white-space:nowrap">Pre-Approval</FONT> of Audit
and Permissible <FONT STYLE="white-space:nowrap">Non-Audit</FONT> Services of Our Independent Registered Public Accounting Firm </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Our Audit Committee
has established a policy that generally requires that all audit and permissible <FONT STYLE="white-space:nowrap">non-audit</FONT> services provided by the Company&#146;s independent registered public accounting firm be
<FONT STYLE="white-space:nowrap">pre-approved</FONT> by the Audit Committee. These services may include audit services, audit-related services, tax services and other services. From the time that the
<FONT STYLE="white-space:nowrap">pre-approval</FONT> requirements became effective, all permissible <FONT STYLE="white-space:nowrap">non-audit</FONT> services provided by the Company&#146;s independent registered public accounting firm
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="95%"></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>40</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Proposal 3</B>&nbsp;&nbsp; Ratification of Selection of Independent Registered Public Accounting Firm
(continued) </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">have been
<FONT STYLE="white-space:nowrap">pre-approved</FONT> by the Company&#146;s Audit Committee. Our Audit Committee has considered whether the provision of services under the heading &#147;All Other Fees&#148; is compatible with maintaining the
accountants&#146; independence and determined that it is consistent with such independence. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>The Board of Directors recommends a vote FOR the
ratification of the selection of EY as our independent registered public accounting firm. Proxies solicited by the Board of Directors will be so voted unless stockholders specify otherwise on the accompanying Proxy. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>41</B></FONT></TD></TR></TABLE>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">Gener<A NAME="toc662225_11"></A>al </FONT></P>
<P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Section&nbsp;16(a) Beneficial Ownership Reporting
Compliance </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Under Section&nbsp;16(a) of the Exchange Act, directors, officers and beneficial owners of 10% or more of the Company&#146;s Common
Stock, or reporting persons, are required to report to the SEC on a timely basis the initiation of their status as a reporting person and any changes with respect to their beneficial ownership of the Common Stock. Based solely on our review of such
forms received by the Company and the written representations of the reporting persons, the Company has determined that no reporting persons known to the Company were delinquent with respect to their reporting obligations as set forth in
Section&nbsp;16(a) of the Exchange Act. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Stockholder Proposals </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2">In order to be included in our proxy statement and form of proxy relating to our Annual Meeting of Stockholders to be held in 2020, proposals of stockholders intended to be presented at that meeting must be
received by us no later than August&nbsp;22, 2018, which is 120 days prior to the first anniversary of the mailing date of this Proxy Statement. These proposals must comply with the requirements as to form and substance established by the Securities
and Exchange Commission for such proposals in order to be included in the proxy statement. Under our Second Amended and Restated Bylaws, a stockholder who wishes to make a proposal at the 2020 Annual Meeting without including the proposal in our
proxy statement and form of proxy relating to that meeting must notify us no earlier than October&nbsp;2, 2019 and no later than November&nbsp;1, 2019 unless the date of the 2019 annual meeting of stockholders is more than 30 days before or more
than 60 days after the <FONT STYLE="white-space:nowrap">one-year</FONT> anniversary of the 2019 annual meeting. If the stockholder fails to give notice by this date, then the persons named as proxies in the proxies solicited by the board of
directors for the 2019 Annual Meeting may exercise discretionary voting power regarding any such proposal. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Annual Report </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Annual Report of the Company for the fiscal year ended August&nbsp;31, 2018 will be mailed to stockholders of record on or about December&nbsp;20, 2018. The
Annual Report does not constitute, and should not be considered, a part of this Proxy solicitation material. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>If any person who was a beneficial
owner of Common Stock of the Company on the record date for the Annual Meeting of Stockholders desires additional information, a copy of the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> will be furnished without
charge upon receipt of a written request identifying the person so requesting a report as a stockholder of the Company at such date. Requests should be directed to PriceSmart, Inc., 9740 Scranton Road, San Diego, California 92121, Attention:
Secretary. </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Householding of Proxy Materials </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">If you share an address with another stockholder, you may receive only one set of proxy materials unless you have provided contrary instructions. The rules
promulgated by the SEC permit companies, brokers, banks or other intermediaries to deliver a single copy of a proxy statement and annual report to households at which two or more stockholders reside. This practice, known as &#147;house
holding,&#148; is designed to reduce duplicate mailings, save significant printing and postage costs, and conserve natural resources. Stockholders will receive only one copy of our proxy statement and annual report if they share an address with
another stockholder, have been previously notified of house holding by their broker, bank or other intermediary, and have consented to house holding, either affirmatively or implicitly by not objecting to house holding. If you would like to opt out
of this practice for future mailings, and receive separate annual reports and proxy statements for each stockholder sharing the same address, please contact your broker, bank or other intermediary. You may also obtain a separate annual report or
proxy statement without charge by sending a written request to PriceSmart, Inc., 9740 Scranton Road, San Diego, California 92121, Attention: Secretary or call Investor Relations at <FONT STYLE="white-space:nowrap">(858)&nbsp;404-8800.</FONT> We will
promptly send additional copies of the annual report or proxy statement upon receipt of such request. Stockholders sharing an address that are receiving multiple copies of the annual </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="95%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><B>42</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD></TR></TABLE>

</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="5">General (continued) </FONT></P> <P STYLE="font-size:10px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g662225g92n91.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">report or proxy statement can request delivery of a
single copy of the annual report or proxy statement by contacting their broker, bank or other intermediary, sending a written request to the Company at the address above or calling Investor Relations at the telephone number above. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="2"><B>Other Matters </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">The Board of Directors does not know of any
matter to be presented at the Annual Meeting which is not listed on the Notice of Annual Meeting and discussed above. If other matters should properly come before the meeting, however, the persons named in the accompanying Proxy will vote all
Proxies in accordance with their best judgment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>ALL STOCKHOLDERS ARE URGED TO COMPLETE, SIGN AND RETURN </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:arial" SIZE="2"><B>THE ACCOMPANYING PROXY CARD IN THE ENCLOSED ENVELOPE. </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">By Order of the Board of Directors</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px">


<IMG SRC="g662225g46m47.jpg" ALT="LOGO">
</P></TD></TR>
<TR STYLE="page-break-inside:avoid">
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Francisco J. Velasco</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:ARIAL" SIZE="2"><I>Secretary</I></FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2">Dated: December&nbsp;20, 2018 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>PriceSmart, Inc. </B>Notice of Annual Meeting of Shareowners and 2018 Proxy Statement<B></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>43</B></FONT></TD></TR></TABLE>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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 <DIV STYLE="position:relative;float:left; width:2%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:90pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


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 </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:95%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt;margin-bottom:0pt">&nbsp;&nbsp;&nbsp;&nbsp;


<IMG SRC="g662225image001.jpg" ALT="LOGO">
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman"><B><I>PRICESMART, &nbsp;INC</I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman"><B><I>9740 &nbsp;SCRANTON
&nbsp;ROAD</I></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:6pt; font-family:Times New Roman"><B><I>SAN &nbsp;DIEGO, &nbsp;CA &nbsp;92121-1745</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman"><B>VOTE BY INTERNET - www.proxyvote.com</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman">Use
the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the
instructions to obtain your records and to create an electronic voting instruction form.</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman"><B>ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman">If you would
like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery,
please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years.</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman"><B>VOTE BY PHONE - <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-800-690-6903</FONT></FONT></FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman">Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M.
Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions.</P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:6pt; font-family:Times New Roman"><B>VOTE BY MAIL</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:6pt; font-family:Times New Roman">Mark, sign and date your proxy card and return
it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.</P></TD></TR>
</TABLE> <P STYLE="font-size:100pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">KEEP THIS PORTION FOR YOUR RECORDS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" NOWRAP ALIGN="center">&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;
&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;
&#151;&nbsp;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;
&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;&nbsp;&#151;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">DETACH AND RETURN THIS PORTION ONLY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 2.00pt;background-color:;;padding-top:2pt;padding-bottom:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>For</B><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>All</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Withhold<BR>All</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>For&nbsp;All<BR>Except</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2">To withhold authority to vote for any individual nominee(s), mark &#147;For All Except&#148; and write the number(s) of the nominee(s) on the line below.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:8pt"><B>The Board of Directors recommends you vote FOR the following:</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B></B>&#9744;<B></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B></B>&#9744;<B></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B></B>&#9744;<B></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-RIGHT:2.00pt solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:2.00pt solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:8pt"><B>1.</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:8pt">Election of Directors</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:8pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:2.00pt solid #000000"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Nominees</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%"></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">01</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Sherry S. Bahrambeygui</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">02</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Gonzalo Barrutieta</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">03</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Gordon H. Hanson</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">04</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Beatriz V. Infante</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">05</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Leon C. Janks</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">06</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mitchell G. Lynn</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">07</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Gary Malino</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">08</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Pierre Mignault</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">09</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert E. Price</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">10</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Edgar Zurcher</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>The Board of Directors recommends you vote FOR proposals 2 and 3.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>For</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Against</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Abstain</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>2.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">To approve, by non-binding vote, executive compensation.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>3.</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Ratification of Ernst &amp; Young LLP as Independent
Accountants.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="11"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:6pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>NOTE:</B> The
proxies of the undersigned may vote according to their discretion on any other matter that may properly come before the meeting.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Please sign exactly as your name(s) appear(s) hereon.
When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership
name, by authorized officer.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000"><FONT STYLE="font-size:24pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000"><FONT STYLE="font-size:24pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Signature&nbsp;[PLEASE&nbsp;SIGN&nbsp;WITHIN&nbsp;BOX]</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Signature (Joint Owners)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> </div></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: </B>The Notice&nbsp;&amp; Proxy Statement &amp;
Annual Report are available at <U>www.proxyvote.com</U>.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman">&#151; &#151; &#151; &#151;
&#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151;
&#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151; &#151;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<div style ="border-radius:5pt; BORDER-BOTTOM:2.00pt solid #000000;BORDER-LEFT:2.00pt solid #000000;BORDER-RIGHT:2.00pt solid #000000;BORDER-TOP:2.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:-1.10em">


<IMG SRC="g662225image003.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>PRICESMART, INC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Annual Meeting of Stockholders</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>January 30, 2019 10:00 AM</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>This proxy is solicited by the Board of Directors</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.82em; font-size:11pt; font-family:Times New Roman">The undersigned stockholder of PriceSmart, Inc., a
Delaware corporation (the &#147;Company&#148;), hereby appoints Francisco Velasco and Maarten Jager, and each of them, as proxies for the undersigned, with full power of substitution in each of them, to attend the Annual Meeting of the Stockholders
of the Company to be held on Wednesday, January 30, 2019 at 10 a.m. Pacific Time, and any adjournment or postponement thereof, to cast, on behalf of the undersigned, all votes that the undersigned is entitled to cast at such meeting and otherwise to
represent the undersigned at the meeting with all powers possessed by the undersigned if personally present at the meeting. The undersigned hereby acknowledges receipt of the Notice of Annual Meeting of Stockholders and revokes any proxy heretofore
given with respect to such meeting.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.82em; font-size:11pt; font-family:Times New Roman"><B>This Proxy is solicited
on behalf of the Board of Directors of the Company. The votes entitled to be cast by the undersigned will be cast as instructed on the reverse side. If this Proxy is executed, but no instruction is given, the votes entitled to be cast by the
undersigned will be cast &#147;FOR&#148; the nominees for directors listed in Proposal 1, &#147;FOR&#148; Proposal 2 and &#147;FOR&#148; Proposal 3.</B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Continued and to be signed on reverse side</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
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